There is some major disparity between the financial responsibility and strength of men and women
There is some major disparity between the financial responsibility and strength of men and women.
A study of millennials by LendingTree reveals that women are behind men in income, home ownership and financial satisfaction; even though they appear to have a better attitude to finances.
Students loans play a big part in the equation with women struggling more than men.
Women average $14,758 in student loans while men have almost half at $8,500.
Overall debt for millennial men averages $53,107 while women owe $68,834 – 30% less!
Perhaps due to the lower amounts, men are generally more confident in their ability to pay down debt than women, scoring 3.67 on a scale of 1-5 (5 is most confident) compared to 3.31 for women.
Men are also more satisfied with their financial situation than women (3.4 vs. 2.99 on a 5-point scale) with women more frustrated (22.74%) with their debt than men (17.24%). A fifth of men said their debt actually made them feel more confident compared to 13.8% of women.
When income inequality is considered, it’s easier to understand the differing views of the genders. Of the men surveyed, 57.3% have an income greater than $50K, while just 42.11% of women do.
Men are more likely to own their home (56%) than women (44%) although a previous LendingTree study found women are more likely to be living with friends or family rent-free.
Women do win on credit scores with an average of 666 compared to 661 for millennial men.
On priorities for the next 12-24 months, women are more focused on savings while men want to increase income.
A study of millennials by LendingTree reveals that women are behind men in income, home ownership and financial satisfaction; even though they appear to have a better attitude to finances.
Students loans play a big part in the equation with women struggling more than men.
Women average $14,758 in student loans while men have almost half at $8,500.
Overall debt for millennial men averages $53,107 while women owe $68,834 – 30% less!
Perhaps due to the lower amounts, men are generally more confident in their ability to pay down debt than women, scoring 3.67 on a scale of 1-5 (5 is most confident) compared to 3.31 for women.
Men are also more satisfied with their financial situation than women (3.4 vs. 2.99 on a 5-point scale) with women more frustrated (22.74%) with their debt than men (17.24%). A fifth of men said their debt actually made them feel more confident compared to 13.8% of women.
When income inequality is considered, it’s easier to understand the differing views of the genders. Of the men surveyed, 57.3% have an income greater than $50K, while just 42.11% of women do.
Men are more likely to own their home (56%) than women (44%) although a previous LendingTree study found women are more likely to be living with friends or family rent-free.
Women do win on credit scores with an average of 666 compared to 661 for millennial men.
On priorities for the next 12-24 months, women are more focused on savings while men want to increase income.
