COSTA MESA, Calif. — When it comes to credit and financial management, women are better than men. That’s according to a new report from Experian, which showed a notable divide between men and women when it comes to how they handle money, debt and financial decisions.
The average credit score for women was five points higher than men at 675. They also have 3.7% less average debt despite topping men with 23.5% more open credit cards. In fact, women’s revolving credit utilization is 4.2% lower than men. The average mortgage loan amount for women is also 7.9% less than men, and they also have an 8.1% lower incidence of late mortgage payments.
"There were several gaps between men and women in this study, including the five-point credit score lead that the women hold. Even with more credit cards, women have fewer overall debts and are managing to pay those debts on time," said Michele Raneri, vice president of analytics and new business development for Experian. "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."
From an auto perspective, women are more likely to purchase a more functional, utilitarian vehicle, while men tend to lean toward sports cars and trucks. Specifically, men are more likely to purchase vehicles in the mid-size pickup, large pickup and standard specialty car segments.
In fact, men are 1.37 times more likely to purchase a mid-size pickup truck than the general population, while women are 1.4 times more likely to purchase a small crossover utility vehicle than the general population. The latter also gravitates more toward mid-size sports utility vehicles and compact crossovers.