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Men vs. Women: Do They Manage Money Differently?

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Who out there is tired of the oldest running joke that women drain the bank account dry by shopping and splurging? How about the constant grumbling from men who say that women are taking all their money?

Here at CompareCards, we put together our latest infographic, Mars vs. Venus: Do men and women manage their money differently, that will put to rest the running debate of who the bigger spenders are; men or women. This infographic is the ultimate Battle of the Sexes in category of spending.

We laid out for you all the stats and figures so you can easily analyze and compare the different habits between men and women. We didn’t cater to either side, so it’s up to you to decide if men and women manage their money differently.

Spending & Saving Habits

On average, men tend to bring home more bacon than women. The national average shows that men have an annual income that is at least $10K more than the average woman’s salary. Despite this difference, the stats show that women have a higher credit score and a better understanding of the importance of good credit than men do. Sales also seem to play a major role in how women spend their money. Only 4.5% of men said they can't resist a sale, while almost a quarter of women said they can’t!men vs women credit card behavior
Even though the general stereotype is that women rack up debt fairly quickly, the average American male has about $1,000 more in revolving debt than women. The statistics and trends also show that it is more likely for a man to have a larger mortgage, but that could solely be due to the difference in their annual income, which directly affects how much they can get approved for.

Both men and women are guilty of splurging on unnecessary stuff, although they are spending their money on different things. Men typically spend their money on sports, entertainment, women, and gambling. Women, on the other hand, tend to spend their money on more tangible items such as clothes, beauty products and home décor. Neither is necessarily wasting money, but what they find value in and worth spending money on is very different.

One thing that we noticed that could potentially be problematic is that women are contributing 3% less to their retirement than men, and more men than women even have a retirement account. Again, this could be because of the difference in income, but the ratio of women with retirement accounts to men with retirement accounts is a bit concerning.

Credit Card Behaviors

Five percent more women than men demonstrate problematic behaviors in credit card use. These behaviors include things like:

  • Carrying a revolving balance from month to month
  • Late or missed payments
  • Utilizing more of their available credit

About 45% of men pay their balances off every month compared to only 39% of women who do the same. Also, men shop around for the best interest rates, reward programs, competitive benefits, and use comparison websites like CompareCards, before signing up for a new credit card. This could explain why men tend to have lower interest rates on their credit cards than women.

It’s a Tie

Despite the belief that women are shop-a-holics and can’t resist a sale, there is not much evidence that men and women significantly differ in the department of spending. The only clear difference on how men and women spend their money lies in what they spend their money on, and not the actual dollar amount. If he’s allowed to get tickets to the big game, then she’s allowed to go crazy at the clearance rack.

So the next time you and your significant other fight about money, create a budget that works for the both of you and follow it together. And of course, we always have to remember that men are from Mars and women are still from Venus. Check out this infographic and many more by visiting our Infographics page.

Sources: FINRA, ConsumerFed, Reuters, Catalyst.org, Experian, bls.gov, Turbotax.intuit.com,

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