Why?

Men Aren’t the Smartest When it Comes to Credit

The majority of men – 61% - describe their knowledge of how credit scores work as good or excellent.

They might want to take a refresher.

More than 40% of men and women questioned in a new poll think a person’s age, marital status, and ethnicity are among the components that determine a credit score. Of course, none of them are. On all three of those questions, a significantly higher percentage of men thought those things played a part in a credit score, according to the annual survey of credit understanding.

The biggest gender-knowledge gap was about whether marital status affected your credit score. Additionally, fewer men correctly choose three ways a consumer could improve a credit score, or maintain a high one.

Rather than a knowledge gap, what women may suffer from in the credit arena is a confidence gap: Even though they largely outdid men on the questions, fewer women – 54% - rated their knowledge of credit as good or excellent.

These figures replicate those relating to both genders, however, showed a decline in their understanding of credit compared with last year’s survey. Fewer people had success with a multiple-answer question about how much more a person with a low credit score could pay on a 60-month auto loan, as well as with more basic facts such as how everyone has more than one credit score, and that credit repair companies rarely wind up actually repairing your credit understanding and confidence for women in investment – read Girls Just Want to Have Funds for more on this. You can order from our website www.strategies.co.nz.

Source: Bloomberg.com