May 7, 2014

Savings Statistics: Men Save More Money Than Women

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Among the many things that separate men and women, saving money is another one to add to the list. In a recent study, CreditDonkey.com found that men are putting more money aside than women do.

In every savings category we could come up with, men have tipped the savings scale when pitted against women’s savings habits.

More Money in Current Savings

When asked about their current savings, men reported having more money on hand than women. Just over half (52.4%) of men said they have at least $1,000 in savings compared to just 41.1% of women. This is a disheartening statistic – no matter what gender category you fall into – as $1,000 may be barely enough to cover an unexpected car repair, never mind anyone’s need to save up for a rainy day, a vacation, or just the future.

  • 65.1% of male respondents have "more than $500 in savings at the moment" vs 54.5% of female respondents
  • 52.4% of male respondents have "more than $1,000 in savings at the moment" vs 41.1% of female respondents
  • 21.1% of male respondents have "more than $10,000 in savings at the moment" vs 15.1% of female respondents

CreditDonkey.com also discovered that a significant number of both men and women aren’t even trying to save any money right now. Even here, though, men reported doing a little better than women. Whereas 19.4% of men said they’re not saving money at the moment, 26.1% of women confessed they’re not doing so either.

  • 19.4% of male respondents are "not currently saving money" vs 26.1% of female respondents
  • 18.5% of male respondents "add money to [their] savings" on a weekly basis vs 12.7% of female respondents

Winner: Men

Better Prepared for Financial Uncertainties

Most people have savings to cover at least one month of their expenses, but fewer women answered yes to this question than men. Similarly, fewer women than men said they have enough savings for three or six months of expenses.

  • 64.8% of male respondents "have enough money saved to cover one month of expenses" vs 51.5% of female respondents
  • 39.1% of male respondents "have enough saved to cover three months of expenses" vs 27.6% of female respondents
  • 21% of male respondents "have enough saved to cover six months of expenses" vs 14.3% of female respondents

Winner: Men

More Confident About Retirement

It’s not surprising, considering the lack of overall savers in our survey, that just 24.9% of men said they are confident about retirement, while only 19.3% of women said the same thing. Guys also contribute more of their income toward savings. 31.5% of men said they put 15% or more of their income into savings compared to 16.4% of women.

  • 24.9% of male respondents "feel confident about retirement" vs 19.3% of female respondents
  • 13.8% of male respondents contribute over 20% of their income toward savings vs 6.8% of female respondents
  • 24.6% of male respondents put 0% toward savings vs 35.5% of female respondents

Winner: Men

(CreditDonkey.com surveyed 1,235 Americans, age 18 and over between January 10 and January 13, 2014.)

Jasmine Williams is a contributing writer at CreditDonkey, a credit card comparison and financial education website. Write to Jasmine Williams at jasmine@creditdonkey.com. Our data-driven analysis has been recognized by major news outlets across the country and has helped families make savvy financial and lifestyle decisions. (read more)

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