More women are buying homes and vehicles, supported by stronger credit profiles, new data from Standard Bank shows.
The bank’s credit score feature suggests women generally take on less credit than men, which may explain why their credit scores are often higher.
However, fewer women actively track their credit scores. Only 42% of users who’ve installed Standard Bank’s credit score feature are women, despite the app having a higher proportion of female users. This could mean women are missing opportunities to strengthen their financial position.
The findings come amid broader evidence of the financial disadvantage women face over their working lives as Discovery’s recent corporate and employee benefits insights report shows women earn only 76 cents for every R1 men earn and have 21% less in pension and provident fund balances.
Credit scores for both men and women tend to improve with age, with those in their 20s showing the lowest scores.
TimesLIVE
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