We speculate the differences between genders all the time: who is the strongest, who is the most successful, and of course, who gets paid more, women or men?
Debating these issues can be difficult because many differences are truly down to the individual themselves, regardless of their gender. But there are some serious stereotypes to contend with when we look at how men and women spend their money.
The ‘stereotype’ could be that women spend more on shopping, or that men can be stingy with their wallets. Some might say men make bigger one-time purchases, like a car of motorbike, and that women are better when it comes to savvy shopping, like using vouchers or coupons. Is this all a load of rubbish, or is there truth in it? Here, we take a tongue-in-cheek look at some research on which sex is “better” with their money!
According to a study in Australia, 24% of women believe they are better at managing their money than their male counterparts. Managing money means organising bills, paying down debts, and of course, saving money well. This can be hard to achieve in the current financial climate, but is important for overall financial security. However, a study in the UK found that men are better when it comes to saving for their pensions.
Talking of savings and debt, according to a recent BMO poll, men are more likely to get into debt than women. About 33% of males had more than $100,000 in debt as opposed to 22% of the females. Online loan provider Wonga says that one of the best ways to tackle debt is to draw up a budget plan using their free budget template and list your outgoings to see how you can cut back and where you can release more money to pay down the debt. It is important that whatever gender you are, you take debt seriously.
Another key area of money management is savings. According to a study by Fidelity, despite earning less than their male equals, women are saving 9% of their salary, compared to men who save 8.6%. Also, figures show that the number of women investing their money has grown 19% in the last 3 years too, possibly highlighting a growing confidence in women to put their money to good use.
Studies are mixed across the world on who is officially “better” with their money, but a study by Creditsimple found that couples are better money managers than single people, with an average credit score of 761 compared to singletons at 692 (Credit scores are between 0 and 1000 and a good score is about 500.) This could highlight the fact that by working together, and being open and honest about finances, you can create a positive financial situation and make your money really work for you.