Women failing to build savings will be facing penury

Millions of women in the UK face penury because they are less likely to save, Halifax, the country's largest savings provider, says. It has published an NOP World poll showing women are less likely to save, save less each month and are less likely to have pensions, writes William Kay .

Only 54 per cent of women have cash savings, compared with 57 per cent of men. The gap widens with investments, which 35 per cent of women own, against 42 per cent of men.

Men are pulling ahead day by day, because 31 per cent of them save regularly, while just 22 per cent of women do. They are more likely to save as and when they can, 54 per cent to 43 per cent.

When those who did not save were asked why, nearly two thirds of all people said they could not afford it. This reason applied to 70 per cent of women and 58 per cent of men.

Nick Robinson, Halifax's savings chief, said: "These results are worrying. Everyone should be making savings provision, even if it is a few pounds each month. There are significant differences between the position of men and women, and while some will be historic there is a trend that women simply are not saving enough."

Men are most likely to save higher amounts: of those who save regularly, a third save more than £200 per month, while only 23 per cent per cent of women reach that level. Women are twice as likely as men to invest £50 or less a month in stocks and shares.

More than half of men who knew the total value of their nesteggs and were prepared to discuss it, said they have more than £10,000, against 44 per cent for women. The women's proportion is swollen by the numbers who outlive their partner and inherit his savings.

A third of men have a pension plan, but only a quarter of women do.