Any of our
married couples can attest that their view and their spouse’s view on money and
debt is probably a little bit (or a lot of bit) different. Sometimes you probably just agree to disagree. Every couple is different, but did you know
that part of it may be the different ways that men and women view money and
debt? Here are a few of the differences
noted on an Experian* analysis from 2013:
- On average, men carry 4.3 percent MORE debt than women. Regarding pr-approved loan amounts, men’s mortgages were 4.9 percent higher than home loans taken out by women! Men also use more of their available credit, while women keep lower balances.
- If the time comes to ask for help, women are more likely to recognize this first and seek financial help than men. Men and women alike should both remember to use their local credit union, like Honor CU, as a valuable resource if they ever do find themselves in a situation. We can suggest solutions to help consolidate or manage debt (or savings!) more effectively!
- When dealing with budget woes, women will approach a difference in income vs. expenses by eliminating things on the household budget while men will approach by focusing on increasing income and keeping the budget the same.
Do any of
these ring a bell in your household? As
with any topic of discussion, it is important to recognize the differences and
talk about them to keep the overall peace and approach things like the
household income and budget with a unified front.
What other
differences do you think exist in how men and women view money? Let us know on twitter @honorcu using
#askhonorcu!
Listen to the full Mason Jar Monday episode as Scott and Wild Bill talk about the differences in how men and women view money and debt!
*Source: http://www.bankrate.com/finance/debt/men-women-and-debt-does-gender-matter.aspx
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