Save
Financial services used by the sexes
As major financial services continue to fight for consumer spending, a divide in the type of payment services chosen by the sexes has been revealed.
Financial services used by the sexes
As major financial services continue to fight for consumer spending, a divide in the type of payment services chosen by the sexes has been revealed.
New research from Roy Morgan has found that men prefer to use traditional online services, while women are twice as likely to take advantage of ‘buy now, pay later’ services.
Men
Men strongly represent online shopping, with their preferred methods including PayPal, Visa Checkout and Masterpay.
Men are commonly using other contactless/cardless mobile payment services, such as Apple Pay, Google Pay or Samsung Pay, with 9.6 per cent of men having indicated that they use these services.
In addition, more men (5.5 per cent) than women (4.1 per cent) have used their banks’ own mobile payment services, such as Commbank Tap and Pay, ANZ Pay, NAB Pay and BankWest Halo.
Women
The rise in ‘buy now, pay later’ services, including Afterpay and Zip Pay, has been taken up by twice as many women as men, according to Roy Morgan’s data.
The results have shown that the uptake of newer payment methods is more popular with women, with 11.6 per cent of women reporting that they had used ‘buy now, pay later’ services in the last 12 months, compared with just 5.5 per cent of men indicating the same.
Citing research from the University of Sydney, Roy Morgan CEO Michele Levine noted that many of these services are targeted towards females.
She considered that “afterpay services are often designed with women in mind”.
“Women tend to be very good debtors – so they pay on time – compared to men, and often very good in terms of the disciplines of payment schedules,” Ms Levine explained.
In addition to greater use of ‘buy now, pay later’ services, women were also found to be more likely to use traditional bill payment services, such as BPAY, with nearly three-fifths of women reporting to have used the service in the last 12 months.
Wearables a far less common way to pay
While the trend towards smart watches has been notable, the devices are yet to be commonly used as a payment method.
Fewer than 1 per cent of either sex reported that they had used wearable payment devices such as Fitbit Play, Garmin Play or Paywear in the last year for the purpose of a monetary transaction.
About the author
About the author
Expenses
1 in 2 Aussie pet owners spends on their pets more than themselves
Does owning a pet eat into your monthly budget? You’re not alone. ...Read more
Expenses
The real reason Sydney’s petrol prices are so high
Sydney fuel prices may seem like they’re soaring, but a recent study indicates that they may be cheaper than you think. ...Read more
Expenses
Morrison backs big pharma, turns back to developing countries
Big pharma is currently fighting to maintain intellectual property protections over COVID-19 vaccines, with Australia refusing to act despite having no pharmaceutical companies. ...Read more
Expenses
Half-price flight scheme launches today
Aussies are being offered half-price flights as the government looks to spur domestic travel to regions it has defined as key to economic recovery. ...Read more
Expenses
Insurance prices rise despite payout falls
The COVID-19 pandemic has seen insurer payouts fall by $500 million, but Australian consumers are continuing to pay more, the consumer watchdog has revealed. ...Read more
Expenses
CBA cops civil proceedings for overcharged interest
ASIC has commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank over the bank charging an interest rate on business overdraft accounts that was substantially higher tha...Read more
Expenses
What are the top 10 most expensive cities in the world?
Logistical issues and currency fluctuations caused by the COVID-19 pandemic has seen the most expensive cities in the world drastically change, new research has revealed. ...Read more
Expenses
Sydney adviser pleads guilty to misappropriating $2.9m
A Sydney financial adviser has pleaded guilty to misappropriating $2.9 million in his clients’ funds. ...Read more
What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now
Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now
Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now
How the post-lockdown period will influence property, what the soaring NFT market means, and defining financial wellness
Listen now
Expenses
1 in 2 Aussie pet owners spends on their pets more than themselves
Does owning a pet eat into your monthly budget? You’re not alone. ...Read more
Expenses
The real reason Sydney’s petrol prices are so high
Sydney fuel prices may seem like they’re soaring, but a recent study indicates that they may be cheaper than you think. ...Read more
Expenses
Morrison backs big pharma, turns back to developing countries
Big pharma is currently fighting to maintain intellectual property protections over COVID-19 vaccines, with Australia refusing to act despite having no pharmaceutical companies. ...Read more
Expenses
Half-price flight scheme launches today
Aussies are being offered half-price flights as the government looks to spur domestic travel to regions it has defined as key to economic recovery. ...Read more
Expenses
Insurance prices rise despite payout falls
The COVID-19 pandemic has seen insurer payouts fall by $500 million, but Australian consumers are continuing to pay more, the consumer watchdog has revealed. ...Read more
Expenses
CBA cops civil proceedings for overcharged interest
ASIC has commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank over the bank charging an interest rate on business overdraft accounts that was substantially higher tha...Read more
Expenses
What are the top 10 most expensive cities in the world?
Logistical issues and currency fluctuations caused by the COVID-19 pandemic has seen the most expensive cities in the world drastically change, new research has revealed. ...Read more
Expenses
Sydney adviser pleads guilty to misappropriating $2.9m
A Sydney financial adviser has pleaded guilty to misappropriating $2.9 million in his clients’ funds. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
