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Women are the better spenders when it comes to credit cards

By in Business, Economy, Finance on August 29, 2016

Women spend less than men in nearly every category of credit card expenditure, including online shopping, when compared to men, and they are more conscientious about paying off their card says FNB Credit Card.
“There is a common misperception that women tend to overspend on credit cards, especially on non-essential items such as retail shopping; however, data shows that their male counterparts spending far outweighs women’s and are less responsible when it comes to paying off their cards,” says Chris Labuschagne, CEO of FNB Credit Card.

Men spend on average 32% more on food and retail than women, with an average of R470 a month. They spend a whopping 60% more on fuel than women.

On average, women spend R384 every time they fill up their tanks, compared to men who spend R428 on each refill.

Surprisingly, according to FNB Credit Card data men outspend women on online shopping by 30%, spending on average R988 per month compared to women’s R749.

“Retail shopping used to be perceived as the domain of women, but men have definitely taken the lead in terms of online shopping,” says Labuschagne. “This makes sense as online shopping is easy, safe and can be done from the comfort of your home.”

The one category where women do spend more than men is when grocery shopping; however despite visiting grocery stores 35% more than men, women only spend 15% more.

Other places that men outspend women on their cards include restaurants, visiting fast food outlets, coffee shops and restaurants, spending on average 35% more. They are also big spenders when it comes to TV and movies, spending on average 61% compared to women.

“Women, in general appear to be more responsible when it comes to their finances,” says Labuschagne.

While credit card arrear levels are low, men are twice as likely to skip a payment when compared to women.