Men spend instead of save
Young men are spending more cash than ever before on leisure activities such as going to the pub, a new report has revealed.
According to market analysts Key Note, who questioned more than 1,000 single people aged 18 to 45, men are more interested in having fun than saving for the future.
Socialising was very important to men, with 64 per cent saying they go out regularly to socialise compared to 55 per cent of women.
On the other hand many single women preferred to stay in than go out. Nearly half (46 per cent) said they entertained friends with meals or drinks at home at least once a month compared to 33 per cent of men.
Mark Hastings, communications director at the British Beer & Pub Association, said: "More and more women are going to the pub but women like to spend their money on a variety of things whereas men are very simple creatures who like to spend their money on football and beer.
"One of the biggest issues facing society today is how we relax after a hard week's work. Our lives are increasingly hectic and we work longer hours in the UK than many other countries. Both men and women are looking at ways to relax and what better place than the pub to sit down and unwind with a beer."
The report also found that higher earning power and home ownership put them in a better position to use their disposable income, while women felt they had to save for a rainy day.
Report editor Simon Taylor said: "This can be attributed to male preferences for convenience foods, visiting pubs and eating out.
"There is a new realism among young single women, who are well aware that a change in their status and family formation may well reduce their financial independence."
Regardless of their sex, one in three young singles admitted to spending rather than saving. However, single women were more likely to have bought a new financial product, such as ISAs and pensions, in the past 12 months rather than their male counterparts, with five per cent investing compared to three per cent of men.
