Women 'saving more and spending less'

Female consumers are cutting back on retail therapy in favour of saving as a result of the downturn, it has been reported.

According to the Co-operative Bank Savings, three-quarters of women have attempted to rein in their spending, and believe they have become financially savvier over the past couple of years.

The firm found that 64 per cent of women are now more likely to open a bank statement and read it than this time last year, while 32 per cent have been checking their balances more frequently.

John Hughes, director of retail products for the Co-operative Bank, said it appeared that more women are sticking to a budget and paying greater attention to their bank balances.

He added: "Saving can be hard immediately after the festive period but saving regularly throughout the year can make a big difference in the long run, whether saving for a specific event like a summer holiday or just for a rainy day."

With the Bank of England's base rate remaining at 0.5 per cent, consumers may be able to benefit from using comparison tools to access the best savings rates.

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2010-01-28 13:01:24 © Moneyextra.com