Women in South Africa appear to be spending less than men on credit cards, First National Bank (FNB) has revealed this week.
Men spend on average 32% more on food and retail than women, with an monthly average of R470 (about US$32). They spend a whopping 60% more on fuel than women, the bank’s study said, showing the conscientious side of women in the face of a reckless attitude of men.
“There is a common misperception that women tend to overspend on credit cards, especially on non-essential items such as retail shopping. However, data shows that men’s spending far outweighs women’s as women are less responsible when it comes to paying off their cards,” CEO of FNB Credit Card, Chris Labuschagne, said.
On average, women spend R384 (about US$28) every time they fill up their tanks, compared to men who spend more on each refill.
Surprisingly, the study shows that men outspend women on online shopping by 30%, spending on average R988 (about US$66) per month compared to women’s R749 (US$50).
“Retail shopping used to be perceived as the domain of women, but men have definitely taken the lead in terms of online shopping,” Labuschagne said in a statement, adding that this made sense as online shopping was easy, safe and can be done from the comfort of your home.
The one category where women do spend more than men is when grocery shopping. However, despite visiting grocery stores 35% more than men, women only spend 15% more.
Other places that men outspend women on their cards include restaurants, visiting fast food outlets, coffee shops and restaurants, spending on average 35% more.
They are also big spenders when it comes to TV and movies, spending on average 61% compared to women.
“Women, in general appear to be more responsible when it comes to their finances,” Labuschagne emphasised.
While credit card arrear levels are low, men are twice as likely to skip a payment when compared to women, the report said.