When it comes to gender debates, someone always has an opinion. While some opinions can be based on stereotyping or personal experience, others can be based on fact and can certainly help establish the truth from the lies. One of the most recent arguments to be making the rounds on the internet is that out of men and women, who is better at saving their money and we have collected a range of information from numerous sources in the hope of putting an end to this debate once and for all!
According to our findings and when looking at in-depth research conducted over the years, it seems to be women that are better at saving money than men. Researchers in America have concluded that women are better at signing up for retirement plans and save a greater part of their salary when compared to their male counterparts.
Another survey conducted in the UK has concluded that women keep track of their spending better and are less likely to develop debts through credit cards or loans. Men, on the other hand, are apparently more susceptible to ignoring their debts and letting them mount up, as well as forgetting to pay bills. In comparisons women are supposedly better at reducing their bills and debts through regular repayments. A quarter of men in the aforementioned study have admitted to paying credit cards off late or forgetting to pay them entirely.
Despite women earning less, they are able to make their money go further in comparison to men. One place where men and women are fairly similar when it comes to money management is when it comes to paying off their student loans and when it comes to credit scores. Men are better at paying off student loan debts, although this may be linked to the fact that they earn more on the whole and so are able to begin paying off their debts earlier. Women are found to have better credit rating scores which can be linked to the fact that they are more conscientious when it comes to paying off their debts, making them more likely to be accepted for mortgages and loans etc.
In the past, women have certainly been branded as being more likely to splash their cash on clothes or other items and have been given a bad reputation at being more risky than men when it comes to managing money. The findings from the multiple reviews and surveys have clearly shown the complete opposite. Furthermore, while it does seem that while women save money they often also have less money to spend. Some have blamed this on the fact that men earn more and while the situation is improving in terms of pay gaps, we as a society certainly have a long way to go in rectifying the equality and balance of what women earn in comparison to men.
Regardless of your stance on the battle of opinions when it comes to which sex is best at saving money, it’s important to always spend your money wisely regardless of how much you have saved up. Websites such as Cost Compare LTD are able to always find you the best deals for a wide range of goods and services.