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Holding the purse strings: 'Women are better with money than men'

A woman holding a new ten pound note. Photo: Aaron Chown/PA Archive/PA Images

Women are better with money than men because they can stick to a budget – and spend less on impulse purchases, research suggests.

According to the report by investment firm eToro, women are more likely to know exactly how much money they have in their current and savings accounts.

It was also revealed that men spend more money on impulse purchases – blowing an average of £65 per month on spur-of-the-moment buys, compared to £54 for women.

Women are also more likely to set a budget – and stick to it – than men. And 52% of women said they are risk-averse with their money, compared with 41% of men.

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Women are more likely to have both a current and savings account with their bank, the report claims.

But while women are actually better money managers, they are more likely to consider themselves to , although they part with less cash on impulsive buys than men.

The research also revealed modern spending and saving habits around the country.

In order to manage their money effectively, two in five (41%) Brits said they regularly set budgets to stick to, while one in five said they use an online service from their bank to monitor their spending.

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Three in five Brits in a relationship think their partner is good with money, and 72% would say the same about themselves.

However two in five (43%) admitted they are susceptible to making an impulse purchase from time to time, where they throw financial caution to the wind – and a third have hidden an irresponsible purchase from their other half.

Incredibly, 15% of people admitted they have no idea what their bank balance is.

When it comes to financial risk, one in 10 said they are happy to risk large sums of money for the chance of a pay-out, while 44% are willing put a smaller sum on the line.

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A quarter could name a current investment, such as stocks, bonds or property, that they are currently involved in.

Of these, almost half (47%) have invested in stocks, 31% in bonds, and a fifth have money in an investment trust.

Another 28% of those surveyed said they have considered investing in stocks but are yet to take the plunge, and one in four know someone who owns stock.

For those who have not invested in stocks, 28% said they don’t have enough money saved to get involved, 45% are put off by the risk, and 55% admitted they know next to nothing about stock investing.