| March 25, 2016

Research of the Week: Why Women Rock

Fascinating stats about money and Women’s History Month.

Each week, Consolidated Credit searches for financial research that can help you deal with your debt and budget. This week…

The interesting studies

We’re nearing the end of Women’s History Month, and Consolidated Credit has compiled all the money-related polls that were conducted during that time. While they asked slightly different questions, they all point to the same result: Women are smarter with their money than men, but they still don’t think they’re smart enough.

 

Women better than men

The stereotype displayed in those Housewives reality shows turns out not to be real, which isn’t a surprise. Most women don’t engage in pricey “shopping therapy,” and they don’t’ spend emotionally. Alternately, men don’t always look at money logically.

According to a recent Experian study

  • “Women’s average credit score is 675, compared with men’s average score of 670.”
  • “Women have 3.7 percent less average debt.”
  • “Women have a lower incidence of late mortgage payments by 8.1 percent.”

Interestingly, women have nearly a quarter more credit cards than men, but they handle them better.

“Even with more credit cards, women have fewer overall debts and are managing to pay those debts on time,” said Michele Raneri, an Experian vice president.

Women don’t feel better

Despite how fiscally responsible they are, women feel they could do better: “8 in 10 women today say they don’t feel high levels of personal success in their lives,” a Northwestern Mutual poll shows.

Of course, one reason for their self-doubt could be this: “7 in 10 women don’t have a formal written plan outlining their financial goals, a key tool for financial planning success, and another 14 percent don’t have any goals at all.”

Says Northwestern Mutual director Allison Engel:

Success might mean traveling the world, buying a home, owning a business or pursuing further education, but these goals require a plan and a strong financial foundation. As women determine what they want to achieve in their own lives, they also need to evaluate what to do financially to set themselves up for success, both now and in the future.”

Women need to move to Minnesota

The top state to live in for “women’s economic and social well-being” is Minnesota. So says a WalletHub study that tallied 15 factors – including median earnings, unemployment rate, poverty rates, among others.

If you hate the cold weather, however, the Top 5 aren’t for you. The rest are Vermont, New Hampshire, Maine, and Massachusetts – although Hawaii comes in at No. 10. Louisiana comes in last.

Want financial advice no matter where you live? Check out Consolidated Credit’s Women & Money section.

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