Men and women approach financial planning in different ways,And there is success in their Bank balance.
“How is it possible that 90 percent of women don’t know anything about their own Money?” – Suze Orman
Ramit Sethi at IWillTeachYouToBeRich.com, a well-known personal finance blog, conducted a reader survey about men/women and money.
These are just two slides that reveal the different views about money by gender.
Slide 16:Different views:
Confidence = 58% men vs. 44% women
Anxiety = 18% men vs. 33% women
Apprehension = 15% men vs. 26% women
Confusion = 8% men vs. 14% women
Slide 19: Differences in personal finance topics:
Investing = 83% men vs. 70% women
Frugality = 53% men vs. 67% women
Meg at The World of Wealth commented on the results:
“I do believe there are gender differences in how women and men approach finances… Even today, some gender-specific societal expectations manage to persist. That’s a topic for a whole ‘nother set of blogs. But perhaps some of these antiquated ways are partly behind a trend I’ve noticed. That is, a lot of women take a more “supportive” fiscal approach, focusing on money maintenance, holding on to what they have, instead of taking steps to advance it.
We need to get over that right now and get more aggressive when it comes to money — making it, saving it, investing it.”
Kelley Keehn, author of The Prosperity Factor concurs:
SO BASICALLY :
“MONEY AND FINANCE ARE DEFINITELY ISSUES THAT GO BEYOND GENDER AND UPBRINGING. THERE ARE BOTH MEN AND WOMEN WHO MANAGE MONEY WELL, AND WHO DON’T. A PERSON IS A PERSON, NOT A GENDER; WE ARE INDIVIDUALS. BUT GENERALLY SPEAKING, WHEN IT COMES TO MANAGING MONEY AND INVESTMENTS, THERE ARE DISTINCT DIFFERENCES BETWEEN MEN AND WOMEN.
WOMEN SEE THEMSELVES AS LESS LIKELY TO BE RISK TAKERS THAN MEN ARE. A STUDY FOUND THAT 31.8% OF WOMEN LABELED THEMSELVES CONSERVATIVE INVESTORS, COMPARED WITH 21.7% OF MEN.
WOMEN ARE LESS CONFIDENT IN THEIR INVESTING ABILITIES THAN MEN. ONLY 55.7% OF WOMEN FEEL CONFIDENT ABOUT THEIR INVESTING ABILITIES VERSUS 64.4% OF MEN.”
The Millionaire Mommy Next Door cites an article by Jay MacDonald at Bankrate.com with this observation:
“WOMEN: TRAINED TO NURTURE AND SEEK ACCEPTANCE, VIEW MONEY AS A MEANS TO CREATE A LIFESTYLE. WOMEN SPEND ON THINGS THAT ENHANCE DAY-TO-DAY LIVING. THEIRS IS A NOW-MONEY ORIENTATION.”
“MEN: TRAINED TO FIX AND PROVIDE, VIEW MONEY AS A MEANS TO CAPTURE AND ACCUMULATE VALUE. MEN DON’T SPEND, THEY INVEST. WHILE MEN DON’T WANT SOMETHING, THEY NEED IT. THEIRS IS A FUTURE-MONEY ORIENTATION.”
Now it’s time to think-money
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