Men are the best at budgeting while women are actually more thrifty, a study into household finances has revealed. A detailed study has found that despite women traditionally holding the purse strings, it’s men who have better control of their cash.
The research found men are more likely to live within their means, putting money into savings and sticking to a budget.
But while women might not be great at putting money aside, they are the bigger bargain hunters – always on the lookout for ways to pinch pennies.
Andy Oldham, Managing Director at the UK’s biggest cashback site Quidco, which commissioned the research, said:
”Everyone handles their money differently but these results show a big difference when it comes to men and women.
”Women are traditionally seen as the ones most capable of looking after their cash, but it seems that it’s actually men who are most careful with their money.
”They manage to stick to a budget and make their earnings last from one pay day until the next and are still able to put some away into savings.
”But women aren’t all bad with money. While they might struggle to make their wages stretch as far as they would like, they seem to have a keen eye for a bargain.
”Using discount vouchers and cashback can go a long way to helping you save a huge amount of money and mean they may eventually end up being able to put more away into savings.”
The study of 2,000 adults found 71% of women struggle to make their wages last the whole month, compared to just 60% of men.
And six in ten women admit they don’t always live within their means, with 44% regularly having to resort to using their credit cards to survive from one pay day to the next.
In comparison, almost half of men manage to spend only the money they have earned.
It also emerged that while women are most likely to actually set a budget and plan their spending – 72% compared to just 60% of men – it’s guys who actually stick to it.
When it comes to savings, more than one in four women never put anything aside for a rainy day, while just one in five men say the same.
And of those who do save, the average woman pays in £109 a month compared to the average male figure of £132.
In total, women have an average of £3,222 stashed away – £563 less than the average man’s total of £3,785.
Researchers also found that 60% of women admit to splurging on expensive items or things they don’t really need, compared to just 53% of men.
And 67% of women often have moments where they regret buying something because they didn’t think about it first, compared to just 54% of men.
However, when it comes to shopping around for large and expensive items, women are more likely to take their time and search for the best deal before buying something.
Almost eight in ten women also said they look for vouchers or discount codes before buying something while just 67 per cent of guys said the same.
Women are also most likely to shop via a cashback site – 49% compared to 46% of men.
Andy Oldham from Quidco, added:
”We provide our members with a number of moneysaving tools, meaning there is something for everyone.
”Whether you want to use vouchers, a mobile app, or take advantage of online and in store cashback, savings can be made in every home and UK high-street.
”Families already using us, earn around £780 a year in doing so which can be put towards the savings gap identified in this study.
”As household budgets continue to struggle, Quidco is confident everyone can take advantage of our service offered on a free or Premium basis.”
