Women and Money - The Girls Want to Get a Grip While Men Want to Get Ahead

There's nothing like a pandemic for highlighting where we've been going wrong with our money management. But do recent events mean that both men and women will become more financially prudent? 

I am fascinated by the subtle, yet important, differences in men's and women's financial views. Women are very keen to get a better a grip on their finances, while men are set on making as much money as they can, focusing on maximising income.

Here are the top financial views: Women's top 5 money outcomes: 

1. Take charge of my finances more (66%) 

2. Get better value for money (63%) 

3. Plan my financial future (62%) 

4. Be more responsible with money (59%) 

5. Plan how to make more money (56%) 

Men's top 5 money outcomes:

1. Plan how to make more money (73%) 

2. Plan my financial future (70%)

 3. Get better value for money (70%) 

4. Take charge of my finances more (56%) 

5. Cut back on my personal spending (52%) 

When we think about how good we are with money, it's often our past money blunders that spring to mind. The time we blew a windfall on a fancy car, instead of paying off some debt. The money we left for too long in a poor investment fund. The years we delayed starting a retirement fund. 

When the economic climate is reasonably healthy, our finances can withstand those kinds of knocks a little better. It's when times gets tough that we are hit with the folly of our past behaviour. And of course, money we waste without thinking during prosperous times becomes a drain during leaner periods. 

Not switching a mortgage to a lower interest rate, for example, could cost thousands of $$$$ over the mortgage term. Even that daily cappuccino and magazine adds up to hundreds a year. I have also found many people will have a direct debit going out of their bank account that they should cancel, an online subscription they'd forgotten about or a charity donation they thought was a one-off that's been taken every year.

When discussing past money mistakes, its clear that a women's big mistake was not being as upfront as men about asking for money. Whether it was pushing the boss for a pay rise or negotiating better self-employed rates, many women had less because of a fear of asking for money or undervaluing what they had to offer. 

In looking at the differences between men and women's spending behaviour, Women tend to engage in more emotional spending. For many women that usually means they hit the shops/spend online when feeling depressed, unhappy or stressed. Women are also more likely to name kids' treats as one of their money weaknesses. This is another example of how, when it comes to money, women aren't so good at putting themselves first. After all, women are socialised to take care of others and pushiness is not a quality that's encouraged in girls, but it's clear that later on in life this can leave us poorer. 

Women (and men's) most common past money mistakes: 

1. Emotional spending 70% (men 61%) 

2. Reckless spending 64% (men 39%) 

3. Reluctance to ask for money 62% (men 47%) 

4. Spending on kids/dependents 46% (men 30%)

 5. Fear of money 44% (men 48%) 

 Article Source: https://EzineArticles.com/expert/Karen_Pine/520953