Credit Card Spending By Women on the Up
Women are feeling the effects of the recession more than men as new data shows they are turning to their credit cards to boost their mood.
The research highlights that 74 percent of women are concerned about their own financial situation compared to 68 percent of men.
To aid budgeting and prevent overspending compare prepaid credit cards can help put limits on the temptation to spend.
A huge 55 percent of women aged 25-39 have used their overdraft facility in the past 12 months, compared to the 38 percent average across all age groups, while 46 percent of men aged 25-39 have also done so.
“With the stress of the financial fallout there is reason to suggest that women have broadly turned to consumer spending to lift their spirits,” said James McCoy, YoGov SixthSense research director.
“This seems to be making it more difficult for women to save money, obtain new loans and avoid going into their overdrafts.”
Women are also finding it harder to secure a loan, with 23 percent of the 25-39 year-old age group having admitted to meeting difficulties in the past two years.
This group is the highest percentage currently seeking professional help to deal with mounting debt.
Despite concerns over money, women were shown to still be willing to spend money they do not have, as when asked what they would be most likely do with £100 spare at the end of the month, 21 percent said they would spend it on clothes.
A further 20 percent said they would spend it on a meal out and 15 percent would buy something new for the house.
Personal appearance was another top priority for British females as 56 percent cited this as important with this figure rising to 72 percent for those 16-24 years old.
Making themselves look good appeared to be a therapeutic task as three quarters of women in this younger age group said it was pleasurable compared to 50 percent of men.
Prepaid Credit Cards
By preloading your monthly budget onto a prepaid card a user can monitor their spending and not get into debt as it does not allow the person to spend more than is on the card.