You always hear men complaining about how women can never get their finances sorted or finance is not the women’s domain. But next time you hear a guy giving out such statements, walk to them and clarify that this is merely a myth that men like to believe. A study proves that women are better at managing and controlling the debts in comparison to men.
Following stats are enough to answer men that women can manage the finances well:
1. In comparison to women, men have 4.3 percent more debt: The average debt load of women is $25,095, whereas the average debt load for men is $26,227. Also, the credit score for women is 675 as compared to 674 for men.
2. The mortgage amount of men is 5% more than women. Men opt for 18% independent mortgages in comparison to women, the average mortgage loan of men amounts to $187,245 whereas, for women, the amount is $178,140.
3. The late payment made by men is 7% more in comparison to women.
Wondering the source of this research? Experian, the largest credit bureaus securitized the credit reports of the thousands of people to determine the difference between women and men on the basis of the debt owed by each group. The study revealed that the financial position of men is less rosy in comparison to women.
The study also reveals that the gap between men and women earning is roughly 23% in other words, men earn 23% more income than women. But, women are determined to manage their finances and taking steps towards their aim. Here are some practices followed by women to keep their finances clean:
1. They monitor the credit reports annually to clear up the errors if any. Women are able to report more errors in comparison to men as most women are in the habit of keeping their documents and receipts neatly.
2. The other effective strategy followed by women is that they have the habit of paying their bills well in time. Late payments are the primary thing that impacts your credit score. They often rely on alerts or ECS system for paying mobile and credit card bills. This way the chances of missing a payment are bleak.
3. Women don’t like their wallets filled with cards as there are so many other important things to keep like cosmetics and accessories. Jokes apart, as women don’t apply for multiple credit cards, they are able to manage the loans and stay well within their credit limits.
4. We all know women are sweet talkers, and they know how to use this to their advantage. They try and negotiate with the debtors to write-off past debts. They most of the times are able to convince lenders to settle the loan for a lump sum amount.
So, men, it is high time that you learn the art of managing finances and money from women. So, next time if your wife offers you help to sort financial mess, don’t refuse to say, finance and you! She knows it better than you!