Experian: Women better than men at finances

COSTA MESA, Calif. – A new report by Experian, the global information services company, shows women are better than men when it comes to credit and financial management.
Experian took a sampling from its consumer credit database from December and analyzed multiple categories including credit scores, average debt, number of open credit cards, utilization ratios, mortgage amounts and mortgage delinquencies between men and women throughout all 50 states. The divide is notable.
“There were several gaps between men and women in this study, including the five-point credit score lead that the women hold,” said Michele Raneri, vice president of analytics and new business development at Experian. “Even with more credit cards, women have fewer overall debts and are managing to pay those debts on time.”
Some key highlights include women’s average credit score totaling 675 compared with men’s totaling 670. Women on average have 3.7 percent less debt, despite having 23.5 percent more open credit cards. Women’s average mortgage loan amount is 7.9 percent less than men and they’re 8.1 percent less likely to have an incident of late mortgage payments, according to the study.
“Men appear to be taking on a bit more than women, specifically when it comes to the homes and the cars they buy, which could be affecting their credit scores,” Raneri added.