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It’s an age where equality between the sexes is generally taken for granted, and yet the gender pay gap is very real. Women working full time will still only earn around 78 per cent of their male counterparts, so it’s clear that there’s still a long way to go when it comes to erasing that disparity. And, on the other side of the equation, it turns out that women also pay more for the goods and services that they buy – making it doubly less financially beneficial to those with x chromosomes. This phenomenon has been dubbed ‘the woman tax’, and it means that not only is it tougher for women to pay their bills and save up money, but they will also spend tens of thousands more over their lifetimes. But knowledge is power and understanding exactly where it costs more to be female and how you can go about combating it is key.
Mortgage Interest Costs
A study published in the Journal of Real Estate Finance and Economics found that, on average, women pay 0.4 per cent more on mortgage interest than men. This may seem small, but over a full term it can add up to thousands. You may thing the difference is down to factors such as credit rating or market conditions, but the research specifically ruled that out. Instead, it pointed to the women’s own judgement – while men tended to go for a mortgage deal based purely on the provider with the lowest rate, women were more influenced by other factors such as receiving a personal recommendation. Combat this by using mortgage comparison sites to find the best deal available to you, making sure you do your research before signing on the dotted line.
Buying A Car
It’s the second biggest purchase we’re likely to make after our homes, and yet again women end up paying more for their vehicles than men. Dealers have been shown in studies to automatically offer a lower starting rate to a man, and the gap widens further with negotiation, as men manage to shave more of the price as well. Combat this by using a site like Parkers to make sure you know your facts concerning recommended price for the car you’re interested in. A site like QuickCarCredit could also help you understand what financing might be available with the deposit you have available. Don’t be afraid to walk away entirely if you don’t feel you’re getting the result you want either.
Personal Care
Even when we fill up our baskets at the pharmacy or supermarket, it costs more to be a woman – and that’s not just down to purchases of make-up. Men’s and women’s deodorants seem to be priced the same, but a man’s will typically contain more product for the same price, totting up to a whopping 20 per cent more. Razor blade cartridges and razors are another area where the female option costs 11 per cent more, while body washes for women are 6 per cent more – all costs which add up over time. The active ingredients and components in each of these products is the same, so a savvy woman might just decide to swerve the marketing hype and buy the Men’s version of their favourite product.
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