Women are more likely to splash out on something they can't afford than men... but spend more time worrying about money

  • Women more likely than men to buy things they can't afford, study shows
  • In a new study, one in five women admitted they bought unaffordable items
  • They are also more likely than men to worry about making ends meet

Women are more likely than men to buy things they cannot afford, research suggests.

One in five women admitted they bought items which they could not afford, compared to just one in seven men, according to a new survey.

Women are also more likely to dip into their savings to buy things they could not otherwise afford, the study showed.

Women are more likely than men to buy things they cannot afford, new research has revealed

Women are more likely than men to buy things they cannot afford, new research has revealed

It would seem that these regular splurges do not come guilt-free, however.

While women are more likely to spend beyond their means, they also worry more about making ends meet.

The survey of 2,000 UK adults for the Halifax found women were marginally more likely than men to save money for a rainy day, pay their bills on time and express concern about their family’s ability to pay their debts.

Half of women worried about their ability to save for the future, compared to a third of men.

Recent figures show women are now more likely to ‘go bust’ than men for the first time in England and Wales.

Official figures show last year about 51,500 women were declared insolvent compared to 46,800 men. This equates to 22 out of 10,000 women and 21 out of 10,000 men.

Phillip Sykes, of the insolvency trade body R3, said the rise could be because ‘women are less likely to stick their head in the sand about debt problems’.

Nick Young, of Halifax current accounts, said: ‘According to our research, on average, men and women have very different attitudes towards their household finances.

‘Women worry more than men about making ends meet, but surprisingly, more women also admit to buying things, even when they can’t afford them.’

The new survey found people are feeling more confident about their finances, with a quarter believing they are better off than last year, up from a fifth in 2014.

Shoppers in their teens and 20s are the most likely to live beyond their means, while pensioners are the least likely to splurge.

While women are more likely to spend beyond their means, they also worry more about making ends meet 

While women are more likely to spend beyond their means, they also worry more about making ends meet 

Britons in their 30s are the most concerned about their ability to save money for the future, while people in their 50s are the most pessimistic about their future with a third anticipating their finances will deteriorate in the next 12 months.

Mr Young said: ‘While it’s reassuring that some consumers are starting to feel relief when it comes to the financial pressures they have faced over the past few years, one in four do still believe they are worse off than they were in 2014.’

Women’s bigger spending sprees could stem from their ability to shop for longer.

A previous survey of 2,000 Britons found men become bored after only 26 minutes of shopping, while it took women a full two hours.

The 2013 survey found that eight out of 10 men did not like shopping with their partners, and that almost half avoided doing so at all costs.

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