Everyone knows there are many differences between men and women. Turn on the telly and watch a sitcom for half an hour and you will immediately find the disparity between the average guy and gal.
How about when it comes to money? Rapid Loans agrees that men and women also handle money differently, and they face different challenges when it comes to spending, saving, and investing.
So in the financial battle of sexes, who is the winner? The answer may not be as black and white as you think.
No one wants to suddenly feel the rain on their head; it is, therefore, important to have some rainy day money — also known as emergency funds. Whether you lost a job or have medical bills to pay, you never know when you might need the extra cash.
According to data by the Australian Securities and Investments Commission, men are speedier savers — but women are more likely to have emergency funds tucked away somewhere. That’s because women are better at multi-tasking, as they put money aside for several things at once.
Spending habits is one of the biggest differences in men and women. According to a study published in The Journal of Financial Planning, almost 24% of women say they cannot resist a sale. About 4.5% of men, on the other hand, cannot resist that same urge.
By gender, there is really no big difference. It has more to do with their upbringing, personality, and events that have occurred in their lives.
Managing Personal Debt
Women, in general, earn less than men do, but there is evidence that they are better at managing personal debt. According to Money Magazine, 60% of men defaulted on their debts (over a five-year period), while 54% of them recorded bankruptcies.
There is really no conclusive data on which sex handles money better, and in general, we’re more alike than we thought. At the end of the day, the key to handling money properly does not lie on our gender, but rather in our own financial understanding.