Brits are saving more in 2012

Women are more likely to set up a saving account than men, but the boys build up more money.

These are the findings of a new study by Natwest which revealed there are a higher number of female savers, but men put away 40 per cent more cash.

The goals both genders aspire to could have some impact, with women setting a saving target of £5,600, while men want almost double at £10,000.

Men and women also have different reasons for saving, with women putting money away for special treats, weddings or holidays and male savers prioritising house deposits and cars.

While some people have long term goals, the majority of people are aiming to achieve their targets within 7-12 months.

However, it seems that Brits of both genders are working harder to put money aside in 2012 than they did the year before, with Natwest registering 3,600 new savings goals this January compared to 1,500 in the same period in 2011.

Geographical area plays a significant role in the savings targets of Brits too, with Londoners, perhaps unsurprisingly, setting the highest goal of around £9,962.

Those in the North had more modest aspirations with an average target of £6,006.

However, new research by Aviva has revealed that the typical family debt has increased by 48 per cent in the past year.

It looks that the personal wealth of families, as well as their income sources, spending patterns and the difference in habits between family types.

The report also found that the typical family income has increased in the past 12 months.

Nevertheless, many may not have their priorities right with a greater proportion of families having satellite television than life insurance, while discussing finances is still considered a taboo subject for most.

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2012-01-25 12:49:14 © Moneyextra.com