Men or women? Report reveals who’s better at managing money

Font Size:

Women may earn less than men. They may go into retirement with less money than men. Men may think they’re better at managing money than women. But as far as banks are concerned, they’re a much lower risk for lending, according to the latest Credit Simple Nation Report.

“Women should have more confidence in managing their finances because, broadly speaking, they’re doing a better job,” said Credit Simple chief David Scognamiglio.

The report also found other large gaps (besides the gender pay gap) between the perceptions and reality in how men and women manage money.

According to the report, men are more confident with their money than women (32 per cent compared to 23 per cent) and more men feel they are good budgeters (32 per cent vs 23 per cent).

Women in every region and city across Australia except the Northern Territory have higher credit scores than men.

“Of all major cities, the widest gap in credit scores between women and men occurs in Melbourne, where women outperform men by a whopping 27 points,” states the report.

Canberrans are the best at managing money, with the highest credit ratings in the country. The southern states (Tasmania, Victoria and Australian Capital Territory) outperformed the northern states (Queensland, Northern Territory and Western Australia).

Mr Scognamiglio was surprised that so few Australians knew their credit score, saying that only 65 per cent were aware of the credit rating, which could be costing them hundreds if not thousands each year. Most Australian credit scores are between 300 and 850.

“At the end of the day, your credit score costs you money. On average, Australian women have a score of 796, compared to only 778 for men,” he said.

“That is why in many cases, women should be able to demand a better deal on home loans, credit cards, insurance policies and electricity prices than men.”

Who do you think is better at managing money?

If you enjoy our content, don’t keep it to yourself. Share our free eNews with your friends and encourage them to sign up.

Join YourLifeChoices today
and get this free eBook!

By joining YourLifeChoices you consent that you have read and agree to our Terms & Conditions and Privacy Policy


Money steps to take at 60

Turning 60 often sharpens your focus on the need to plan for your financial future.

Managing the costs of healthcare

Medical costs are a great worry to retirees, especially those facing failing health.

Managing health insurance costs

Six tips for managing soaring private health insurance costs.

Written by Leon Della Bosca

Leon Della Bosca is a voracious reader who loves words. You'll often find him spending time in galleries, writing, designing, painting, drawing, or photographing and documenting street art. He has a publishing and graphic design background and loves movies and music, but then, who doesn’t?



Total Comments: 14
  1. 0

    On a quiet day, another argument about men and women…

    Stoopid is as stoopid does, as they say in Green Bow…

    • 0

      .. maybe we should argue about Ayers Rock being closed by an unelected board … or the Glasshouse Mountains starting up now…. meanwhile the situation for the Ordinary Joe goes downhill… by government diktat….

      Some men are better at it – some women are better at it…I don’t think there is a gender divide over it – that’s as silly as saying all great actors must be gay etc.. palpably untrue…

      There is no serious dividing line between abilities and talents…. after all… money management is a social invention, no? Like race, or colour, or anything else… what say the social scientists?

    • 0

      Yes, there are more interesting topics and the Ayers Rock discussion is needed. The fly in the ointment is that any criticism of those who chose to close down climbing the Rock will have one labelled as a racist. Sensible debate these days has degenerated into labelling, racist, sexist, misogynist, climate denier and the list goes on.

    • 0

      Horace Cope – be careful what you write, my mate got thrown out of this board for the same item. PC runs supreme at the moment, so watch it – Cowboy Jim paid the price.
      Long live liberty!

  2. 0

    Intellego – I am surprised you have not had more responses!!.. long handle on your spoon!

  3. 0

    Intellego – I am surprised you have not had more responses!!.. long handle on your spoon!

  4. 0

    I would say that if either partner of a couple has a drinking, drug or gambling problem then the innocent other would have to handle finances better (or leave the partnership)…
    Addicts can be female or male.

  5. 0

    I have found my ladies have a fail safe system of money management.

    First they spend all they have.

    Secondly they borrow from me.

    Thirdly they promptly “forget” the borrowings.

    Becoming tired of this I decided to keep a record of their borrowings on “borrowing” accounts set up on the computer. After 3 months I printed these off & presented them to my daughter & my lady.

    My daughter appeared shocked she had borrowed so much, & ashamed she had paid none back. My lady on the other hand was annoyed I had kept this record, indicating I did not trust her to repay her borrowings. Well she was right about that, & she had “borrowed” more than the daughter, & repaid none.

    So I guess the ladies have a great money management system, spend mine & manage their own.

    • 0

      Sounds like a labor gov’t to me Hasbeen.

    • 0

      .. any government, roy.. any government…

    • 0

      The ex (I’m her carer) and I share a house – she handles her money very well – I pay all the bills upfront, she crows about having more in ‘back week’…. e.g. – I put $500 in her ‘back account’ and said it was for emergencies – a whale watch trip and new tyres and wheel alignment for the car put paid to that… the whales were great, though.

  6. 0

    Perhaps, Trebor, we should be worried about the marauding, shooting, rooting and land pinching done by the poms who originally invaded this great land, despite the fact that indigenous Australians had been living on the entire continent for thousands of years cooperatively and without the need for a piece of paper to claim Entitlement.
    Uluru is regarded as a sacred site and that should be respected. The sight of hundreds of greedy white people traipsing up and down it – and occasionally falling off it – makes me sick . Sometimes the wonder of something seen from a distance is more overwhelming than standing and defecating on it.

  7. 0

    Intelligo, I agree with you. 40 years ago it was easier for men to earn more. The award rates for most jobs had higher rates for men by about 30%, for the same job. If a woman was working for the public service and dared to marry, she got the sack, so no more wage. A bit later, if she got married, she got the sack, so no more wage. If she had young children, then hard to get a job. Her job then was child minding (Salary NIL) House keeping (Salary NIL) paying all the bills (Salary NIL) etc. Budgetting to stretch the husbands wage or salary? Ongoing process. My ex husband was absolutely hopeless in paying bills, filling out forms, and no idea in money management. If he did not have any money for what he wanted, he would charge it up, as he was of the impression that buying on credit was not spending money, which left it to me to pay afterwards.

  8. 0

    Complete rubbish analyses in the article. There are good and bad money managers among men, and the same among women – just depends on their individual strengths, weaknesses, education / training and experience! You must have all other factors roughly equal before you do such comparative analyses, otherwise you get junk results.

    What the article could have analysed in more detail was whether men were higher risk-takers than women (maybe worries banks), or whether the Banks were pushing to give more debt to women to correct some past perceived bias, etc.



continue reading


Enthralling, dystopian, sublime: NGV Triennial has a huge 'wow' factor

Refik Anadol: Quantum memories 2020 (render) custom software, quantum computing, generative algorithm with artificial intelligence (AI), real time digital animation...


Where to eat, drink and play on Kangaroo Island

Australia's third largest island is an oasis of pristine wilderness, premium produce and hidden secrets ripe for discovery. Easily accessible...


Will you need a vaccination to visit Australian venues?

State premiers have suggested that once vaccinations begin in Australia, those without vaccinations may be banned from visiting some venues...


Enjoy these islands while you can

Remarkable Rocks, Kangaroo Island, South Australia. Greg Brave/Shutterstock Freya Higgins-Desbiolles, University of South Australia I fell for Kangaroo Island from...

New South Wales

Four fabulous events announced for Mardi Gras 2021

Mardi Gras is famous for its world-class comedy, performances, vibrant colours and characters. And this year will be no exception....


Why the royal family retreats to Scotland every year

"To aim for the highest point is not the only way to climb a mountain," wrote Nan Shepherd in her...


The five stages of losing your Airbnb virginity

Airbnb was set up more than a decade ago - first called Air Bed & Breakfast - and now boasts...


Overseas travel remains unlikely this year

As the vaccine rollout in Australia gets closer, many thoughts may be turning to exactly how long we have to...