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Gender and age affect credit card spending

Stereotypes abound regarding gender and spending. Women spend more on shoes, men splash out on on beer while the elderly prefer tea and crumpets, but is there any truth in the clichés?

More from Trends and Analysis
10 November 2008

Gender and age affect credit card spending

Gender and age affect credit card spending

Women spend more on electrical items than shoes.

A new study by the UK payments association, APACS has revealed the truth about where our money is really going.

In fact, the new APACS scheme titled ‘Payment Profiles’ looks into the subject and analyses 12 different age and gender profiles to determine where all our cash is being splashed.

Ages in the study ranged from 16 years to 65 and while some of the statistics were surprising, others supported things which we might have already guessed.

His manly appetite

The study revealed that the way to a man’s heart may well be through his stomach. Why? Because men spend over £146 more in restaurants, cafes and snack bars than women, according to the APACS study.

You might balk and think that they’re dipping into their wallets to treat a female friend to a skinny latte, but don’t.

Healthy men should consume more calories than women, so the difference in these statistics could actually be an anatomical one.

Then again, perhaps women graze elsewhere. The study also found that while men visit supermarkets 114 times a year on average, women visit them far more often, clocking up 147 visits by contrast.

According to APAC’s findings men also prefer paying for food with plastic and the average man holds 4.4 credit cards compared with 4 for women.

Her shoe sollection

There are plenty of women out there who are not obsessed with Jimmy Choo shoes, or the supple functionality of a pair of Clarks knee-highs. But guess what? the majority of us are hooked.

According to the study women consistently outspend their male friends, brothers and fathers when it comes to shoe shopping. Women spend an average of £67 per year on pretty things for their feet, which is over double what the guys fork out. Men only spent £30 a year in the study.

What’s more, the women who are the big shoe-spenders are aged between 25 and 34. How much a year, on average do they spend on heels? £103. Men aged between 35 and 44 only spend an average of £10 a year.

Managing accounts

Women came up trumps when it’s time to check in on the bank balance with 52% of women favouring internet and telephone banking compared with 48% of men.

The most rigorous people, when it comes to carefully checking bank and card statements are the over 65s, with 93% of all OAPs having a good look at what they’ve been spending.

The electric shock

So far, so obvious, however the really surprising statistics apply to the money spent by different genders and age groups on electrical items.

Men are almost always considered the geeks when it comes to gadgets and gizmos, but women spend more money on electrical items every year than men. £172 is forked out by ladies (on average) in electrical retailers to men’s smaller sum of £144. That means women spend more on electrical items than shoes.

When it comes to age ranges, the most technologically savvy generation, those between 16 and 24 spend the least on electrical items. Furthermore, they also only make 17 online payments a year.

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