We all know that, in average, men earn more than women do. Nevertheless, did you ever notice that there is also a gender difference in the banking activities?
A fresh study conducted by TD Bank (Canada) revealed that men depend on credit and invest more than women do, while women are more into mobile banking and pay more bank fees.
Below are some of the differences, according to TD’s 2014 Bank Checking Experience Index:
Debit Card Usage
For everyday purchases, almost half of all women (48%) prefer to use debit cards whereas they are just 38% of men to use them.
Two third of women (nearly 66%) find the debit card essential, opposed to only 53% of men. Moreover, 28% of women declare that their debit card is their most valuable banking product for everyday banking needs, opposed to 22% of men.
Credit Card Usage
The number of women having credit cards is fewer than the number of men. They are 62% of women compared to 72% of men.
Reloadable Prepaid Cards
For online purchases, 56% of women use reloadable prepaid cards compared to 43% of men. However, men use them more often for day-to-day purchases: 41% as opposed to 33%.
Women execute about twice as many checking account transactions via mobile banking as men do. The ratio is two checks a month vs. one. Seventy percent of women find their bank very good and even excellent in terms of its mobile banking features opposed to just 62% of men. Women are happier too with their remote check depositing service.
Men are also more likely to invest than women: 39% vs. 27%.
More men use alternative banking products than women do. Fourteen percent of men declare they have recently used a check cashing service, opposed to ten percent of women. Fourteen percent of men have also used a money transfer agent such as Western Union recently, versus just 9% of women.
Bank Expenses and Fees
Men are more likely to spend more on banking fees and services than women do, spending $42 a month, compared to $25 a month for women.
On the other hand, more women than men pay out-of-network ATM fees — 37% vs. 29% — and overdraft fees — 44% vs. 36% on their checking accounts. However, more men tend to have minimum balance fees — 18% to 11%.
Some of these differences may seem harmless but they could reflect problems for one gender or the other. For example, financial abuse happens in 98% of domestic violence cases, and disproportionately touches women. On the other hand, men’s higher credit card use reveals a more relaxed attitude toward debt that could cause trouble. According to Experian, men are 7% more likely than women to be late on their mortgage payments.