Data From 44m Consumers Shows Men Hold the Purse Strings
According to research conducted by Callcredit Information Group, women could be better at managing their money. Women apparently have some catching up to do when it comes to saving, investing and getting a better deal on everything from home and car insurance to broadband, according to new research.
The research uses the company’s consumer database of 44million individuals, and reveals that men take the lead on all aspects of finance and dominate decision making by 3:1.
Chris McDonald, Managing Director of Data Solutions at Callcredit Information Group, said: “Our figures show that twice as many men pay into a pension, and that they are five times more likely to make investments and three times more likely to put money in savings accounts than women. However it could also be down to the fact there is still a pay gap between genders in certain industries.
“The data also shows that 50% of men regularly use price comparison sites to hunt out the best deals on broadband, house and motor insurance and more than half will switch suppliers when they find a better deal. However women share a man’s enthusiasm for looking for a deal when it comes to shopping for mobile contracts.”
Chris adds: “The fact that so many more men than women pay into a pension scheme is worrying, but as the new automatic pension enrollment scheme starts to take effect, hopefully this will help bridge the gulf between the two sexes.
The research is based on data from Callcredit’s Define database which holds information on 44million consumers’ property, car insurance, borrowing, income, savings, technology and online usage, shopping behaviour, interests, holiday preference, charitable and environmental viewpoints and general demographics.
What’s your opinion? Are you a woman who doesn’t pay into a pension scheme because you can’t afford it? Or are you just bad at managing money? Let us know in the comments below…
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