Men Better at Managing Credit Cards Than Women
According to research from BMO Harris Bank, men are better at managing their credit cards than women. The study showed men are more likely to pay off their card balances every month compared to women.
39% of male participants in the study said they always pay off their card balances, compared to 27% of women. Women showed a greater concern about their card balances, with 35% listing it as a “major financial concern.” Only 22% of men said the same.
To break down the behavioral differences even further, 14% of men and 10% of women said they usually pay off their balances each month but occasionally have a balance left over. 22% of women and 16% of men said they try to pay off their cards each month but are quite often left with more money owed. 18% of men and 19% of women said they always carry a balance.
For money management in general, 74% of men said they always pay their bills on time, compared to 59% of women. Interestingly, men carried a higher average student loan debt than women ($44,248 vs. $34,208).
The study included more than 1,000 participants from America who were polled between July 2nd and July 4th of this year.