The bank said its analysis shows that among those who do save, the average amount held in savings in Britain is has £20,380 held in savings, but the average for women is £13,070 compared to £28,079 for men.
A comparison with figures from Santander’s previous savings research suggest that this savings gender gap is getting bigger; in 20112 men had an average of £24,272 deposited, whilst women had £16,720 held in savings – a gender gap of just £7,552, which is around half the current figure.
Santander’sresearch revealed that almost 10 million people in Britain, or 19%, have no savings at all, 25% of women and 17% for men. Overall, 34% are not depositing any money in savings accounts at present.
The amount set aside by the average Briton stands at £110 per month, but this falls to £87 per month for women compared to £134 per month for men. In 2011, the average amount deposited by women was £98 and by men £132.
Richard Al-Dabbagh, Head of Savings for Santander, said:
"For many people, meeting the cost of everyday living can be a challenge, so the prospect of trying to save at the same time can be daunting.
"Having that financial safety net to fall back on is vital and it’s never too late to start saving – even if it’s just a small amount each month.
"A Cash ISA is a great place to start – and you can take advantage of the annual tax-free ISA allowance, helping you build a savings pot over time."
Anna Bowes at Independent Savings Advice site
Savingschampion.co.uk:"It’s always a concern if people are not putting aside enough or worse still any savings for their future.
"Although it’s not wholly surprising with the cost of living continuing to rise, albeit at a slower pace, it’s still essential that everyone puts something aside. In the current low interest rate environment there may be less incentive to save, but people have to think about their future as well as saving up for things they may need in the short term."
People in the South West region have put away almost £12,000 more than the national average at £32,129. At the other end of the spectrum, those in the North East have the lowest amount saved – averaging £11,266.