Women are better with money than men, study finds

Women are better with money than men, study finds

Women were also found to spend less than men on 'impulse purchases'

Wednesday, May 22, 2019

Women are more financially responsible than men, a study has found.

Research has found that women are more likely to know exactly how much money they have in their accounts, and will spend less money than men on impulse purchases.

The study, commissioned by investment platform eToro, found that men spent an average of £65 each month on impulse buys, while women spent only £54.

Iqbal V. Gandham, UK managing director at eToro, said money management was “extremely important”.

He added: “Brits should be looking for ways to make their funds go further.

“The study has been useful in uncovering just how much the nation really knows about their money and spending habits, and how many have taken action to invest their earnings to increase their wealth.”

The study also found women are more likely to have both a current and savings account with their bank.

While women were seen as better money managers, they are more likely to consider themselves to be impulsive with their spending, although they part with less cash on these buys than men.

In order to manage their money effectively one in five use an online service from their bank to monitor their spending, and 41 per cent regularly set budgets to stick to.

Three in five Britons in a relationship think their partner is good with money, and 72 per cent would say the same about themselves.

But more than a third have hidden an irresponsible purchase from their other half.

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