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Women may be getting to grips with their debt consolidation better than men after new statistics show they save more.

The findings from Halifax reveal that females save 17 per cent more than males in proportion to their earnings.

Females stash away around almost 40 per cent of their average annual gross earnings, compared to men, who manage to put aside 23 per cent.

Overall, the average levels of savings for people across the UK stands at £7,787, the survey states.

Indeed, women who like to shop could find they have more cash to save by merging their credit card balances with a debt consolidation loan, making monthly payments more manageable and potentially having some spare money after financial commitments are met.

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

Abbey Credit Cards has also announced the release of its zero per cent credit card, which it claims offers fee-free foreign usage for those who splash out abroad.

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