It appears that they do according to FINRA Investor Education Foundation. Women who are not financially literate than their male counterparts are more likely to make credit mistakes that will cost them more money. The study says that women
- 9% more likely to carry a high balance
- 11% more likely to pay the minimum
- 26% more likely to pay a late fee
- 7% more likely to pay an ?over the limit? fee
- 15% more likely to engage in some kind of problematic behavior
- 13% less likely than men to pay the balance in full
- 16% less likely to comparison shop for cards
- 20% less likely than men to take a cash advance (the bright spot)
The solution for the problem is financial literacy. When you compare men and women with high financial literacy ?the gender gap fizzles?. There are some more interesting statistics:
- With financial literacy training women?s credit card behavior will improve 60% more than men
- With low financial literacy a woman is 32% likely to take part in two risky behaviors
- With low financial literacy a man is 29% likely to take part in two or more risky behaviors
- With high financial literacy a woman and a man are both 24% likely to take part in two or more risky behaviors
Maybe what we don?t know will hurt us. Well, at least with women and credit it is true. CreditSesame did a great job describing the issue with women and credit. Like so many of American credit problems, ignorance is not bliss. It is quite the opposite. Ignorance is like a bad dream that you do not wake up from. This eye catching infograph should catch the eye of women and men and everyone can learn something.
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