Men and Women:We spend differently on credit cards
Men and women think and act differently. That’s no secret. That said, it will come as no surprise that our credit card spending habits are also very different.
9% of men admit to using their credit cards on a daily basis, while only 4.2 % of women use theirs.
And what are we using our cards for? According to studies done in the past, here are a few indicators:
- Restaurant spending: Men spend more than women
- Petrol purchases: Men spend more on petrol purchases
- Online purchases: Unsurprisingly, women spend more online
- Jewellery and large appliances: Women spend more in this area
It's interesting to see that we seem to conform to gender stereotypes in our credit card usage. For instance, men also lay out for alcohol and hardware, but women hand over their cards more in pharmacies and department stores.
We also differ in how we pay off our credit card debts. Women are more inclined to pay the minimum requirement every month than men. More men however put larger lump sums back into their cards. Also, more women than men pay their entire balance at the end of each month resulting in women being a slightly lower credit card risk than men.
Just another reason we only insure women!