Frugal Hong Kong women rank 2nd in world as savers

Hong Kong's women are the second-best female savers on earth, salting away more money than women anywhere else except Singapore, according to a global HSBC study on how well people save for their retirement.

The frugal women of Hong Kong save US$521 a month on average, compared with US$336 for Asia and US$243 globally. Singaporean women top the list at US$536 a month.

Hong Kong women are slightly more disciplined savers than the city's men. Sixty-one per cent of women here save every month, versus 59 per cent of men.

Hong Kong women, however, save less than men in dollar terms - at US$521 a month for women and US$565 for the men. But men in Hong Kong earn HK$3,500 more than women per month, on average, according to government figures for 2006. The HSBC study did not take into account the gender gap in income.

The HSBC study surveyed more than 15,000 people in 15 markets worldwide, in August last year, including Britain, Germany, Russia, Japan, Australia, China, Hong Kong, India, Malaysia, Singapore, Taiwan.

"Globally, men seem to be better savers than women" both in terms of their regularity and amounts saved, said Diana Cesar, head of retail banking and wealth management for HSBC's Hong Kong office.