A study by Financial Finesse shows stark differences in the ways men and women feel about money. The firm analyzed more than 3,000 responses to an online financial planning questionnaire, revealing trends regarding spending, saving and investing.
Key Question: Does the apparent confidence men feel in their finances align with their behavior? Or perhaps are women more willing to admit their financial shortcomings?
Note: Sometimes with studies like this, it’s interesting look at the data conversely. 60% of women would say they don’t have a general knowledge of stocks bonds and mutual funds. 76% of women are unsure about how their investments are allocated. Same thing for 60% of men. That sounds like opportunity knocking for financial marketers.
Financial Finesse works with companies who offer financial counseling services to their employees. The firm has over 300 corporate clients who have a combined 500,000+ employees.
51% of women said they have a handle on their cash flow so they spend less than they make each month compared to 71% of men
36% of women say they regularly pay off their credit card bills each month vs. 61% of men
90% saying they pay their bills on time each month, vs. 74% of women
34% of women have an emergency fund to pay bills for a few months compared to 53% of men.
level of discomfort over non-mortgage debt with 32% of women saying they are uncomfortable vs. 35% of men
73% saying they have a general knowledge of stocks, bonds and mutual funds compared to 40% of women.
24% of women say they feel confident that their investments are allocated appropriately vs. 40% of men.