I do if I'm stuck for anything better. I think it can be a bit heavy and stuff for your face is supposed to be lighter, I am sure someone will says it's bad for you, but so are most things.
I was once told - when asking the same question - that the molecules in hand cream are bigger and won't permeate facial skin as well as a facial cream would. But I do it too - minding my eyes, though.
Speaking from the male perspective, I don't see any difference other than the label - which usually shows the major component to be aqua - water in English!
I have a similar discussion with my wife when she buys bathroom spray cleaner and kitchen spray cleaner.
Thanks to you all for your comments(particularly as I posted it in totally the wrong section) I shall therefore continue to save money and use handcream!