Consumer Credit for All Genders
No matter if a new car, a holiday or just a new kitchen has to be: If your own money is not enough, you need a loan. Be it in the form of a classic consumer credit, a special car loan or just in the form of a zero-percent financing at the dealer. The decisive factor is that the planned purchase is put into action. After all, the interest on loans is in the basement and that means “now or never”. Is this fully in line with reality? Not quite, because quite so carefree consumers then do not act, especially if this time breaks down on the sexes.
The male gender sees the topic of credit clearly “looser”
For example, a recent study by a large German comparative spring found that male sex between the ages of 40 and 49 borrowed by far the highest loan sums in 2017 from banks. On average, the amount borrowed from this age group amounted to 14,128 euros. This was just under 4,000 euros more than for men in the age group 18 to 29 years as well as from the age group of over 70-year-old men. Especially the male population in the prime of age thus shows the greatest openness to credit offers and also does not shy away from taking up high loan amounts. What about the women?
Middle-aged women also show openness in borrowing
For women, there is a similar picture in terms of the sum of loans taken as for men. Comparable to men, women in the age group between 40 and 49 are also the measure of all the amounts of loans taken on average. With an average of 11,208 euros, this age group is among the top women. A sum that is about 2,500 euros above the sum, which is included in the comparison groups of 18 and 29 year old women as well as those over the age of 70 years.
Women are more cautious about borrowing
Fundamental knowledge of the study: women take significantly less high credit on us are therefore generally less risk-taking. A finding that is reflected across all age groups in the female population. What is shown in absolute terms as follows: Male borrowers borrowed on average 12,715 euros from the bank, female only 10,096 euros. That’s about 21 percent less. One possible reason for this can also be derived from data from the Federal Statistical Office: In 2016, women earned exactly 21 percent less than men.
The cause of this salary gap is manifold. For example, women are more likely to work in lower-paid occupations, occupy less senior positions, and are more frequently employed in part-time or mini-jobs. If all these factors are taken into account, there is still a gap. With equal qualifications and jobs, women earn on average six percent less per hour than men. As a result, women are aware that high sums of credit may weigh heavily on their own wallet and thus become a financial hazard.
Editor: Markus Gildemeister
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