ISAs More Popular among Men than Women

The latest study, results of which were published on October, 5th, suggests that more men than women in Scotland have individual savings accounts (ISAs).

A survey carried out by the Bank of Scotland among 1,000 residents of Scotland showed that 36% of men have savings accounts compared to 33% of women. It also showed that ISAs are a priority for 21% of men and 18% of women.

Experts at the Bank of Scotland believe that the major reason that explains this 3% difference is the gap between men's and women's salaries. Almost 85% of women said they have not enough money to save, whereas only 73% of men cited the same reason.

Another reason why many Scottish residents have no ISAs is that they do not know how to set up one.
Commenting on the findings, head of savings department at the Bank of Scotland, Flavia Palacios Umana, said that getting into the habit of saving is very important. Not much money is needed to start an ISA.