Are women being too cautious with their savings?
A new report has found that men are 20 per cent more likely than women to use a stocks and shares Isa, as women prefer to put their entire savings into cash.
More than four out of five, 82 per cent, of women put all their Isa savings in cash alone, according to HMRC data analysed by MoneyFarm.
Cash savers have “a very real risk” of seeing their savings eroded by inflation, warns Paolo Galvani, chairman and co-founder of the firm:
While saving in cash is often seen as a “safer” option, it is not always an appropriate strategy, particularly for those looking for long-term savings growth. Given that women are on average likely to live longer than men, this is a key consideration.
Women have long been known to be more averse to risks than men, as studies have found that men are about twice as likely to take risks.