UK women are taking control of their finances
Written by Robert Bester, Consumer Finance Expert Robert has been a writer for six years, specialising in consumer finance and the UK lending market. Concentrating on consumer credit products, Robert writes informative articles that help customers manage their personal finances efficiently.
23rd November 2020
1 minute read
A new study by personal finances experts moneyguru.com shows that men and women are equal when it comes to applications for loans, despite the gender pay gap.
Research by the personal finance gurus shows that over the last twelve months both sexes have applied to loan the same amount of money, even though double the number of men are earning over £2,000 a month compared to women.
The Sex Discrimination Act of 1975 finally outlawed discrimination against women seeking to obtain goods, facilities or services, including loans or credit. However, a news report in the Times in 1978 revealed some retailers were still asking for male guarantors.
Deborah Vickers, channel director at moneyguru.com said:
We have never seen a gender gap when it comes to applications which is great to see. Just a generation ago women were viewed as a riskier investment by banks and stores and often had to get their father or husband to sign for most loans even if they earned more than them so it shows real progress that just as many women as men are taking the lead when it comes to finding the right deals for them.
The study also found that more women are living independently, with 85 percent of females living away from home when they make applications for loans, compared to just 74 percent of men. Women are also flying the nest earlier with just 41 percent of women aged under 25 living with family compared to 52 percent of men the same age. More older men, aged 75+, are living with family while women of the same age are 4 percent more likely to own their own home.
The Money Guru is a righteous, unbiased comparer of financial products. You'll find loans, credit cards, mortgages and credit reports that fit your needs as snugly as a pair of lycra yoga pants. If you’re looking to get back on the path to financial enlightenment, help is always nearby! Visit the wisdom section at moneyguru.com for tips, ideas and guidance to make sure you are making savvy savings all year round.