Men are 20% deeper in debt than their female counterparts, despite the fact that they earn more.
Men are racking up 20% more debts than women, and can afford to pay less to their creditors despite earning more, new statistics have revealed.
Research by Chiltern Debt Management shows that on average, men seeking help to manage their finances take an average of 22 months longer to become debt free than their female counterparts.
It seems that the more you earn, the more you spend. The average salary of a man on a debt management plan is £24,627, compared to £22,530 for women. However, men only feel able to pay back 25% (£26.13) per month of what they owe their creditors, whilst women only repay 26% (£22.73) of what they owe.
It also appears that women are more ready to face their debts than men. The average age of a female client is 43 years, two years younger than the average male age of 45.
This can have exponential implications for debt levels, as men typically take 158 months -- that's over 13 years to pay off their debts, compared to 136 months (approximately 11 years) for women.
In another surprising trend, women tend to spread their debts amongst more creditors, despite owing less. Women have debts on average of £23,946 to 8.1 creditors, compared to men who owe £29,914 to 7.8 creditors.
This research is supported by the growing idea that women are having more control over their finances. Research by NS & I has shown that women are no longer standing in the background when it comes to financial decisions.
In 2007, men in 20% of households made key financial decisions, falling from 22% in 1992. Although women continue to earn less than men, they are catching up - and fast.
On average, women in their twenties earned the equivalent of 93% of men's wages in 2000, rising to 96% today. If this trend continues, women will surpass their male counterparts in earnings by 2015.
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