Data from The Exeter’s Consumer Health and Finance Tracker has found that women are saving considerably less than men, but this difference is not reflected in their financial confidence.
According to The Exeter’s findings, women save an average of £1,820 less than men each year. That shortfall can have far-reaching consequences when finances come under strain. With less set aside each month, women have a smaller financial buffer to absorb income shocks.
Women are falling behind on monthly savings
Compared to 17% of men, nearly one in four women (24%) save nothing every month. Even among those who are saving, the amounts being set aside are modest. More than half of women (59%) are saving less than £200 a month, compared to 45% of men, and in the face of rising living costs that is rarely enough to provide a meaningful cushion if the unexpected happens.
Exposure when income stops
The consequences become most acute when income is disrupted. When out of work for more than four weeks, 30% of men drew on savings as their main source of income, compared to just 16% of women, highlighting a persistent gap in financial resilience.
This gap may in part reflect broader working patterns, with women more likely to take career breaks or move into part-time roles due to caregiving responsibilities, which can limit opportunities to build savings consistently over time. With fewer savings to fall back on, women were nearly twice as likely to turn to loans and credit cards to subsidise income (12% compared to 7% of men), deepening existing financial inequalities.
A shared outlook
Despite the gap in savings, both men and women report broadly similar levels of financial confidence. 39% of women report feeling less financially secure than six months ago, close to the 34% of men who say the same. A slightly higher proportion of men feel more secure than women (25% compared to 20%), a modest difference given the disparity in savings. Both groups are navigating the same rising living costs and economic uncertainty, which perhaps goes some way to explaining why their sentiments align despite the difference in what each is saving.
Shelley Walker, Head of Marketing at The Exeter, comments:
“The savings gap between men and women is well documented, but what this data shows is the compounding effect of that gap over time. Women are more likely to have their careers interrupted and to be saving less when that happens, whilst being less likely to have a buffer to fall back on when income stops.
Saving £1.8k less each year may not feel like a significant amount, but across a working lifetime it adds up, creating a fundamentally different financial position. With a smaller cushion to fall back on, unexpected setbacks can have a far greater impact. Yet awareness of income protection remains low. That presents a clear opportunity for advisers to help close the financial security gap across genders, ensuring more women have cover in place to navigate life's uncertainties without derailing their long-term financial goals.”
ENDS
Notes to Editors
Methodology:
The Exeter’s Consumer Health and Finance Tracker is based on proprietary research of 2,000 nationally representative UK consumers. The research was conducted on behalf of The Exeter by Censuswide in March 2026.
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About The Exeter
The Exeter is a multi-award-winning UK health and life insurer supporting UK families in the event of ill health or injury. Specialising in health insurance, income protection, and life insurance, The Exeter is a mutual friendly society, owned by its members and run for their benefit.
The Exeter is a trading name of Exeter Friendly Society Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Register number 205309) and is incorporated under the Friendly Societies Act 1992 Register No. 91F with its registered office at Lakeside House, Emperor Way, Exeter, England EX1 3FD.