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Women consistently better at managing their credit than men


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The Credit Bureau Association (CBA) today released statistics revealing that despite accounting for the majority of South Africa's almost 20 million credit active consumers, women are better at managing their credit than men.

According to the CBA's records 51% of South Africa’s credit active population are women and even though women make up the majority, they are doing a better job at managing their credit reputation than men.

For starters, women own fewer credit accounts at 48.2% than men who own 51.7 %. They also own the least number of credit cards at 44.15% and cellphone accounts at 44.1%, and micro lenders accounts at 41.9%.

However, South African women do love looking good. This is reflected in the number of clothing accounts they own at 64.3%. They also enjoy having beautiful homes with the majority (56.12%) of furniture accounts belonging to them. A secure roof over a woman’s head continues to be a must with women owning 47.8% of the mortgage bond accounts on the bureau database.

But when it comes to cars and other "toys", men take the cake. Men are responsible for 65.6% of the asset finance accounts and, surprisingly, the majority of cellphone accounts at 55.8%. They also own most (55.7%) of the credit cards and micro lenders account at 57.9%.

In terms of credit risk, women continue to be most impressive. Only 48.4% of the credit active women consumers are impaired as opposed to 51.5% of their male equals who have negative information on their records. This is also reflected by the number of men who have judgments (61%) and defaults (51.2%) against them.

Executive manager at the CBA, Natasha Horwitz, says this year’s findings are consistent with the results of the past two years.

"Contrary to perceptions, women are indeed better at managing their credit than men, which is something to be applauded," she says. "The CBA encourages consumers 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. Your credit report will display any listing against you, such as an adverse listing/default or judgment. Your Credit Report will also show all the accounts that you pay in full and on-time, as well as any late payments or skipped payments."

Although women, in general, are a better credit risk than men, single and married women appear 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," says Horwitz.

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

She says it is important that all consumers be passionate about building a positive credit history as this will benefit them at a later stage in their lives when they need access to credit for other investments.

Date Posted: 2014-05-21
Posted By: OVAG Int. SA
Listed under these Business Listing Categories: Financial services, Business services & consultants,

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