UK: Women More Likely Than Men To Use Credit For Everyday Needs

In the UK, more women than men have been applying for credit for the last couple of years, and it isn’t for the purpose of funding retail shopping sprees.

According to a recent study by Callcredit Information Group, ThisIsMoney.com reports, 72 percent of females in the UK, compared to a reasonably low 28 percent of males, have applied for credit in the last 18 months. The report cited that women were applying for the extra funding to help make up for income shortages.

Twenty-five percent of the women said they applied for credit to purchase household items, while only eight percent of males were doing the same. Twenty-two percent of women used the extra money for emergencies compared to the 16 percent of men. Lastly, the report highlighted that 7 percent of women admitted to applying for payday lending loans, compared to a close 5 percent of men who also reported to apply for advance loans.

“It is clear from the research that the financial pressures of day-to-day living is continuing to increase which in some cases is causing consumers to look for additional credit to help cover any shortfall,” Graham Lund, managing director at Callcredit, told ThisIsMoney.com.

The report also indicated that although women were more likely to apply for credit, men were more apt to take out more than one type of credit. Male participants cited that debt consolidation was the main reason for multiple forms of credit.

Women have been left with no where else to turn as the current figures in the UK have illustrated that the rate of women unemployment has peaked to a 26-year high, while the male unemployment has steadily decreased.

“As the changes to the budget begin to take hold, even more people will begin to feel the pinch and will be looking for ways to manage the rising cost of living,” Lund stated.

Unfortunately, women living in Britain seem to be feeling the pinch more so than men, as ThisIsMoney.com also reports that women have are out of work and are considered ‘long term’ unemployed is triple the number of men who are ‘long term’ unemployed.

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