Do you think men spend more than women, or are they better savers? Are they more likely to bank online or are they still heading in branch? How much do they worry about money?
To mark International Men’s Day on November 19, we take a closer look at men’s financial habits.
It seems that men are more likely to be racking up their savings. On average, men have £7,732 in savings and investments, spread across ISAs, pensions, savings accounts and investments, compared with just £2,000 for women, according to the Duncan Lawrie Private Bank’s 2014 Gender Wealth Gap Index.
When it comes to investing, the Gender Wealth Gap Index highlights that men are more likely to be ‘DIY investors’, keeping an eye on the market and shopping around rather than delegating sole responsibility to a financial adviser. It was also noted that men are more likely than women to take risks with investments.
What do men splash their cash on?
The top five things men typically splash their cash on are alcohol, motor vehicles, house repairs, meals out and gambling, according to a survey by Baines and Ernst. Perhaps unsurprisingly, a lot of men’s shopping is done online, with an average of £3,495 being spent on the web each year. Men also spend 15% more than women on credit cards.
When it comes to money worries, 2.9 million men are losing sleep due to concerns about bills, savings and debts, according to research from the StepChange charity. However, they are actually less likely to lose shut-eye, with 4.5 million women being kept awake by financial worries.
Switching providers can be a great way to ensure you’re getting the best deal for your utilities, insurance and mobile phone contract, and it seems men are on top of things. A study by GoCompare shows that 63% of men have switched a financial or utility product in the last 12 months compared to 53% of women. Car insurance and energy provider are the most common things for men to switch.
Online banking is growing in popularity among the whole population, with Office for National Statistics data showing that over half of the population bank online. It seems men are also spending more time online banking, with a study by Siteopia suggesting men spend 50 minutes a week managing their finances online, compared to 28 minutes for women.
While men may be better at saving, it seems they are also more likely to borrow, with figures from Moneysupermarket.com showing that men are relying more heavily on credit than women, owing an average £7,509 compared to £4,139. Those under 35, in particular have seen their debt levels grow in the past year.
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