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Men saving to avoid potential debt problems?

Men saving to avoid potential debt problems?

- Tuesday, 14 September 2010

At least four in ten men are choosing to save money in case they lose their jobs, which could lead to debt problems.

That is according to the latest MoneyMood survey by Legal and General, which polled consumers to see why they were putting money aside.

In August, 40 per cent of men stated it was in case they lost their job, which was a ten per cent increase on the number of men stating that reason in February.

However, only 25 per cent of women claimed they were saving in case they lost their jobs, which is the same figure as six months ago.

Mark Gregory, Legal and General executive director of 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."

Putting money aside could be a good way of avoiding debt problems as the consumer will have cash to pay off bills and fund their living costs if they lose their job.

A spokesperson for moneyfacts.co.uk recently advised consumers to use a short-term fixed rate bond for their savings as they could miss out on any interest rate hikes if they use a long-term fixed rate account.
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