Men are more unlikely to save money in the next 12 months compared to women and a further 43 per cent find it difficult to pay bills while women are using their credit cards more often, compared to men, according to new data.
According to recent ONS data, analysed by Tax Calculation site Income Tax, over 2,000 people of all ages were surveyed from the 12th to the 23rd of October about their finances, savings, bills and cost of living changes and nearly 44 per cent of respondents indicated that they would not be saving any money in the upcoming year. Compared to women, who will save money 43 per cent of men won’t.
Participants in the survey were asked if paying their bills is something they find simple or challenging. Overall, 43 per cent of both men and women report having some difficulty or great difficulty paying their energy costs. But compared to 7 per cent of men, 11 per cent of women find it extremely difficult.
As a result of rising living expenses, survey respondents were also asked what they were doing. In comparison to men, who spend 37 per cent more on food and shopping, more women, 41 per cent, reported spending less on these items.
Around 13 per cent of men and 15 per cent of women respectively are using their credit cards more frequently.
A spokesperson of Income Tax said: “The cost-of-living crisis is affecting millions of people up and down the country. This data shows that many people, both men and women, are worried about their finances over the next 12 months.
“Many of us are also making lifestyle changes to make ends meet, whether that be cutting back on non-essential items, travelling less or even making energy efficient improvements to our homes.”