When it comes to saving, women (69% vs. 57% of men) are more likely to say they can’t afford to save more, while men feel they save enough already (29% vs. 19% of women), according to a recent Bank of Nova Scotia study conducted by Harris/Decima.

While both sexes equally say they feel much better when they have a safety net of savings (94% for men, 95% for women), men (71%) are more likely to have a plan in place to achieve their saving goals compared to women (64%).

“Our research shows that there are some fundamental differences between men and women when it comes to saving,” said Mary Voteary, Scotiabank (TSX:BNS) branch manager, Ottawa.

“While women seem to focus on saving for the unexpected, men tend to be more goal-oriented. Both men and women have it right — it’s great to save for goals, but it’s also important to be prepared for the unexpected.”

According to the study, more women (77%) than men (66%) stated that saving an extra $1,500 a year would improve their financial well-being, compared to the national average of 72%. The study also revealed that 70% of men reported that they save money at least once a month, in comparison to 64% of women.

While men are significantly more prepared than women to have enough money saved to cover three or more months of household expenses (40% and 27% respectively) women are more willing than their male counterparts to make changes to their spending habits if they wanted to save more money (87% for women, 79% for men).

“We realize that there are a lot of demands on Canadians’ wallets and we believe that everyone has money that can be saved — sometimes they just need help to find it,” says Gerry Pettipas, Scotiabank branch manager, Halifax.

“The key to saving success is saving automatically. Fifty-eight per cent of men and 53% of women told us that they are already putting money aside on a regular basis and we encourage all Canadians to join them.”

The Scotiabank Spring Savings Study was conducted online using Harris/Decima’s online panel. A total of 502 men and 504 women were surveyed from March 26 to 31. Surveys were conducted among a random sample of panel members across Canada.

IE