London, UK (PRWeb UK) October 30, 2009
Stereotypically men do their very best to avoid spending money on clothes, getting as much wear as they can from a single item, refusing to throw it away until it has become nothing more than an oddly-shaped rag. However new research from online money money management software company http://www.kublax show that in many areas of the UK, men spend more on clothes than women.
For example - in the East of England (Norfolk, Suffolk, Essex, Hertfordshire, Cambridgeshire and Bedfordshire) men spend on average £166 per month on clothing compared to £50 for women. This is repeated in the East Midlands where men spend £98 compared to women's £62, the South East where men spend £102 compared to women's £71 and in the south west where men spend £94 and women spend £57.
However there are areas of the UK where the traditional spending patters still hold sway. In Scotland ( M £72 W £115), Yorkshire, (M 78, W 157) and the West Midlands, (M £66 W £111) women still spend much more on clothing than men.
Another interesting finding is that married men spend far more on fashion than their single counterparts Married men spending £119 and single men £73. The reverse is true for women, whose spending drops by eight pounds when they are married. (£94 for single women and £86 for married women.)
Easy-to-use Kublax which uses the same sophisticated security systems employed by the US Federal Reserve, aggregates and automatically analyses and categorises all of a user's financial information. Data from their online accounts including bank, building society, credit card and utilities, is collated in one place, enabling them to track their cash flow at a glance and help them understand where and how they are spending their money. It is updated automatically and daily and with over 40 categories of outgoings with everything from shoes and holiday expenses to personal care and dining out, it could be a real eye opener.
The unique Kublax site also includes a special budget tool, which will enable users to set themselves spending limitations, and an alert tool which allows users to set up alerts in order to highlight if they are overspending in certain areas, about to become overdrawn in a particular account, or need to pay a bill so as not to incur penalty charges. The new service is akin to having a personal accountant available 24/7, but without the cost.
With set-up taking a matter of minutes, Kublax is perfectly placed to help a new generation of users (who hold on average two current accounts and two credit cards) deal with their ever more complex finances.
Notes to editors
The name Kublax comes from Indian mythology, a combination of the God of Wealth - Kuber, and the goddess of Fortune - Lakshmi.
It is the brainchild of Sridhar Sethuraman, a former IT and Management Consultant, who came up with the idea while he was completing his MBA at INSEAD in 2005. It has been in a beta testing phase since September 2008 with ongoing feedback and improvements, ready for its launch on 6 May 2009.
Kublax is a privately-held company backed by Seedcamp and both institutions such as Ambient Sound Investments, The Accelerator Group (TAG), Omnis Mundi Invest AG, Digitalents Capital, and individuals such as Stefan Glänzer, former Executive Chairman Last.fm and Jonty Kelt, SVP DoubleClick/Google.
http://www.kublax.com is totally free and completely secure and confidential - no personal information is stored by the site. Kublax is a read-only site, no transactions can be carried out.