Women better with money than men, study claims

More people have investments than know their own bank balance, study suggests

Women are more responsible with their money than their male counterparts, study suggests (Dan Kitwood/Getty Images)

Women are more financially responsible than men, according to a new poll.

It found men spend more money on impulse purchases (£65 compared to £54/month), while women are more likely to set a budget and stick to it.

The majority of female respondents considered themselves to be risk-averse with their money, compared to 41 percent of males.

Women were also more likely to know exactly how much money they have in their current and savings accounts.

While females are seen as better money managers, they are more likely to consider themselves to be impulsive with their spending, although they part with less cash on these buys than men.

“Money management is extremely important, and people should be looking for ways to make their funds go further,” said Iqbal V Gandham, UK managing director at eToro, which commissioned the survey.

He added that the polling had been "useful in uncovering just how much the nation really knows about their money and spending habits, and how many have taken action to invest their earnings to increase their wealth.”

The survey also looked at modern spending and saving habits around the country.

In order to manage their money effectively, one in five respondents said they used an online service from their bank to monitor their spending and 41 percent regularly set budgets to stick to.

Nearly two-thirds of those in a relationship think their partner is good with money, and 72 percent would say the same about themselves.

However, 43 percent admitted they were susceptible to making occasional impulse purchases and more than a third had hidden particularly irresponsible buys from their partner.

A total of 15 percent of respondents admitted they have no idea what their bank balance is, more than 25 percent could name a current investment, such as stocks, bonds or property, which they are currently involved in.

Of those, 47 percent had invested in stocks, 31 percent had invested in bonds, and a fifth had money in an investment trust.

One in 10 said they were were happy to risk large sums of money for the chance of a pay-out and 44 percent were willing to put a small sum on the line.

More than a quarter of those polled said they had considered investing in stocks but were yet to take the plunge, while one in four know someone who owns stock.

SWNS