“Women are 8% more likely to stick to their monthly budget than men. They also allocate significantly more money to informal savings vehicles, such as stokvels, than the opposite sex,” says Old Mutual Personal Finance’s Lizl Budhram. She does say that women are, however, 6% less likely to save money in a formal interest-bearing savings vehicle." But we’re getting ahead of ourselves.
FNB Credit Card CEO Chris Labuschagne says: “Data shows that their male counterparts' spending far outweighs women’s and [men] are less responsible when it comes to paying off their cards.”On average, men spend 32% more than women do on food and retail –averaging at a spend of R470 per month. These figures are surprisingly similar in the online shopping realm, where men outspend women 30%. Men spend, on average, just under R1 000 online, compared to a woman’s average spend of R749.
CLICK BELOW to get in touch with an expert debt counsellor who can assist you in managing your debt - whether you are a man or a woman.The only area where women outspend men is on groceries, which is to be expected. But, the data also interestingly reveals that although women visit grocery stores 35% more than men do, they only spend 15% more than men do when they buy groceries.
“Women, in general, appear to be more responsible when it comes to their finances,” he said adding that men were twice as likely to miss a payment compared to women.