Women are up to 3 times more likely to require help with the management of their financial commitments (such as loans and credit cards), than men.
According to a recent survey, women are less inclined to search for cheaper means of attaining credit than their male counterparts, with many simply responding directly to ads or going off recommendation, rather than conducting the research into the products themselves. It has also been discovered that women are considerably more vulnerable to amassing large-scale debts through catalogue spending and store credit, than men, with the average woman discovered to owe around £1000 through the aforementioned facilities.
In addition, women also tend to save less of their earnings than men, with the survey discovering that some ¾’s of respondents have little to nothing in the way of saving’s, with a further 1/3 only having enough in reserve to fund approximately 2 months of unemployment.
On analysis of the findings, one expert admitted that he was actually quite surprised at the results, as traditionally, women have always displayed far stronger financial management skills than men. It is likely that changes in female culture or namely the act of “buying now, paying later” are the most likely factors which have affected the change in trend.
