Yahoo Finance Who manages money better: Women or men?
Men might think they’re more clued in when it comes to their money – but they’d be wrong.
According to Credit Simple’s latest State of the Nation report, men tend to be more aware of their credit score than women – yet ironically also have lower credit scores than their female peers.
Related story: New credit laws could see homeowners pocket extra $40,000
Related story: How the new credit reporting rules could help you get a cheaper loan
Related story: 4 steps to perfect your credit health
Data provided exclusively to Yahoo Finance reveals that women had higher credit scores than men in every state, with women in the ACT sporting the highest average credit score across the nation.
Men’s vs women’s credit scores by state:
ACT: Women 838; Men 819
NSW: Women 785; Men 771
NT: Women 764; Men 759
QLD: Women 769; Men 755
SA: Women 781; Men 773
TAS: Women 804; Men 797
VIC: Women 797; Men 782
WA: Women 783; Men 767
Speaking to Yahoo Finance, Credit Simple CEO David Scognamiglio said the data indicated women were more responsible with their money than men.
“They are better budgeters and are more likely to pay their bills on time,” he said.
“Men may also be more likely to peacock about their financial management skills, but the data shows that women have more reason to boast because they’re doing a better job.
“As well as being good budgeters, some of the reasons people have higher credit scores than others is because they are responsible borrowers, they are careful in the number of lines of credit they apply for, and make an effort to clear up bad debts if they have them.”
Who do you think is more responsible at managing money: men or women?
Commenting on the data, Financy founder Bianca Hartge-Hazelman said the results weren’t surprising.
“[Women] tend to be more conservative with money… They also make over 80 per cent of household purchases, so even if they don't realise it, are managing money all the time.”
“What we also know is women own more residential property that they live in Australia... And so have the street cred,” she added.
Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, property and tech news.
