Women have more fears over finances

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WOMEN are more likely to feel the financial squeeze than men, a report has claimed, with more females cutting back on essential items and worrying about how to make ends meet.

Men spend less time fretting about their financial situation than their female counterparts and are less likely to make cuts in areas such as food and leisure ­activities.

But the quarterly Consumer Report from consumer watchdog Which? found that, in general, ­consumers of both sexes have tightened their belts in recent years amid high inflation and low wage growth – fuelled by ­spiralling energy and petrol prices and ­increased ­unemployment.

The Which? Squeezometer, issued by the watchdog at the same time, found that half of women say they would find it difficult to cope with an unexpected expense, compared to nearly four in ten men and were also more likely to run out of money last month than their male counterparts.

Increased financial pressure is also stopping people from saving, the report discovered, with a quarter of women and one in six men saying they had no savings at all.

Similarly, men are more likely to have saved the amount recommended by the government to help protect against the impact of sudden expenses or a drop in income (at least three months worth of household expenditure) compared to women – 42 per cent and 27 per cent per cent respectively.

“These findings will resonate with many women, showing the stark reality of how they are bearing the brunt of the current financial squeeze, and are left worried for both their own personal finances and the wider economy,” said Which? executive director, Richard Lloyd.