Most of us have developed our own perceptions of how men and women differ in the area of finances. These views are heavily influenced by our own experiences and social media as well as traditional media. Unfortunately, too often, our views do not correlate to factual data on the subject. In 2016, www.marketwatch.com, compiled some surprising statistics on the subject.
Women on average:
- have slightly higher credit scores than men,
- have more open credit cards but lower (non-mortgage) debt, and
- earn less than men in similar jobs.
Men on average:
- pay off student loans faster,
- save more for retirement, and
- save more in “rainy day” or emergency reserves.
The conclusion that women are better with money is supported by the fact that men earn more, save more but nevertheless have lower credit scores than women.
At the Law Office of Michael Primus we have helped thousands of clients get out of debt, stop wage garnishments, and start fresh through bankruptcy. If you live in Contra Costa, Alameda or Solano counties and have debt problems, contact us for a free in-office consultation. We have offices in Walnut Creek, Antioch, and Hercules.