It is hard to deny the fact that the female species is a safer financial bet.
On average, women have higher credit scores than men. Are you surprised by the findings from Equifax, Australia’s leading credit reporting agency?
Equifax’s latest Australian Credit Scorecard^ released in December 2018 indicate women to be on top when it comes to credit rating!
Wait, what’s a credit score? A credit score is any number from 0-1200 that summarises information on a person’s credit file at a point in time. A credit score is one indicator of your credit risk. Generally, the higher the score, the more creditworthy the individual*. The national average in 2018 was 820. In 2015 it was 771.
Check out these interesting facts which will likely raise a few eyebrows.
Women are better than men.
When it comes to credit scores, anyway. In 2018, the average score of an Australian man was 818 compared to a woman’s 826.
Men care more than women?
Men are more likely than women to say they have ‘above average’ financial literacy (52% vs. 35%), despite women having a higher average Equifax credit score.
However, based on the 2015 Australian Credit Scorecard;
Woman are more ambitious.
52% of women are ambitious and focused on achieving their financial goals, compared to 47% of men.
Men seek the good life.
24% of men say they overspend because they work hard and earn plenty so deserve ‘the good life’. Just 13% of women agree.
Where do you stand?
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^The 2018 Equifax Australian Credit Scorecard offers market-leading insights into the credit habits and Equifax credit scores of Australian consumers. It combines an analysis of more than two million Equifax scores with consumer research of 1,000 Australians.
*An Equifax Credit Score is between 0-1200. It is derived from the information on an individual’s credit file as held by Equifax when the score is requested. Generally, a higher score is considered better as it indicates a lower risk. The Equifax Australian Credit Scorecard is based on analysis of the Equifax credit score available to consumers. This credit score may differ to the credit scores lenders use.