It seems a far cry from Wall Street, with young city men eating, sleeping and drinking money. New research suggests young men are a lot less enthusiastic about finance than their female peers.

We can reveal that women under 35 are more likely to do their financial homework and financial planning ahead of time. This is particularly interesting, given that among the over 50s it’s men who are most likely to get involved in all things finance. Clearly, the sons aren’t following in Dad’s footsteps.

HMRC recently revealed another difference between men and women: men are more likely to submit their tax return late – whereas women are more likely to nail it. Looking closer into age ranges, young men under 25 were the most likely to miss the deadline. However, it seems the older the taxpayer the more punctual they become, with men over 65 being the most conscientious of all.

Financial planning is largely associated with retirement and post-work life, but when used correctly can help you prepare for life right now. Remember that in most cases, late filing of tax returns can result in serious penalties, unless there is a valid reason.

Here are the fines you can expect:

Initial late filing – £100

After three months – £10 daily charge, up to a maximum of £900

There are also further penalties at six and 12 months for failing to file or pay back tax – which could result in £1, 600 in penalties regardless of how much tax you need to pay.

Help and advice on filing your return is available at http://www.gov.uk/self-assessment-tax-returns or the Self-Assessment helpline on 0300 200 3310 (open 8am to 8pm, Monday to Friday, and 8am to 4pm on Saturday).