This despite the fact that they are also more likely to draw up and stick to a budget, particularly if they are between 25 and 45 years old (80 percent). This is according to TymeBank’s “More month than money” survey.
“The financial reality for most women is that their money doesn't last the month; 59 percent of them run out by the 15th,” says TymeBank chief executive Tauriq Keraan.
So what’s going on? The reality is that women have more mouths to feed than just their own; they often take care of children and of other family members. Compounding this issue is the fact that many mothers are single, with the issue of absent fathers on the rise. They also earn on average 28 percent less than men, making it clear that women have a far heavier financial burden to bear.
To make ends meet, according to a 2018 DebtBusters study, more women turn to unsecured credit than men (71 percent vs 55 percent) and are using personal loans, payday loans and credit cards as a financial buffer.