Women aged 18 to 39 are now more conscientious about their financial priorities, with the majority saying that they would rather reduce debt than spend, a recent nationwide survey by Citi reveals.

According to the study, 72 per cent of the female respondents said that if they were to receive extra money they would either save it or use it to pay bills, compared to just 65 per cent of the males. Women also continue to be more conservative when it comes to large purchases, with only 27 per cent saying this year is a good time to make major buys, against 40 per cent of the men.

The survey fits with other, recent surveys of investors showing that while some risk appetite has returned in the wake of the credit crunch, there is still considerable caution and a focus on wealth preservation. There is, also, a considerable challenge for the wealth management industry in rebuilding trust in financial services across the board.

"For many young women, this the first economic downturn they have lived through and really experienced the stress and hardship that economic cycles can cause," said Lisa Caputo, the chairman and chief executive officer of Citi's Women & Co membership program.

Almost 50 per cent of the women respondents in the 18-39 age group say they are saving and investing more today than they were last year. This compares with the 29 per cent of the women over 40 saying the same. As regards their financial situation in 2009 and now, almost 63 per cent of women said they are reducing the amount of money they owe and 67 per cent said they are comfortable with their current level of debt.

"The survey findings show that women overall appear to be well prepared, both mentally and financially, coming out of the depths of a recession," Caputo said.

The survey, conducted by Hart Research Associates, was carried out between 15-25 March 2010 and covered responses from 2,002 adults, 1,010 of whom were women.