Are Men Better Than Women?

When it comes to saving money these days, they might be.

It’s well known to researchers that women and men think about love, politics, and children differently. So it’s no surprise they also have sometimes-opposite views of money.

Over the past five years, Consolidated Credit has reported that women are more likely to rack up debt and financial stress hits them harder – but they’re also better at using credit wisely.

Now comes another study that seeks to compare men and women and money. Country Financial reports…

In the past three months, men are more likely than women to have set aside money for savings and investments. Men are also more likely to feel confident compared to women in their ability to pay debts – such as mortgages, car loans, credit cards and other debts – as they come due.

So is the economic recovery benefiting one gender more than the other? Erin Klein, a Country Financial supervisor, says it may be more basic than that: Women are still the primary caregivers of children, especially when it comes to single parenthood. That creates intense financial pressure and doubt.

“One tricky decision in particular is the choice between setting aside money for the college education of your children versus saving money for retirement,” Klein says. “All parents struggle with this decision, but for women – single moms, especially – who are less likely to set aside money at all, this decision fuels some of their biggest financial worries.”

Then there’s the simple fact that women live longer than men – 81.2 years compared to 76.4 years – which means a longer retirement. That explains why women “feel significantly less likely they will have enough money and resources to enjoy a comfortable retirement.”

What should women do to not only increase their savings but also their confidence and acumen? Consolidated Credit has compiled an educational section called Women & Money that addresses issues ranging from raising children to retiring comfortably. It also offers free credit counseling for women, simply by calling 1-888-294-3130.

As Klein says, “When your day-to-day finances are out of order, it’s easy to feel overwhelmed – and the lack of confidence women are feeling overall is likely due to their inability to save, invest and pay off debts. Taking steps to adjust your expenses and spending habits can help establish a base for meeting both short-term and long-term financial goals.”

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