Personal Finance

40% men saving 'over job loss fear'

An increasing number of men are saving so they have something to fall back on in case they lose their jobs, a survey has found.

According to the latest MoneyMood Survey by Legal & General, the possibility of future unemployment is the reason 40% of men are saving - up from 36% in the previous poll in February.

The proportion of women who cited a potential loss of job as a reason for building cash reserves has remained largely unchanged at 25%.

Meanwhile, the number of men who said they're in the mood to save has fallen over the period from 59% to 56%.

Mark Gregory, Legal & General executive director savings, said: "It's not surprising that the focus of saving is turning to meeting short term needs, such as saving in case you lose your job," said Mark Gregory, Legal & General Executive Director Savings.

"It would seem concern over losing your job has become one of the key reasons for men to save rather than spend."

A regional breakdown of survey results also revealed a North South divide - with the proportion of people in northern Britain saving due to job fears rising significantly over the past six months, with only a marginal increase in London.

Sam Jackson

Money Dashboard