Women aren’t only edging out men as breadwinners in U.S. households –– they’re also turning out to be savvier money managers, as well.
Credit reporting bureau Experian looked at credit scores, average debt, mortgages, and delinquencies of more than 750,000 men and woman, finding that women are better at managing their money and debt.
“When looking closer at our data and cross-referencing it with other data sources, we see that women working full-time in the United States earn approximately 23% less income than men but that women are taking steps to manage their finances better than men,” said Michele Raneri, vice president of analytics, Experian.
Where are men falling behind?
It’s all in their wallets. Men typically carry 4.3% more debt, have 4.9% higher mortgage balances, and are 7% more likely to pay their mortgage notes late than women, Experian found.
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Mortgage origination amount
To be fair, there are disproportionately more men who take out individual mortgages than women in the U.S., which could be a major factor in their debt excess.
In Connecticut, for example, the average man has a mortgage loan of $229,510 and the average for women is $175,276, creating a gap of 24%, Experian found. That could be why Connecticut men are also 13.6% more likely to pay their mortgages late and carry 8.6% more debt loads than women.
In the end, all of these differences haven’t exactly added up to a huge discrepancy in credit scores. Men have an average credit score of 674, just one point shy of women.
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