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Women worry about their credit score more than men, despite understanding more about them

New research from ClearScore has found women in the UK worry about their credit score more than men, despite being more knowledgeable about how they work.

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The research, which reveals the common misconceptions the public hold about the factors that can affect our credit scores, found that women were more likely than men to doubt their knowledge of credit scores, with almost two-fifths (37%) of women saying they don’t really understand them (vs 32% men).

However, when actually tested on their knowledge of credit scores, ClearScore reveals women are slightly more in the know than men, with 88% of women able to identify the factors that can affect your credit score correctly, compared to 86% of men.

The research found that men are more likely than women to wrongly think your salary affects your credit score (32% vs 21%), as well as thinking the area you live in plays a role (17% vs 13%). Despite women being more knowledgeable than men, the research also reveals that more than a third (33%) of women in the UK say they frequently worry about their credit score, compared to 25% of men.

In general, ClearScore’s data unfortunately shows women in the UK feel more negative emotions towards their credit scores than men: 1 in 4 (24%) women said their credit score makes them feel ‘anxious’, compared to 16% of men.

What’s more, women in the UK are nearly 2x more likely than men to feel ‘shame’ about their credit score (9% vs 5%).

However, women are more likely than men to say that having a ‘good’ credit score is important to them (63% vs 55%).

The study also found that women are significantly more likely than men to say that they actively want to improve their credit score (59% vs 44%).

What’s more, their internal user data shows that men using ClearScore check their credit scores around 1.3x more often than women do, averaging 32 times over a year compared to 24 times for women.

ClearScore knows credit scores can feel even overwhelming at times, especially if you’re actively trying to improve your score, and Marina Wong, Head of Marketing at ClearScore comments:

While our research shows a clear confidence gap between women and men in the UK when it comes to credit scores, it’s clear to see that women are motivated to change that, despite any negative feelings they have. When it comes to your credit score, the best thing you can do to alleviate any negative emotions is to ensure that you have all the information - and know the information on your report inside and out. We have specifically designed our app so that we make personal finance clearer, calmer and easier to understand. There are no nasty red and green dials traditionally associated with the way credit scores are displayed and we deliberately avoid using language that might make people think they have done something wrong. We want to boost financial wellbeing, not destroy confidence.


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