Saving ‘is getting harder’

Many people are finding it increasingly hard to save - and women in particular are feeling the struggle.

According to the Investing and Saving Alliance (Tisa), more than six in ten (61%) people find it harder to save now than they did a year ago.

But this problem is particularly acute among women, as nearly two-thirds (65%) are finding saving more difficult.

That compares with 57% of men.

Women hit hardest by cost-of-living crisis

Tisa’s findings back up a separate study by Stream, which found that in the last year, the gap between men’s and women’s economic wellbeing has gone up by almost a third (29%).

Everyone is affected by issues like rising food prices, regardless of whether you’re a man or a woman.

But it’s clear that women are being disproportionately affected by wider economic problems, such as the ever-increasing cost of living.

And as the Stream study shows, this is having serious consequences.

For example, women were found to be:

• more likely to lose sleep worrying about money than men
• less able to manage debt
• more likely to have a smaller rainy-day fund
• less likely to have money to spend on fun activities and hobbies
• more unhappy with their financial situation

How can I start saving when money is tight?

Responding to the findings, Tisa chief executive Carol Knight said: “Family budgets are under even tighter strain and the room to save keeps shrinking.”

So if you’re struggling to keep up with your regular expenses, then saving might not be top of the agenda right now.

But that doesn’t mean you should just give up.

Saving even just a few pounds here and there could make a big difference in the long run.

Start small

Don’t give yourself a mountain to climb straight away.

Even £1 a day adds up to £30 a month and can help you get into good habits. 

Automate your saving

Set up a standing order to move a small amount into savings after you get paid, so you don’t even have to think about it.

Set a budget and stick to it

Make sure you know how much money you have coming in and where it’s going, so you can see what you have left over that you could afford to save.

Check out our guide to creating a budget to get started.

Set goals

You can stay motivated if you’re feel you’re achieving something.

So give yourself clear targets and track your progress.

Look for the best savings account

If your money is sitting in a current account, remember that they usually offer lower interest rates than savings accounts.

So research the market if you could put your savings in an account that offers better returns.

Find out what extra support you could get

You might be eligible for financial support from the government so find out what you could claim.

You can either give us a ring and we’ll check for you, or use our free benefits calculator to see what help is available.