November 2008

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UK study: Women fearful about finances while men unconcerned

Women are significantly more worried than men about their finances, according to a recession survey by consumer finance Web site moneywise.co.uk.

When asked about their attitude to the current economic climate, 43 percent of women said they are concerned and uncertain about their financial security - but only 25 percent of men share their concerns. And only 26 percent of women are confident about their finances in retirement compared to 58 percent of men.

Moneywise.co.uk's Rachel Lacey said: "As figures on economic growth and unemployment show that we are now heading into a recession it seems that women are taking this more seriously than men. Research has shown that women are increasingly more likely to have the final say on financial decisions within the household and are perhaps therefore more aware of the current rising cost of living.

"There is a significant contrast between the sexes in the levels of concern felt about finances. Women remain less confident than men about having enough money in retirement. We know people are often unrealistic when it comes to pensions and retirement planning. The question is whether men are over confident about the future or are in a better position for their old age."

Other key findings include:

-

- Greed and bonus culture is ranked as the biggest single factor to blame for the credit crunch - followed by failure on behalf of regulators and politicians.

- 65 percent are feeling the effect of rising costs, with over 65 percent curbing their spending as a result. More women are tightening their belts than men, with one in three spending a lot less, compared to only 16 percent of men.

- Over half (53 percent) believe that things will get worse - but are confident they can handle the situation.

- Only 9 percent are optimistic that things will get better soon.

Make sure you get the best deal on your savings:

- Prepare a household budget and look for areas where you can make savings - you can read our guide to writing a budget or watch the Moneywise TV step-by-step guide.

- In the current climate make sure you spread your investments and don't hold all your savings with one bank or building society.

- Face up to any debt problems and seek advice if necessary - advice groups include the Consumer Credit Counselling Service or the National Debtline.

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