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Women likely to be better with finances than men?
It is hard to deny the fact that the female species is a safer financial bet.
On average, women have higher credit scores than men. Are you surprised by the findings from Equifax, Australia’s leading credit reporting agency?
Equifax’s latest Australian Credit Scorecard^ released in December 2018 indicate women to be on top when it comes to credit rating!
Wait, what’s a credit score? A credit score is any number from 0-1200 that summarises information on a person’s credit file at a point in time. A credit score is one indicator of your credit risk. Generally, the higher the score, the more creditworthy the individual*. The national average in 2018 was 820. In 2015 it was 771.
Check out these interesting facts which will likely raise a few eyebrows.
Women are better than men.
When it comes to credit scores, anyway. In 2018, the average score of an Australian man was 818 compared to a woman’s 826.
Men care more than women?
Men are more likely than women to say they have ‘above average’ financial literacy (52% vs. 35%), despite women having a higher average Equifax credit score.
However, based on the 2015 Australian Credit Scorecard;
Woman are more ambitious.
52% of women are ambitious and focused on achieving their financial goals, compared to 47% of men.
Men seek the good life.
24% of men say they overspend because they work hard and earn plenty so deserve ‘the good life’. Just 13% of women agree.
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Disclaimers
^The 2018 Equifax Australian Credit Scorecard offers market-leading insights into the credit habits and Equifax credit scores of Australian consumers. It combines an analysis of more than two million Equifax scores with consumer research of 1,000 Australians.
*An Equifax Credit Score is between 0-1200. It is derived from the information on an individual’s credit file as held by Equifax when the score is requested. Generally, a higher score is considered better as it indicates a lower risk. The Equifax Australian Credit Scorecard is based on analysis of the Equifax credit score available to consumers. This credit score may differ to the credit scores lenders use.
Equifax Australia (formerly Veda) 2015 Australian Credit Scorecard