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WAGS find savings easier than going on a diet

Posted in: Research Last updated: 03 Aug 2007

The rise in WAG culture may be blamed for women over spending on the credit card, but British women actually find saving money each month easier than following a healthy diet, according to new research from engage Mutual Assurance.

Despite earning an average of 30 per cent less than men*, the research suggests that women are in fact slightly more savvy with their money. More than two in three women find it relatively easy to stick to a savings regime (67%) or a budget (70%), despite many finding it more difficult to eat healthily. More than one in two women say they would be unable to stick to a diet for six months (56%), whilst 40 per cent could not follow a healthy eating plan.

Interested in understanding how Britons attitudes to saving compare to other day-to-day disciplines, engage Mutual Assurance questioned a GB representative sample of over 2,000 adults on which aspects of their lives they are able to maintain self-control over during a 6 months period.

Sisters doing it for themselves

Despite being far more likely to cave into chocolate cravings than men (39% compared to 20% of men), women are in fact moderately better than men at sticking to a budget (70% compared to 68% of men).

Disciplines women find it harder to follow for six months than saving:

  • keeping to a diet (56%)
  • going to the gym or exercising regularly (52%)
  • following a healthy diet by eating 5-a-day (40%)
  • giving up chocolate (39%)

Other findings

Quitting smoking easier than saving

With the smoke ban coming into force on the 1st July, the research also suggests that Britons will find it easier to go smoke free than close the savings gap. One in three Britons find regularly saving money difficult (32%), compared to just one in five who would find it difficult to give up smoking for six months (20%).

Families find it harder to save

Despite young people facing financial challenges of getting onto the property ladder and lower salaries, it is in fact people aged between 35 and 44 who find it hardest to budget. 40 per cent of people in this age group, who are likely to have young families, are unable to save money for the long term, compared to 32 per cent of Britons on average.

Karl Elliott, Marketing Director at engage Mutual Assurance commented:

“The good news from these results is that many Britons actually find saving as part of their day-to-day lives relatively easy. When you compare saving for the future to other common lifestyle challenges, you realise that getting into the habit of saving can be easier than changing your diet for example.”

“By getting into the habit of saving more often Britons can help secure both their and their family’s future. Understanding that people need simple products which are easy to use in order to make savings accessible, engage Mutual has launched its new EasySave regular saving product, which is a great way of saving of the future”

Footnotes

* Daily Mail, January 2006,
http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=374292&in_page_id=1770

engage Mutual Assurance can be contacted on 0800 169 4321 or by visitingwww.engagemutual.com

The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.

engage Mutual Assurance can be contacted on 0800 169 4321 or by visitingwww.engagemutual.com

The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.

Notes to Editors:

  1. this research was undertaken by YouGov on behalf of engage Mutual Assurance. The survey was conducted between the 5th and 7th June across a representative GB sample of 2,272
  2. if using this article on a website, please link to www.engagemutual.com using the following hyperlink text : <a href=http://www.engagemutual.com><b>engage</b> Mutual Assurance – meeting the changing needs of today’s modern families</a>
  3. engage Mutual Assurance is a trading style of Homeowners Friendly Society (HFSL) and it’s wholly-owned subsidiary engage Mutual Funds Limited (EMFL).
  4. engage Mutual Funds Limited (EMFL) is a provider of the Child Trust Fund direct and in partnership with partners including Legal and General, ASDA and Debenhams stores
  5. engage supports mutuality, friendly societies and the regional financial services industry through links with the Association of Mutual Insurers, the Association of Friendly Societies, Mutuo and Leeds Financial Services Initiative.
  6. established in 1980, Homeowners Friendly Society Limited (HFSL) is Registered and Incorporated under the Friendly Societies Act 1992, Reg.No.964F, it’s wholly owned subsidiary engage Mutual Funds Limited (eMFL) is Registered in England No 3224780. Both are authorised and regulated by the Financial Services Authority (FSA).
  7. Homeowners Friendly Society Limited’s FSA Register number is 110072 and engage Mutual Funds Limited’s FSA Register number is 181487. You can check this on the FSA’s Register by visiting the FSA’s website www.fsa.gov.uk/ or by contacting the FSA on 0845 606 1234