Women save a greater percentage of earnings tax free
As a proportion of average earnings, female savers have an average ISA balance that is equivalent to 43% of their gross annual average earnings - 17 percentage points more than male ISA savers (26%).
In Yorkshire and the Humber, South West, East Midlands and Wales the average ISA balance for women is equivalent to almost half of female average gross annual earnings.
Savings by men are highest in proportion to earnings in Wales (33%). The lowest levels of savings relative to earnings are in London for both men (19%) and women (31%).
Men have an average ISA balance of GBP 8,973, just 2% higher than those held by women (GBP 8,816). Men have higher balances across all regions of England and Wales with the exception of London. The gender differences, however, are small with the largest in the North East, at 4% (GBP 8,455 v GBP 8,057). (See Table 2).
Table 1: Average Balance by Age (over 25's) - January 2013
============================================================================ 25-34 35-44 45-54 55-64 65-74 75+ All age groups============================================================================England GBP GBP GBP GBP GBP GBP and Wales 2,712 4,389 7,330 11,809 13,900 15,035 GBP 8,844============================================================================Source: Halifax; (i) all outstanding balances at end of January 2013
Table 2: Average ISA Balance by Region, January 2013
============================================================================ All Customers Female Average Male Average Average Balance Balance (GBP) Balance (GBP)Region (GBP) (i) (i) (i)============================================================================North East GBP 8,220 GBP 8,057 GBP 8,455============================================================================North West GBP 8,770 GBP 8,680 GBP 8,932============================================================================Yorkshire & Humberside GBP 8,737 GBP 8,646 GBP 8,886============================================================================West Midlands GBP 8,858 GBP 8,706 GBP 9,098============================================================================East Midlands GBP 9,291 GBP 9,223 GBP 9,464============================================================================East Anglia GBP 9,512 GBP 9,475 GBP 9,670============================================================================London GBP 8,643 GBP 8,889 GBP 8,622============================================================================South East GBP 9,313 GBP 9,336 GBP 9,389============================================================================South West GBP 8,653 GBP 8,615 GBP 8,767============================================================================Wales GBP 8,819 GBP 8,728 GBP 8,989============================================================================England and Wales GBP 8,844 GBP 8,816 GBP 8,973============================================================================Source: Halifax; (i) all outstanding balances at end of January 2013