Updated March 29, 2013

Survey: Men and Young Adults More Confident in Getting Out of Debt

Read more about Getting Out of Debt Fast

Looking at gender differences in debt attitudes, a recent CreditDonkey.com survey revealed that men and young adults are more confident about their ability to get out of debt than women and older age groups.

Men are only slightly less likely to currently have debt. Out of the total pool of respondents, 70.8% reported they have debt now. In that group, a higher percentage are females (76.4%) compared to males (66.1%).

Do you have any debt at the moment?
Do you have any debt at the moment? © CreditDonkey

But when asked if they believe they can get out of debt during their life, the 65.2% of respondents who answered yes reflected a lopsided confidence in men. A higher percentage of male respondents (75.3%) answered yes versus just over half of females (54.9%).

Do you think that you will ever be able to get completely out of debt in your life?
Do you think that you will ever be able to get completely out of debt in your life? © CreditDonkey

The survey found that men are slightly less likely to be worried about getting out of debt while women make up the majority of worriers. Just about 62% of female respondents are worried about how they will get out of debt versus 55.3% of worried males.

Do you worry about how you're going to pay off your debt?
Do you worry about how you're going to pay off your debt? © CreditDonkey

Interestingly, both men and women agree that budgeting, or keeping track of spending and trying to spend less, is the best way to increase the speed and amount of debt payoffs. For both men and women, getting an additional job and negotiating with creditors are other likely ways they would get out of debt.

What methods will you most likely use to get out of debt?
What methods will you most likely use to get out of debt? © CreditDonkey

As you might imagine, the youngest adults, ages 18-24, are overwhelmingly sure of themselves when it comes to getting out of debt. Three-quarters of young adults feel sure they can and will get out of debt in their lifetime. Not surprisingly, the percentages slid down for older age groups. Just 38.7% in the 55-64 age group believe they will get out of debt during their life.

Do you think that you will ever be able to get completely out of debt in your life?
Do you think that you will ever be able to get completely out of debt in your life? © CreditDonkey

CreditDonkey.com polled 1,105 Americans between September 17 and September 25, 2012.

Naomi Mannino is a contributing writer at CreditDonkey, a credit card comparison and financial education website. Write to Naomi Mannino at naomi@creditdonkey.com. Our data-driven analysis has been recognized by major news outlets across the country and has helped young adults make savvy financial and lifestyle decisions. (read more)

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