Are women better than men at handling debt?

Men owe more money than women but worry about it less, says a survey of 55,000 people struggling with debt.

Single men aged between 25 and 39 have average unsecured debts of nearly £15,000, the Consumer Credit Counselling Service (CCCS) found. For single women of the same age the figure was over £11,000.

The CCCS says men take longer to realise the gravity of their situations and seek help, and while women take responsibility for everyday family spending, men have failed to acquire the same budgeting skills.

What are your experiences of handling debt? Should men have special education in financial skills? Tell us what you think.

This debate is now closed. Read a selection of your comments below.

---

The following comments reflect the balance of views we have received:

One reason men have bigger debts is divorce Dave, UK

One reason men have bigger debts is divorce. As men are normally the higher earner then any loans are normally in their name. When the marriage ends in divorce then the man is left with all the debt from the marriage and then has to juggle this with CSA payments and solicitors fees whilst also having to find somewhere else to live.
Dave, UK

Erm! Nothing to do with the fact that women generally earn less than their male counterparts is it? They also tend to have more family responsibilities, so feel the pinch sooner.
Kevin, UK

The future is that our children will no longer inherit our house but our debt. Nice?
Neil, UK

My wife and I discuss all potential purchases and budget on a monthly basis Andrew, UK

If the comments already posted are anything to go by then the situation will never improve. The overriding impression gained from reading most of the male comments is that it is someone else¿s fault. Blaming women is pathetic. Until these people take responsibility for their own debt then nothing will change.

My wife and I discuss all potential purchases and budget on a monthly basis. This way we know what bills will be due and what money will be available to pay them. In particular, this flags up in advance when there is an expensive month coming up. On the other hand it also flags up 'cheap' months when there may be some surplus for purchasing a luxury item.
Andrew, UK

Better to die a millions pounds in debt than a million pounds in credit.
Doug, UK

Try asking a sample of men how much a pint of milk, a pound of apples or a 4-pack of loo rolls costs. Most of them won't have a clue. When I'm shopping I am automatically calculating unit costs and doing a running cost/benefit analysis, while my partner just picks stuff off the shelves at random. I buy mostly premium products, e.g. organic foods, yet I can still fill a shopping trolley for half the cost that he can. Is it any wonder that men can't keep track of their finances?
Anna, UK

They think life is so unreliable that they just don't care Tom, UK

In the good old days when men had long-term careers with the same company, financial planning was worthwhile and men were good at it. With the loss of job stability it has become impossible for men to exercise this ability with any confidence. Perhaps this is why they handle debt badly. They think life is so unreliable that they just don't care and live for today.
Tom, UK

I have noticed that my male friends do tend to be more in debt than my female ones. I have always put this down to the fact that men seem to need to spend money as soon as they get it, rather than hanging on to it.
Fredi Teale, England

The issue is not so much handling debts but one's attitude to money. Whilst working, I earned nearly five times as much as my husband yet it was he that always spent more than he can afford. As I am now out of work he is now realising that the only way he can continue to spend the way he wants is to earn more as I refuse to bolster his income with my pay-off money. Recipe for divorce? Put it down to having a wise mother who told me never to rely 100% on a man financially.
Hazel, UK

Women are hoarders and are naturally and genetically inclined to consider their own security. Thousands of years of men going out to hunt and the women wondering if they will come back have left women with an inbuilt requirement to keep something back for a rainy day.
Dave, UK

My debts are clear and my company is doing very well Craig B, England

A few years ago I was deep in personal debt having funded the start-up of my one-person company with self-belief my only guarantee. A few years later my debts are clear and my company is doing very well. Since we're generalising, does this then indicate that men are simply more willing to take a gamble on ensuring their future quality of life, whereas women would rather skip the risk and marry someone who has already done so?
Craig B, England

The cost of living for a single person is substantially higher than for a couple, and they don't get any of the tax breaks that are available for families with children. Many debts must stem from having only one income to meet pretty much the same living costs as couples or groups of people.
Rose, UK

The assets of men would be substantially higher Steve, UK

The difference may be down to shopping habits - men are more likely to spend thousands on cars or the latest gadgets which have a higher cost than items which women tend to spend their money on (clothes, beauty products etc). I'm pretty sure the assets of men would be substantially higher than that of women (after all you can always sell a car or gadget on).
Steve, UK

It is interesting to see that single people are deeper in debt than couples, presumably they are driven to buy external things to impress people by their feelings of internal inadequacy.
Dave Tankard, UK

"But we pay for the drinks/meals so we are obviously going to be more in debt" cry the men. If the women in your life expect you to pay stop being so soft! Don't blame us women for your debts.
Caroline, UK

My mum always used to tell me "Don't worry about debt - let the people you owe it to do the worrying." Wise words that have seen me through my formative (debt-ridden) years.
Leanne, UK

Given that, despite a century of women's lib, it is still the social norm for men to have to pay for drinks, dinner, flowers etc, is it surprising that men have bigger debts?
Adam, UK

It is a shame they seem to feel all women are takers Rachael, UK

I find the men's views that women don't pay for anything unbelievable to read. I have been with my partner for five years and pay half of everything, including drinks, meals out, cinema etc. It is a shame they seem to feel all women are takers. I am a more steadying influence on our finances and feel women may worry more about getting into debt whereas men may have a "I can sort it out later attitude".
Rachael, UK

Men think that money produces money and that a good investment can yield loads or save them money, but eventually it's a one way drainage!
pat, UK

I blame the consumer society we live in for this culture of spiralling debts. If you visit your local high street on a Saturday afternoon you could be forgiven for thinking that everyone except you has just won the lottery - just looking at the shop displays and seeing crowds of shoppers laden with purchases is enough to make any normal working man or woman feel grossly inadequate.
Maureen, UK

Can't speak for anyone else, but the reason I'm more in debt than my wife is that *I* end up paying for most things when we're out, leaving her to pay for essentials such as shoes and handbags...
Nick, UK

Debt is inevitable Megan, UK

Debt is inevitable, especially for students. If I didn't have my overdraft as we as my student loans, I couldn't even afford to pay my rent, it doesn't matter what gender you are, it comes down to circumstances.
Megan, UK

What has gender got to do with it? Male average earnings are higher than female so clearly men have more capacity to borrow than women.
Paul G, UK

If the females I knew would buy a round now and again or pull their weight when it comes to splitting a bill then I'd save at least a grand each year. No wonder they have less debt when they don't pay for anything. "Oh, I'm not hungry. Oh, can I just have a bit of that..? Oh, thanks for the wine, got to go home now".
Larry, England

I am sick of seeing adverts offering loans to consolidate their outstanding debts. At the end of the day they are paying back more money to these firms over longer period of time. Society should learn to go without and save, if you can't afford now.
Mark, GB

The whole country needs education in debt management Ross Allan, UK

I think the whole country needs education in debt management. I am sick to death of the ads on TV offering 'low rate loans, even if you've been refused before'. As a debt consolidation, yes, I can see the point but suggesting people get into heavy debt over 'that dream holiday you've been promising yourself'! Society as a whole has to realise that there is no quick fix to debt. If you borrowed it, you give it back!
Ross Allan, UK

My boyfriend and I have totally conflicting opinions about debt. I try to pay back debt as quickly as possible and don't like to pay for things on credit but his attitude is that it's fine to live in the red. He wouldn't think twice about going into debt for a dream holiday whereas I'd rather stay at home - and he's a bank manager!
Andi, UK

In an age where the average graduate is leaving university with debts of around £15,000, never mind the overdrafts and graduate loans offered by the banks it is much easier to be in debt at an early age. As a graduate myself I have noticed that female students do seem to be better with their finances. But I feel that we could all do with some lessons in debt management.
Damian, UK

Men seem to think that their earnings will increase to cover their expenditure, I don't think women necessarily think that way, perhaps preferring the security that comes with good financial management.
Janet W, UK

I think this is nonsense. As the CCCS press release makes clear, the survey only covered CCCS clients, who are a self selecting group and by definition heavily in debt. I don't think you can tell much about the population as a whole from this. Could it be that single men are more reluctant to seek help with debt than single women, and only do so when their debts have reached a higher level?
Paul, UK

Or could it be that our new "pop" culture means that men have to be seen in the right cars, clothes, pads, bikes and have to give impressive presents or they are not taken as a good prospect by a lot of women?!
Allan, Scotland

While the men may owe more, they may also earn more, perhaps making their debt payments a smaller fraction of their income. But your report doesn't say. Your report also seems to indicate that the men and women surveyed only include those who have approached the debt-counselling service. This would mean that they aren't representative of the population.
Graham, UK

Making it into a gender battle doesn't really help anyone Russ, UK

I think it's all down to the individual. Averages can be misleading as they can be distorted by a few large deviations. It also depends factors like car and house ownership etc. Making it into a gender battle doesn't really help anyone.
Russ, UK

As a single man in the 25-39 age range, I find it incredible that anyone could get themselves in so much debt! The social pressures to have a flash car and wear fashionable clothes seem to have overtaken the importance of not being in debt for the rest of your lives.
David Cope, Aberdeen, UK

It's an individual thing, not a gender thing. Some people just seem too stupid to realise that if they spend more than they make the result is debt. The only debt worth having is a mortgage as the alternative is throwing money away on rent. Anything else you want - save for it! If you can't afford to save for it then you certainly can't afford to pay back a loan for it.
Kulu, UK

Why shouldn't some financial management be included in "personal and social education" lessons at school? It could help people as they go up to university, facing loans and fees for the first time in their lives, and give them some clear basics for handling money. I am about to start my first proper job, I'm looking for my first flat, and trying to work out tax, national insurance, student loan repayments, how much I can afford in rent - I really wish someone had taught me how to manage my money!
Sarah, UK

I don't think there's any male/female divide. Some people are good are handling finances, some aren't. It's as simple as that
Phil, UK

In my humble opinion, women are far better with money than men.
Colin Morgan, Wales

I am very substantially better at managing money than my wife is, yet my sister-in-law is far better at budgeting than my brother. It would be a definite advantage for EVERYONE to receive a sound financial education so they could grasp the relatively simple concept that paying a loan with interest to buy a depreciating asset is a mug's game.
John B, UK