Do Men & Women Spend Differently?

Men and women can sometimes be very different and this includes the way they spend money. While we all try our best to save and stay out of debt, we all have moments of weakness and tend to splurge on things that we maybe don’t need. But, if you’re able to recognise these bad spending habits, you can be one step closer to breaking them. If you have always wondered what men and women spend their money on, why not find out:

What do single men and women buy?

Being single is the time where both men and women spend money on having fun. On average, men spend nearly double on alcohol than women when they’re single and it’s been found that men actually tend to spend a lot more when there are no women around. On the other hand, women on average typically spend a lot more on personal care and services than men do. This includes make-up, haircuts, gym memberships etc.

What do they buy to cheer up?

Retail therapy is very common, and maybe we all feel like spending a little extra money when we’re feeling down. But, the majority of men and women tend to buy very different things to lift their spirits.

Women

When it comes to cheering up, most women will buy clothes, food and shoes to make themselves feel better, with accessories and books/magazines being next on the list. In fact, over 50% of women buy clothes when they’re feeling depressed.

Men

When it comes to retail therapy for men, there is a bit more variety when it comes to what they choose to spend their money on. Some buy food, others buy electronics or movies/music and only around 20% of men would spend money on clothes to cheer themselves up.

Who is more sensible with their money?

Men and women have very different spending habits and in regards to how they spend their money, there isn’t one that’s necessarily better than the other. While women are likely to spend money more often, men are more likely to splurge and spend more when they do buy something. Ultimately, they’re spending the same amount of money, but women spread it out while men spend it all at once. Similarly, while men have slightly better saving habits, women are smarter at spending and know how to get what they want for less. So, while men might be putting their money away, women are saving money by finding deals and discounts and are more patient when it comes to waiting for an item to go on sale.

Of course, every person is different and we all have our own guilty pleasures that we tend to waste money on when we should be saving it. If you don’t save your money you could one day find yourself with unexpected bills that you can’t afford. When that happens, you can always come to Wizzcash for a reliable short term loan that can help you get out of tricky financial situations. If you’re interested in applying for a Wizzcash loan, use our helpful Loan Calculator today.

Generic advice is not a service regulated by the Financial Conduct Authority.