Millennial savers are the first generation to not only close but reverse the gender savings gap, new research reveals.
The Personal Finance Report 2023, by the UK’s most trusted savings site, VoucherCodes.co.uk, explores the personal finance habits of Brits and how these differ between generations. The findings show women within the Millennial age group (25-34-years-old) currently have an average of £10,606.87 in savings, £120.08 (1%) more than their male counterparts at £10,486.79 – the only generation where women have more saved than men.
However, looking at the UK as a whole, there is still a long way to go to close the gap. The average amount saved across the UK is £20,933.01 and breaking this down by gender exposes a savings gap of 45%, as men have £27,638.12 in savings on average in comparison to just £15,312.59 by women.
