Women worry about the purse-strings

While men prepare for their financial future

And 95% of both sexes are confused about credit scores

Almost a third (29%) of credit-conscious women are worried about their current level of debt, in contrast with only one in ten men (13%), according to new research released today by the credit monitoring service, CreditExpert.co.uk from Experian ® . 

Women worry more about every aspect of debt, from their mortgage and taking out a loan to buy a car, to shopping sprees and the general cost of living. Three quarters of women (76.2%) who have amassed debts due to everyday living expenses find this a cause for concern, whereas only half of men in the same situation don't worry about this type of debt at all. 

The research carried out by 1500 people throughout the UK, also reveals that despite women worrying more about their current financial situation, they are not preparing for their financial future. Only half of women (50%) have a pension plan in place compared to almost three quarters of men (74%). Although men can be more carefree about their credit agreements, men are planning more for their future as half have an ISA (47%) compared with a third of women (35%), and nearly two in three men (62%) have other savings, compared with one in two women (48%).

Both men and women admit to being ‘card tarts' to maximize their financial power, with 40% of men and one in five women (20%) now playing the credit card game to take advantage of introductory zero per cent and balance transfer offers.

The report also highlights that one in twenty people have checked their credit report in the last year, indicating that overall as a nation we are lapse at keeping control of our finances. But despite three quarters of both men (75%) and women (74%) believing they know the factors that affect lenders' credit scores, a huge 95% of respondents gave at least one incorrect answer when quizzed about what these factors are.

Findings include:
· Three quarters of people (74%) incorrectly believe their unpaid utility bills affect their credit score
· 70% wrongly believe that living at the same address as someone who is bankrupt will affect their credit score (this only applies if they are financially linked)

· 41% of us don't know that the number of recent applications for credit might affect their credit score
· 39% don't know that their income or salary level can affect their credit score used by lenders
· A quarter of people (25%) do not realise that paying their credit agreements on time affects their credit score

Furthermore, over half of men (60%) and two thirds of women (67%) incorrectly believe that credit reference agencies make credit application decisions on behalf of their bank, credit card company or other lenders.

Jim Hodgkins, Managing Director of CreditExpert.co.uk, commented: “In an age where it's all too tempting to apply for more credit, we should be taking more time to understand how our behaviour will affect our credit rating and ability to manage our finances in the long term.  As the survey revealed, men and women are fairly evenly matched in terms of their financial know-how, but understanding what affects your credit score is paramount to securing your financial future.

“A credit monitoring service will allow you to keep tabs on your credit status, whether your finances are stretched too far or you're within your financial means. Knowing your credit score can also help you make better-informed decisions when considering taking out further credit agreements.”

You can view your National Credit Score at www.creditexpert.co.uk . The online tool
instantly calculates an individual's personal credit score based on their Experian credit report and shows:

• Your National Credit Score as a number ranging from 0-1000 – a higher score generally indicates that lenders will consider it less risky to grant you credit
• Your National Credit Score category, which will be excellent, good, fair, poor or very poor
• How your National Credit Score compares to the UK average score
• Guidance on what may be affecting your score and an indication of how your credit history may influence a lending decision.
  

The service is available for an introductory price of £4.99 to existing CreditExpert members and for consumers taking advantage of the 30-day free trial of CreditExpert.