TSB finds it’s a level playing field when it comes to money, despite women having lower financial confidence

 

• Despite under half (46%) of women feeling financially confident and 21% less confident than men – women actually rank better or in line with men on key financial product categories TSB analysed.
• Women are far more concerned about a lack of personal savings, despite holding more savings accounts than men and holding fewer personal loans and credit cards.
• Findings come ahead of International Women’s Day.

Although women typically feel less financially confident than men, TSB data¹ shows a welcome reality – with women ranking better or on a par with men across most of the key financial product categories analysed.

TSB’s Money Confidence Barometer², which surveyed 5,000 UK adults, found that over half (54) of women lack financial confidence – highlighting a 21% gender confidence gap when compared to males surveyed. Women were also found to be less likely to feel confident managing their money (self-scoring 6.8 out of 10 compared to 7.5 out of 10 on average) and experiencing greater concern about the rising cost of living (58% compared to 50%).

When it comes to savings – almost a quarter (23%) of women are concerned they do not have enough money saved, compared to just 14% of men.

Despite these lower confidence scores across the population, TSB’s own customer data paints a different picture as women are more likely to hold a savings account – such as ISAs and other savings accounts.

TSB also found that female savers tend to put more money aside, with 12% more female TSB customers saving over £5,000 and 12% more women than men holding a TSB Monthly Saver –saving each month. When it comes to savings balances of £100k or more; it’s an equal footing with a 0.2% difference, with males holding marginally more.

At the same time, men are significantly more likely to carry higher debt balances, with 60% of TSB’s personal loan book made up of males, compared to 40% females, and 52% of TSB’s credit card customers being male.

TSB’s recent Money Confidence Research², found 67% of those who use online banking feel more confident with their money. TSB’s data shows an even 50/50 gender split on digital usage amongst TSB’s digitally active customers³.

TSB’s mortgage book highlighted that men are slightly ahead with under half (44%) of TSB’s Buy to Let Mortgages being held by female customers, compared to 56% male and the same split for sole mortgages – with nearly 10% more being held by men than female.

TSB customer data based on own products

TSB Product	Men	Women
Instant or fixed access savings account	48%	52%
Instant or fixed access ISA	49%	51%
Savings balance above £5,000	44%	56%
Savings balance above £100k	50%	50%
How many customers have a Monthly Saver? (Savings account for regular monthly savings)	44%	56%
A sole mortgage	54%	46%
A Buy to Let mortgage	56%	44%
A personal loan	60%	40%
A credit card	52%	48%
Digitally active customers	50%	50%

At TSB, 50.1% of customers are female and 49.9% male.

Source: TSB customer data1, February 2022

Pella Frost, Everyday Banking Director at TSB commented:

“There are many stereotypes that exist when it comes to women and money, but TSB’s customer data reveals that while 46 percent of women tell us they lack confidence, many of our female customers are taking practical steps to build their money confidence, like beginning a regular savings habit.”

“We must do more to break down bias and support everyone in becoming money confident – that’s why we offer free Money Confidence Health Checks in all our branches and why we’re focusing on developing more tools to help our customers build confidence with their banking.”

TSB’s top tips to help boost women’s money confidence:

• Take advantage of a free Money Confidence Health Check: TSB offers free Money Confidence Health Checks with a Money Confidence Expert in all its branches and over video banking.
• Get familiar with where your money is going: Checking your bank account regularly to know exactly what you’re spending, and saving is key. Sign up to your bank’s digital services to keep track on-the-go
• Start saving habits: When it comes to saving, the key is to start. Start small, but keep it regular e.g., monthly. It’s all about building the habit and knowing it’s possible.
• Open the conversation: For a lot of Brits, money is a taboo subject. But by speaking to your friends, family, or your bank about money, it’s a step towards gaining money confidence.