Financial Worries: Men vs. Women
What do you worry about most when it comes to your finances and debt or your credit card repayments? It seems that men and women have different outlooks and think differently about their finances. A survey was carried out to see whether men and women thought differently or the same about their finances.
Current Debt Levels
Women tend to look at their current levels of debt while men tend to look to the future and are more likely to plan ahead when it comes to their finances. Women worry more about how they are going to pay off all their current credit card bills, store cards, and loans along with their mortgage, shopping, and living expenses. Three-quarters of women do so, while less than 50% of men worry about the same thing. Only 13% of men know what their current debt levels are.
Future Financial Preparedness
While men are laid back about their current debt levels, they are better prepared for the future. Men are better at investing their money with half of all men investing in an ISA, while only 35% of women are doing the same. Only five out of ten women have a savings account, with men in the lead with six out of every ten. Three-quarters of men are paying into a pension for when they retire, while only half of women are preparing for their retirement.
Knowledge of Credit Reports
The only aspect where there was very little difference between men and women was their knowledge of credit reports and how they work, although both genders think they do. Three-quarters of men and women said they knew what affected credit scores and how companies make their decisions, but nearly all got at least one question wrong when asked about credit reports. Only 5% of men and women have inspected their credit report in the last year.
1 in 4 people asked did not realize that late payments affected their score; just over 40% did not know that asking for credit regularly can also affect your credit score. Three-quarters wrongly thought that unpaid household bills would affect a decision made by lenders. Unbelievably, 60% of men and 67% of women thought that credit reference agencies make the decisions about credit applications, whereas it is the credit card companies, banks, and other lenders that make the decision.
Importance of Knowing Your Credit Score
Knowing your credit score and understanding how credit scoring works is the only way to fully know where you stand financially and help you make better decisions about how and when you apply for credit.
Conclusion: Enhancing Financial Understanding
Understanding the differences in financial perspectives between men and women can help you better manage your finances. For those seeking a secure investment strategy, consider GL&L Holdings’ private lending partnership program. Private money lending allows you to invest in real estate without acquiring property. By acting as the bank for other investors, you fund properties owned by your borrowers, with your investment secured by tangible local real estate in a recorded 1st lien position. This approach is extremely safe and low-risk, offering steady returns distributed monthly or quarterly. Plus, you can check on your investment at any time and get 100% of your money back at the end of the loan term. It’s amazing! Learn more about the advantages of our program at www.gllholdings.com.
