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Women better at saving - survey

Johannesburg - Women are better at saving than men, an FNB survey shows.

For the survey, FNB studied customers with annual earnings of under R100 000 who used debit, cheque and stokvel accounts.

"The customer analysis found that 55 percent of females compared to 45% of men typically had more responsible saving behaviours," FNB said.

"The findings confirmed the general perception of women as the 'risk managers' in the household," FNB said.

The bank's data also indicated that marginally more women in the lower income sector had funeral plans than men.

"More than 52% of our, female customers take out funeral policies," FNB said.

The survey also found that more women preferred to save in groups and there were more female stokvel account holders than men. "The women range from street vendors to entrepreneurs that save for various reasons including preparations for the following year's school fees," FNB said.

The survey also indicated that women were better at repaying their debts than their male counterparts.

"There is also a higher retention on women's bank accounts. "This means that a higher percentage of women keep their accounts active and open," the bank said.

- Sapa

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