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Young shavers are the top savers

Younger men are saving a bigger proportion of their income than any other age group.

The quarterly savings analysis National Savings & Investments shows the savings gender gap is widening. Across all age groups, men save 7.26 per cent of income while women save 6.58 per cent. The survey reveals that the most ambitious savers are male, single, working full-time and into the younger age group. The age group saving the highest percentage of their earnings is 16-24-year-olds who put aside an average of 9.25 per cent of their income.

Over the last three months, regular monthly savings have remained stable, falling from 163.09 to 162.70.

All age groups, except over 65, aim to save more than they are. The overall figures were up by 25 per cent on last quarter. Branch access is the most popular outlet for 54 per cent of savers.

NS&I senior savings strategist Dan Harkins says: “More people across the country are saving and our propensity to save index shows people are strongly motivated to save more over the next three months.”

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