Women `better prepared for debt problems`

The latest Halifax Savings Report has claimed that women save more in proportion to their earnings than their male counterparts, potentially offering them greater protection against debt problems.

The report suggested that in all UK regions, women save more in proportion to their income than men, with average savings worth almost 40% of their annual gross earnings, compared with 23% for men.

Nitesh Patel, economist at Halifax, said: "Savings play an important role when planning for your financial future, so it is important to establish good savings habits as early as possible."

A spokesperson for debt management company Gregory Pennington said that savings can offer a great deal of security and protection against financial emergencies.

"Anyone who is in a position to do so should try to save regularly. In the event of any unexpected costs cropping up, savings can often make the difference between getting by or falling into debt."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.