Women "too trusting" of banks

28/08/2009

Women tend to be more financially-aware then men but nevertheless remain "too trusting" of banks and financial institutions when it comes to seeking advice.

This is according to This Morning financial expert and founder of moneymagpie.com Jasmine Birtles, who believes that using the bank as a source of advice during periods of economic uncertainty is "the worst thing to do".

She was commenting after figures published by National Savings & Investments found that 63 per cent of Brits have started paying closer attention to their finances since the start of the recession.

The survey found that 50 per cent of women have a precise understanding of their money situation, compared to 41 per cent of men.

Ms Birtles noted that while women are theoretically more likely to think long-term, they "very often" spend their money on their families or the home, rather than saving for themselves.

She added that women also tend to be more open about acknowledging financial problems - although many make the "mistake" of turning to their bank manager for help.

"This is something that needs to change as they are far too trusting of banks and banking institutions," she remarked.

Tags; Debt Management and Banking, Young Family Finances, Credit Card Lifestyle,

• Share
• 
• 
• Store
• 
• Follow
•