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Making Cents of Your Money

August 30, 2012

Which Gender is Better with Money, Men or Women?

Sure, you have heard the stereotypes all before.  We hear that men are better drivers than women, or that women have inequality in the workplace, or the athletic performances  between the two.  Have you ever considered the gender differences when it came to managing money?  Quite honestly, this is a new topic for me.  A recent study found that while 42% of men were confident in their investment allocations, only 25% of women felt that same confidence.  Also, while 80% of men have their cash flow in control, only about 63% of women could say the same thing.  Though coincidentally, the percentages were both high and nearly identical when it came to investing in an employers 401K plan.

In reality, the gender differences don’t amount to much when handling your finances.  Whether your a male or female the same basic fundamentals apply and must be upheld.  Paying your bills on time is vital to keeping up a good credit score, yet a great deal of people still fall behind and overextend themselves on interest payments.  Bank account management is essential to saving money, and properly paying your bills on time, yet so many overdraw and pay penalties on their accounts, or live paycheck to paycheck with little to no savings.  Of course the golden rule of all is to simply spend less money than you make.  Sure, personal finance is a bit more complex than that one rule, you have investments and inflation, savings and checking accounts, budget constraints, CD’s, life insurance, etc. to consider.  However, following that one rule will at least guarantee one very important thing…that you remain debt free!

Filed Under: Banking, Budget, Credit, Interest Rates, Investments

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