They may splurge on expensive dresses, but when it comes to managing family finances, women are significantly better than men, a new study has revealed.
Researchers in Britain have carried out the study and found that women are better at budgeting and keeping track of their spending and are less likely to build up debt on a loan or a credit card.
The study found that fewer women than men ignore their finances and mounting debts, pay bills late or forget to pay them altogether. And they make more of an attempt to chip away at debts while men prefer to make minimum payments.
"For years, women have been thought of as the big spenders, splashing their cash on clothes and shoes. But it seems men are gaining their own reputation when it comes to managing their finances while women are learning how to handle their money," Ed Bowsher of lovemoney.com, which conducted the survey, was quoted by the Daily Mail as saying.
The study, based on a survey of nearly 3,000 Britons also showed men have an average debt of 2,176 pounds on their credit cards compared to 1,987 pounds for women.
And a quarter of men admitted to regularly paying credit card bills late, or forgetting them altogether, with 17 per cent of women making the same mistake.
Over 57 per cent of women know exactly what the family has to spend each month and when bills need to be paid while 54 per cent of men said same.
One in 20 men admitted that they had absolutely no idea about the family finances, always overspend and forget to pay bills, the study found.
"It's sad to see that both sexes are carrying so much debt on their credit cards. The best way to reduce your debt is to budget carefully and monitor your spending on a regular basis," Bowsher said.
