Young men 'are UK's top savers'

The desire to buy a property and achieve financial security has driven young men aged 25-34 to become the UK's most diligent savers, new research suggests.

Men in this age bracket save an average of £104 a month, according to a study by TNS Omnibus.

This is compared with a national average of £88 a month, and an average of £76 saved by women in the same age group.

The findings also suggest that young men are more likely to have a goal in mind for their savings.

Some 39 per cent of men aged 16-34 said they had a savings target, compared with a national average of 26 per cent.

The study found that the most important aim for young savers is buying a house, with almost half (47 per cent) of 25-34 year olds of both sexes saying their main priority was saving for a deposit to buy a home.

Meanwhile, 25 per cent planned to put their money towards a holiday or special occasion, while 23 per cent said they wanted to use it to ensure their financial security in the future.

However, the figures show that fewer than one in five (19 per cent) of 45-54 year olds are saving for financial security.

Copyright Press Association 2012