Women better at managing credit - survey

Johannesburg - Women are better at managing their credit than men, a survey revealed on Friday.

The survey, conducted by the Credit Bureau Association (CBA), revealed that the majority of South African - almost 20 million credit consumers - are women and they manage credit better.

"Contrary to perceptions, women are indeed better at managing their credit than men, which is something to be applauded," CBA executive manager Natasha Horwitz said in a statement.

The research found that although women, in general, were less of a credit risk than men, single and married women appeared to be better off than their divorced counterparts.

"Our research shows that divorced women tend to end up in more financial difficulty after their separation," she said.

Of the women with impaired records, more than 60% were divorced, as opposed to between 33 and 38% of divorced men.

Horwitz said it was important that all consumers become passionate about building a positive credit history as this would benefit them in later life when they need access to credit for other investments.

She encouraged people to check their credit records regularly.

"As a credit active consumer, you are entitled to one free credit report a year from each of the credit bureaus across the country or, for a small fee, at any time during the year," she said.

The survey found that women owned fewer credit accounts at 48,2% than men who own 51,7%. They also owned the least number of credit cards at 44,2% and cellphone accounts at 44,1%.

Men were responsible for 65,6% of the asset finance accounts and the majority of cellphone accounts at 55,8%.

Men also owned accounted for more than half of credit cards, while micro lenders accounted for 57,9%.

The study however highlighted the that South African women enjoyed looking good and living in luxury.

"This is reflected in the number of clothing accounts they own at 64,3%. They also enjoy having beautiful homes with the majority, 56,1%, of furniture accounts belonging to them."

- Fin24

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