28/10/2016 5:39 AM AEDT

Millennials More Likely To Overspend, With Men Worse Off Overall

Thirteen percent of women overspend because they think they deserve it, compared to 23 percent of men.

Study -- or shopping?

Contrary to what Carrie Bradshaw will have you believe, Australian women are pretty great in the budgeting department.

According to Veda, a leading provider of consumer and commercial data and insights, 13 percent of women overspend because they think they deserve it, compared to 23 percent of men.

Though if you happen to be under 30, male or female, sadly it doesn't apply since you're leading the pack of Aussies who are spending way beyond their means.

It's not totally hopeless, though.

Millennials are also the most concerned about what their credit history looks like compared to the rest of Australia.

Getty Images/iStockphoto
Twenty-three percent of Australians accessed their credit score in 2016, compared to 11 percent in 2015.

So while they may be (over)spending, simultaneously they are also worrying about their financial future.

"Australians are increasing their debt overall but the next generation has more of a propensity to overspend because they are increasingly comfortable with credit," social researcher Mark McCrindle said during the Veda CreditScore launch on Thursday.

To reflect such credit behaviour, each year Veda release a "VedaScore" -- basically a snapshot of what the average credit worthiness of an Australian individual looks like -- this year, it was 757 which is considered very good.

The average score combines an analysis of more than two million VedaScores with consumer research of 1,000 Australians.

"The average VedaScore for women is 768, compared to an average VedaScore of 749 for men," Izzy Silva, Veda's general manager, consumer told The Huffington Post Australia.


Great. So generally speaking Aussie women are more financially conscious than men, but what does a VedaScore actually mean for the individual?

"Your VedaScore gives lenders a 360 degree of your credit behaviour," Silva told HuffPost Australia.

It's a combination of your credit application history, debts and infringements and public record information including bankruptcy data and default judgments.

The benefit of knowing your score means you can negotiate a better deal when applying for a loan.

"By maintaining a high VedaScore, consumers demonstrate to lenders that they are in control of their credit and spending habits, which in turn makes them a lower credit risk and more attractive to lenders, thus helping them secure better financial opportunities," Silva said.

In short, knowing your score puts you on the front foot with banks. And who wouldn't want to be in that position.

Click below to follow HuffPost Australia on Snapchat!