Women are more likely than men to be holding their long-term nest eggs in a savings account instead of a tax-efficient Isa or pension, research indicates.

Nearly half (46%) of women are holding money intended for the long term in a savings account, instead of a pension or Isa, compared with 39% of men, according to Scottish Friendly’s Family Finance Tracker.

Long-term savings were defined as thinking longer than five years ahead, such as saving for retirement, a deposit on a property or starting a business.

The research was commissioned by Scottish Friendly alongside the Centre for Economics and Business Research, and the study was carried out among 2,600 people across the UK.

Rates on cash savings could be reduced as the Bank of England base rate edges down. The Bank left rates on hold earlier this month but further cuts are expected.

Kevin Brown, a savings specialist at investments organisation Scottish Friendly, said it would be a “travesty” if women “lose out on further building up their hard-earned savings through tax-efficient wrappers and jeopardising future plans as rate cuts start biting”.