Women ‘more likely than men to say saving is harder now than last year’

Six in 10 (61%) people are finding it harder to save compared with a year earlier, a survey has found.

Women (65%) were more likely than men (57%) to report increased difficulty, according to the research for The Investing and Saving Alliance (Tisa).

People living in Yorkshire and the Humber (66%), the North West of England and West Midlands (65%), and the South West (64%) reported the highest levels of difficulty, while people in the East Midlands (52%), London (55%) and the North East (57%) reported the lowest.

Carol Knight, chief executive of Tisa, said: “This research shows that family budgets are under even tighter strain and the room to save keeps shrinking.

“In challenging economic times, every financial decision carries more weight, and being equipped to get those decisions right matters more than ever.”

Last week, the Government outlined its Financial Inclusion Strategy, to help improve access to financial services such as bank accounts, insurance, savings deals and affordable credit, with plans also to strengthen financial education in schools.

Savanta carried out a survey 2,000 people across the UK in August for Tisa, a not-for-profit organisation whose member firms are involved in the supply and distribution of savings and investment products.