Research by Credit Karma shows that women have typically lower credit scores than men and are more likely to fall into the ‘subprime’ category for lenders.
The free credit score provider explained this can make accessing financial products and services such as personal loans, credit cards and mortgages more difficult or expensive and calculates the cost of the gender credit gap at a staggering £16,913 across their lifetimes.
One of the biggest factors contributing to the gap is relationship dynamics - nearly a third (31%) of women have some or all of their financial agreements in their partner’s name. This limits their credit exposure, and leaves them with little or no credit rating, should their relationship end.
