Credit Crunch: The Battle of the Spending

The latest round in the battle of the sexes can be seen with current spending habits in coalition with the credit crunch. Men and proving to be more cautious in the battle of the financial squeeze, with one in five admitting that they are trying to avoid getting into unnecessary debt by revising their savings and investments plans.

Investment provider Skandia report that 17% of men are putting away at least a tenth of their salary, compared with just 13% of women. Men are more cautious with other aspects of their life as a quarter claim to be putting holiday plans on hold, whereas just 17% of women are prepared to do without a holiday. Men are also more likely to shop around for a better deal on their savings accounts than women.

Michelle Cracknell, strategy director at Skandia, said: “Men are acting cautiously in their approach to savings and investments compared to women who are more optimistic about the future and are not yet ready to alter their spending habits. Given the current economic climate, it makes sense to review your situation and have a financial plan.”