MIND THE GENDER CREDIT GAP – HOW ELSE IS THE PAY GAP IMPACTING WOMEN’S FINANCES?

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A new analysis by ClearScore of 50,000 anonymised credit histories and pay data reveals that the gender pay gap has a negative impact on a woman's finances beyond her payslip each month.

The study found that women’s credit scores lag behind those of their male peers. On average, women score just 330 out of a possible 700 compared to the male average of 345. This credit conundrum means women are less likely to be accepted for the best financial products on the market and could end up paying more for credit than men.

At the root of the credit inequality is the gender pay gap; on average women earn 20% less than their male counterparts, taking home just £24,000 to the male average of £30,000.1 As a result, women are forced to use more of their available credit card limit each month. ClearScore data suggests women use nearly two fifths (39%) of their limit compared to men who use just over a third (35%). The ideal amount is around 25-30%, as using more can negatively affect your credit score.

Another reason for the credit gap is that more than a third of women (36%) do not have a credit card in their name. This can keep scores low because lenders like to see evidence that a borrower can responsibly manage credit on a regular basis.

However, the research also shows that when you remove the pay-gap effect, women are actually the better sex when it comes to sorting their finances. If average scores are compared by salary band, the results are reversed and women consistently have slightly better credit scores than men. It is only because more women fall into the lower pay-brackets that the overall average for women is lower.

To address the balance, Anna Kilmurray from ClearScore shares her tips for how you can improve your credit score:

1.       Access your score regularly and correct any errors on your credit report.

2.       Ensure that your name is on at least some of your utility accounts – even if you live with someone else.

3.       Consider applying for a credit card if you have a slim credit history.

4.       As soon as you get a new credit card, always set up a minimum monthly direct debit to avoid missing a payment.

5.       Make sure you are registered on the electoral roll.

6.       If you move, don’t forget to tell your bank.

7.       Don’t use too much of your available credit limit.

Anna Kilmurray, ClearScore, "Women are being hit twice as hard by the gender pay gap; firstly in their bank accounts on pay day and secondly, by the financial deals they’re likely to be offered by the bank. There are steps everyone can take to bolster their credit score which could improve the terms of the credit they take out. The main thing is to make sure you have some form of credit in your own name and to use it carefully.”




Notes to editors:


ClearScore analysed an anonymised sample of 50,000 users to better understand the differences between men and women’s credit scores.

1 Source
2 Exact figures can be seen in the table below

Salary Bracket (in £)
Female
Male
<1
329
296
1-5000
285
281
5001-10000
304
297
10001-15000
306
295
15001-20000
331
317
20001-25000
350
342
25001-30000
380
361
30001-35000
393
379
35001-40000
413
400
40001-45000
422
408
45001-50000
427
419
>50001
421
430

3 Exact figures can be seen in the table below

Salary Bracket (in £)
Female
Male
<1
2.8%
1.7%
1-5000
11.2%
6.3%
5001-10000
17.2%
7.0%
10001-15000
21.2%
12.0%
15001-20000
17.9%
16.9%
20001-25000
11.6%
15.3%
25001-30000
7.0%
12.4%
30001-35000
3.6%
7.5%
35001-40000
2.7%
6.2%
40001-45000
1.3%
3.6%
45001-50000
1.1%
3.1%
>50001
2.4%
8.2%

About ClearScore:


ClearScore (www.clearscore.com) is a service which allows consumers to access their credit report and scores for free as often as they need or want. ClearScore was co-founded by CEO Justin Basini and investors Blenheim Chalcot and QED Investors.

ClearScore Media contacts:


Tom Broughton / Harriet Webster / 0207 924 5656 ClearScore@capellapr.com 

Take Control Of Your Job Search With This Single, Crucial Piece Of Advice

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Everyone knows that looking for a new job is tough. It's hard work; it's time-consuming, and it can feel like you're pushing a boulder up a mountain at times. Unfortunately, no amount of advice will take all the work and stress out of looking for a new job. That being said, there are a lot of ways you can make job hunting a far easier and less stressful experience. One of the most common causes of stress is that people often put a lot of work into the wrong places. Or they ignore important things that they should be doing that would make their lives far easier. By focussing your energy better, you're much more likely to see the benefits of your hard work. In truth, there's one major thing that ninety-nine percent of all job seekers end up doing that makes their lives much harder. This single thing can end up being the difference between getting that perfect job, and spending hours on job sites sending off endless applications. With this single fact, your entire job search could be about to change.

Remember: your resume is not permanent.


This is one of the most major issues that so many job seekers find themselves fighting against. Your resume is probably fantastic. You've put hours of work into formatting and proofreading. You've highlighted all your skills and experience. You couldn't be more proud of it. So what's the mistake? You end up sending the exact same resume to every single employer. Now this might not seem like a terrible idea at first, after all, a resume is about showing them who you are and your resume does just that. But here's the thing, not every employer is looking for the same thing. Each employer has specific needs and desires that need to be filled depending on the role they're advertising. It's your job to make sure they can see how well you meet their criteria. If you're sending the same resume to everyone, then you can't guarantee that you've actually made yourself seem like the best candidate for that particular role. Tailor your resume to each and every job that you apply for. Be specific with the objective of your resume. If, for example, you're applying for a job as a medical assistant, then you should be using your resume objective to demonstrate to the employer what it is that makes you perfect for the role. There are plenty of resources available with more on medical assistant resume objective writing. Of course, this is just an example, but it's true for every job you could possibly apply for.

It might seem ridiculous to say that this single point will make that much of a difference in helping you find the job that you really want. But far too many skilled, extremely qualified job seekers end up hamstringing themselves because they treat their resume as a static object. Make sure you see it as changeable. Look carefully at the employer and the role you want. Then use that information to figure out how you can make your resume show that you really are the perfect candidate.


4 Interesting Careers That Will Earn You Lots Of Money

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Boosting your salary tenfold!


Getting the right job is essential if you want to earn lots of money and generate a fortune. Bearing that in mind, here are four interesting careers that pay the big bucks:

Dentist

For many people, the thought of peering inside mouths all day sounds unappealing. However, a job as a dentist goes above and beyond that. I won’t list all the things you will learn and do in this career as there are too many. But, a career in dentistry is great as it can lead to so many things. Did you know that dentists can perform Botox and facial reconstruction surgery? You didn’t, did you?! Training to be a dentist can take a long time, but it’s worth it for all the amazing benefits. You get a career that’s diverse and can lead down many different routes thanks to your skills. Plus, dentists get well-paid and are one of the top earners in the country. And, that’s just dentists that work for an already established practice. There’s no end to the money you can earn if you start a business and open your own dental practice.

 

Ultrasound Technician

We stay within the healthcare industry for the second career on this list. These days, ultrasound is a technology that gets used a fair bit. It’s used on pregnant women and many other patients to see inside the body. I won’t go into all the technical details of this job as it can be very complex. So, you can find out ultrasound technician job description in your own time if it interests you. All you need to know is that it’s a tough career to get into. You’ll need good grades and a college degree to even stand a chance. The benefit of all this hard work is that you’re entering a career that pays very well. There’s a high demand for ultrasound technicians, and the pay is very very good.

Lawyer

Everyone knows that lawyers earn the big bucks. There are countless people that grow up wanting to be lawyers for this reason alone. However, lawyers often get a lot of stick as they seem like the bad guys. This isn’t the case, a lawyer can do a lot of good in their life which is what makes the career so interesting. Again, you’ll need a degree and will spend some time learning the trade. But, the rewards include a hefty paycheck and the power to help those in need.

 
 

Financial Manager

On the face of it, a financial manager doesn’t sound like the most interesting title in the world. However, if you get started in this career, then you’ll be in a very important role. Companies all over the globe are in desperate need of financial managers. They oversee the business finances and balance the checkbook. For a job that’s so critical to an organization you’re guaranteed to get paid generously.


All four of these careers pay well and have other benefits too. You’ll be doing worthwhile jobs that are interesting and fun too.


Disclaimer

Information on this site is not appropriate for the purposes of making a decision for carrying out a transaction or trade nor does it provide any form of advice (investment, tax or legal) amounting to investment advice, or make any recommendations regarding particular financial instruments, investments, or products.
Always seek advice of a competent financial advisor with any questions you may have regarding a financial matter