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ISA priorities differ between sexes

Key differences between the sexes show up when people search for an ISA.

According to research from the Financial Services Compensation Scheme (FSCS), while both men and women are most interested in the price of deals, women place far more importance on the safety of their investments.

The study discovered that 26 per cent of women say the single most important factor in deciding which ISA provider to use is whether they will get their money back if the institution fails, compared with 30% who want the best price. Men are almost twice as interested in securing the best deal rather than the existence of a compensation safety net (37 per cent against 19 per cent).

It appears that women know less about ISA protection than men, however, as only 43 per cent of the females questioned knew that ISA savers would be compensated if their institution went bust, something which 62 per cent of men are aware of.

Mark Neale, chief executive of the FSCS, said: "ISA savers are keen to protect what they have and want to keep their money safe. Women put more of a premium on safety than men, but they are significantly less likely to know about the compensation which is available if their institution was to fail."

Copyright Press Association 2012

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