Women worry about their current financial circumstances but aren’t preparing for their future.
New research into our attitudes to debt found men were far more relaxed than women when it came to household debt.
Almost a third of women were worried about their debt, compared with only one in 10 men, yet only half of women surveyed had a pension plan in place, research from Experian found.
Women worry, men plan
Women worried more about every aspect of debt, from their mortgage to the general cost of living. Three-quarters of women who had accumulated debts from everyday living expenses found it a cause for concern. Half of men in the same situation weren’t worried about it all.
Although men were more carefree about their credit agreements, they were better at planning for their future than women.
* Almost half of men surveyed had an ISA (47%), compared with a third of women (35%)
* Nearly two in three men (62%) had other savings, compared with just under half women (48%)
Men (40%) were better than women (20%) at being playing the credit card game to take advantage of 0% balance transfer offers.
Low credit IQs
The report also highlighted that only 5% of people had checked their credit report in the last year, indicating we could take better control of our finances.
But despite three-quarters of both men (75%) and women (74%) believing they know the factors that affect lenders’ credit scores, a huge 95% of respondents gave at least one incorrect answer when quizzed about what these factors are.
Findings included:
* Three-quarters of people incorrectly believed unpaid utility bills affected their credit score
* 70% wrongly believe that living at the same address as someone who is bankrupt will affect their credit score
* 41% didn’t know that the number of recent applications for credit might affect their credit score
* 39% didn’t know their income or salary level can affect their credit score
* 25% of people didn’t realise paying their credit agreements on time affected their credit score
New research into our attitudes to debt found men were far more relaxed than women when it came to household debt.
Almost a third of women were worried about their debt, compared with only one in 10 men, yet only half of women surveyed had a pension plan in place, research from Experian found.
Women worry, men plan
Women worried more about every aspect of debt, from their mortgage to the general cost of living. Three-quarters of women who had accumulated debts from everyday living expenses found it a cause for concern. Half of men in the same situation weren’t worried about it all.
Although men were more carefree about their credit agreements, they were better at planning for their future than women.
* Almost half of men surveyed had an ISA (47%), compared with a third of women (35%)
* Nearly two in three men (62%) had other savings, compared with just under half women (48%)
Men (40%) were better than women (20%) at being playing the credit card game to take advantage of 0% balance transfer offers.
Low credit IQs
The report also highlighted that only 5% of people had checked their credit report in the last year, indicating we could take better control of our finances.
But despite three-quarters of both men (75%) and women (74%) believing they know the factors that affect lenders’ credit scores, a huge 95% of respondents gave at least one incorrect answer when quizzed about what these factors are.
Findings included:
* Three-quarters of people incorrectly believed unpaid utility bills affected their credit score
* 70% wrongly believe that living at the same address as someone who is bankrupt will affect their credit score
* 41% didn’t know that the number of recent applications for credit might affect their credit score
* 39% didn’t know their income or salary level can affect their credit score
* 25% of people didn’t realise paying their credit agreements on time affected their credit score
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