LendingTree Survey Finds Millennial Women More Fiscally Responsible, Less Financially Secure Compared to Millennial Men
Financial Factor (Average) |
Millennial |
Millennial |
Credit Score |
666 |
661 |
Percentage with Income > |
42.1% |
57.3% |
Ability to repay debt (scale of 1 to 5) |
3.31 |
3.67 |
Financial Satisfaction (scale of 1 to 5) |
2.99 |
3.54 |
Homeownership |
44% |
56% |
Top Financial Priority |
Increasing Savings |
Increasing Income |
Outstanding Total Debt |
|
|
According to the survey, women find themselves struggling to pay off higher levels of debt compared to men, much of which appears to be from outstanding student loans. The average total debt for millennial men is
The survey showed that millennial men are more confident in their ability to pay down debt when compared to millennial women, and have a higher level of satisfaction with their current financial situation. When asked to rate their level of confidence in the ability to pay back loans on a scale from 1 to 5 with 5 being the most confident, the average rating for men was 3.67 compared to 3.31 for women. Similarly, millennial men averaged a 3.4 rating for their satisfaction with their financial situation, while the average rating for women was 2.99.
According to the survey data, women are more frustrated with their debt than men, with 22.74% of women feeling frustrated compared to only 17.24% of men. Additionally, 20.69% of millennial men responded that their debt made them feel confident, opposed to only 13.84% of millennial women feeling confident.
The higher confidence and satisfaction is likely due to the income disparity between men and women. According to the survey, 57.3% of men have an annual income of
Millennial men were also more likely to own a home than women of the same generation. The survey found that 56% of millennial men in the survey own a home compared to only 44% of millennial women in the survey. To explain this phenomenon, a 2016
However, the silver lining in the findings show that millennial women show signs of fiscal responsibility through credit scores and responsible financial priorities. Millennial women take the lead in the credit score department with an average score of 666 versus 661 for millennial men. Additionally, per
Additional details can be found at https://www.lendingtree.com/finance/comparing-millennial-men-vs-women/
Methodology
The 2017
About
MEDIA CONTACT
Megan.Greuling@LendingTree.com
704-943-8208
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