Women show better payment morale despite lower income and financial literacy than men

On average, women earn less than men and have lower pensions. In addition, women have lower financial literacy. Despite this, our data shows that women still outperform men when it comes to meeting their financial obligations and paying their debts.

Statistics show that, on average, women earn 10-12 percent less than men in the Nordic countries. In addition, data show that women’s pensions are 18-30 percent lower than men’s. But despite the economic disadvantage, Alektum Group’s figures show that women are 12 percent better at paying their debt collection demands than men.

“It is clear that women’s payment patterns differ from men’s in a positive way. We see a higher degree of punctuality and commitment from the indebted women we meet, despite the fact that women are still worse off financially,” says Moa Tyborn, Chief Communications and Marketing Officer at Alektum Group.

Alektum Group’s own survey shows that in the Nordic countries 68-75 percent of  men have sufficient knowledge to be able to manage their own finances in a good way, while only 44-53 percent of women reach the same level of knowledge.

“There is a clear correlation between low knowledge and over-indebtedness, and recently we have seen that women’s debt is increasing at a higher rate than men’s. That’s why it’s incredibly interesting that women show better behaviour when it comes to paying their debts, despite poorer conditions,” says Moa Tyborn.

Tips to avoid the debt trap:

• Save up for a buffer for unforeseen expenses
• Before you shop on credit, make sure that you will have the money when it’s time to pay
• Don’t bury your head in the sand – open your bills and any collection letters
• If you are unable to pay your debt, contact the company or debt collection agency and see if you can set up an instalment plan