Women 'budgeting better than men'

20/07/2009

Britain's women have wised up to the damage the recession is doing to their personal finances - and have taken drastic measures to cut back.

According to a new report from Legal & General, an insurer, females were more likely than males to have changed their budgets in the downturn.

For example, just 41 per cent of men are now spending less on their weekly shopping than they were before the credit crunch began.

By contrast, 56 per cent of women have made the cutbacks.

More women than men were also revealed to be imposing other cost-saving measures, including turning down the heating, not updating gadgets and bringing their own packed lunches to work.

Garry Skelton, a marketing director at Legal & General, commented: "The current economic climate is having an effect on most of us."

Figures from Legal & General also suggest that, in the UK, almost £2 trillion of "household wealth" has disappeared since the beginning of the financial crisis in mid-2007.

Tags; Budgeting Advice, Young Family Finances,

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