Men Vs Women: Battle of the Spending Habits
When it comes to driving skills and buying habits, women are perhaps one of the most misunderstood creatures being blamed for driving recklessly and spending more than they should. While the former is debatable, researchers have unearthed proof showing that women may not be the biggest spenders compared to men after all. Here are some key findings:
Typical Annual Income
When it comes to typical annual incomes, studies show that men in the UK generally earn more than women in the age group of 25-34 but the difference is only a mere 3.5%. However, the difference between a man's annual income and the fairer sex rises to a whopping 11% in the 35-44 age group, with men earning an average of £32,191 and women earning an average of £21,157.
Top 5 Items: What DO Men and Women Buy Most?
So what DO men and women buy most? You're not wrong to assume that men spends most of their money on alcohol, which some may say is very much necessary to impress women. Next comes motor vehicles, understandably taking out a huge chunk of men's paycheck due to the rising cost of fuel and motor parts. Men also dedicate a considerable portion to home repairs and improvements as well as eating out, which is rather logical as most men find it troublesome to cook for themselves if they are without live-in partners.
Women, on the other hand, are a little more esthetic-minded, preferring to spend on their clothes and on their children's comfort. Food is also vital to the household's well-being, as are educational costs inclusive school and child-care, both of which takes up a large portion of a woman's annual salary.
Credit Card Spending
Due to the fact that their annual income is higher than women, males use their credit cards to spend 15% more than females. More men prefer to shop online compared to women, with an average of £3,495 spent on purchases made on the World Wide Web. For women, some of the things they spent most of their earning on include handbags, fashion accessories, clothes, healthcare and home furnishings. Men, on the other hand, are glad to spend their cash on things that matter most to them - electronics, travel and entertainment are only some things that they have no qualms spending on.
Average Household Debt
Along with massive spending, comes the dreaded word: debt. The average household debt in the UK is an all-time high at £53,613 (as of July 2012). This leads to more financial problems in the household, with more couples arguing and divorcing as they find that they cannot solve money issues amicably. For those who did, payday loans were of help in consolidating loans and relieving some of their financial burden.
Conclusion
Whether or not women or men is at fault for spending more than the other, we can all agree on one thing: if you don't have the money, don't overspend! Biting off more than you can chew will land you in hot soup and cause you to move further along the destructive path of insolvency.
Typical Annual Income
When it comes to typical annual incomes, studies show that men in the UK generally earn more than women in the age group of 25-34 but the difference is only a mere 3.5%. However, the difference between a man's annual income and the fairer sex rises to a whopping 11% in the 35-44 age group, with men earning an average of £32,191 and women earning an average of £21,157.
Top 5 Items: What DO Men and Women Buy Most?
So what DO men and women buy most? You're not wrong to assume that men spends most of their money on alcohol, which some may say is very much necessary to impress women. Next comes motor vehicles, understandably taking out a huge chunk of men's paycheck due to the rising cost of fuel and motor parts. Men also dedicate a considerable portion to home repairs and improvements as well as eating out, which is rather logical as most men find it troublesome to cook for themselves if they are without live-in partners.
Women, on the other hand, are a little more esthetic-minded, preferring to spend on their clothes and on their children's comfort. Food is also vital to the household's well-being, as are educational costs inclusive school and child-care, both of which takes up a large portion of a woman's annual salary.
Credit Card Spending
Due to the fact that their annual income is higher than women, males use their credit cards to spend 15% more than females. More men prefer to shop online compared to women, with an average of £3,495 spent on purchases made on the World Wide Web. For women, some of the things they spent most of their earning on include handbags, fashion accessories, clothes, healthcare and home furnishings. Men, on the other hand, are glad to spend their cash on things that matter most to them - electronics, travel and entertainment are only some things that they have no qualms spending on.
Average Household Debt
Along with massive spending, comes the dreaded word: debt. The average household debt in the UK is an all-time high at £53,613 (as of July 2012). This leads to more financial problems in the household, with more couples arguing and divorcing as they find that they cannot solve money issues amicably. For those who did, payday loans were of help in consolidating loans and relieving some of their financial burden.
Conclusion
Whether or not women or men is at fault for spending more than the other, we can all agree on one thing: if you don't have the money, don't overspend! Biting off more than you can chew will land you in hot soup and cause you to move further along the destructive path of insolvency.