Research from The Co-operative Bank Cash ISA's has revealed that the majority of British females will not be investing in an individual savings account before April 5, 2008, and are on track to become the losers in the tax-free savings stakes.
According to the research, two thirds of women in the UK are without an individual savings account (ISA), and of the third that do hold one, only 32% intend to invest ahead of deadline. This is in stark contrast to their male counterparts with almost half of men possessing an ISA, and 60% set to take full advantage of the tax-free savings allowance.
Over a third of women surveyed on behalf of The Co-operative Bank Cash ISA’s admitted that on an average month they were unable to put any money away for a rainy day, with only 30% saving an average of GBP25 every four weeks. However, the average British male manages to amass GBP40 a month in savings, with a fifth investing a minimum of GBP100 in a savings account every calendar month.
The research has also found that women are the sex most likely to worry about their money, with almost eight in 10 confessing to being concerned or extremely concerned about their lack of savings, and 80% spending an average of 10 hours per week stressing about their finances.
Scott McPhail, product manager of savings division at The Co-operative Bank, said: For women, financial planning is absolutely essential and not a maybe. Women can often retire earlier, and live longer than men, but many are simply not making enough provision for their futures and are failing to take advantage of tax-free savings.