Are men better at managing money than women?

[zoegirlTx]

I think oversimplifying this issue of money management and saying all women/men have the same equal abilities and that one set is better than the others is a mistake. There are some men and women who are good at PF and some who are bad.

[kav122]

[quote=mydebtquest;5709]We all have strengths and weaknesses - some people love math and numbers, and others do not. In our case, I am the math person in the relationship. I am comfortable with numbers, I can balance our accounts, I can look at different accounts and get a good sense of the big picture without struggling with the concepts of compound interest. More importantly, I enjoy math, so working through our finances is not a chore for me. For my wife, she can do the math, she could balance the accounts if she wanted to, but why, if I can do it faster and enjoy it at the same time? Even better for me, there are other chores that she enjoys doing that I can't stand, so its a fair trade


YES! I think that the key is keeping open communication, and if one person does the finances, then they do not hold the other person hostage by not disclosing what is going on with the finances!

I, too, would rather do the finances than do the laundry any day!!!

[miss messycovers]

It costs so much more to be a woman! Makeup. Tampons. Keeping yourself up. I think it is harder for women to manage their money because the societal pressures to spend are greater.

[JennK]

I don't think men or women are inherently better at finances. Good financial habits and skills are learned. It really depends on how you were raised or what habits and skills you have developed in life. These can be changed at any time - although it's not always easy!

As a side note, I am an accountant and I think it is worth noting that most my co-workers are women. I'm not sure if that really says anything about our personal financial skills, however.

[arcadian]

Originally Posted by miss messycovers

It costs so much more to be a woman! Makeup. Tampons. Keeping yourself up. I think it is harder for women to manage their money because the societal pressures to spend are greater.

it does cost a bit more. i know guys who can get out of the house in 5 minutes in the morning, using nothing more than toothpaste and a bar of soap. not so for women.

we do spend a bit more on products for upkeep i admit that. but some people take that stereotype to the extreme. a british writer recently caused quite a backlash in england when he said British women didn't know how to take care of themselves. to make his point he compared them to american women--according to him we are a bunch of hot, self-absorbed money chasers:

An informal poll of my US female friends revealed that they spend roughly $700 (£350) a month on what they consider standard obligatory beauty maintenance. That covers haircut, highlights, manicure, pedicure, waxing, tanning, make-up, facials, teeth whitening etc. They will spend a further $1,000 (£500) a month on physical conditioning such as military fitness, spinning sessions, vikram yoga, Pilates, deep-tissue sports massage, personal training etc. On top of that, add the occasional spa day, a week-long “bikini boot camp” in Mexico at the start of every summer and seasonal splurges on personal shoppers and clothing. I’m not sure any of my British female friends spends £700 during an entire year on her appearance. American women see these costs as a simple and sensible investment in their future.

oh and there's more

The irony is that, as obsessed as American women are with their looks, they totally ignore their social skills. Within 10 minutes of meeting an American woman, I guarantee you will know her salary and most recent medical/ dental procedure. They all but turn up with their CV printed out. In return, they will immediately want to know “all” about you, ie, how much you earn, how much you have earned in the past, what your future earning potential is, whether you own property, whether you have an investment portfolio, where you shop, where you “vacation”, what you drive and how large your parents’ house is. I once got to the end of a date in New York, pulled out my credit card to pay and the girl solemnly remarked: “A green American Express card? I didn’t know they still made them in that colour.”

i don't know how big of a magazine this times online is (is it related to our time magazine?) but apparently enough people agree with his ideas that he can get this trash published.

[davoscat]

Just taking the sample information from this thread, it looks like women are more trusted as money managers, not men.

Why are women trusted to take care of home finances but not respected when it comes to business finances?

[peaspod]

I don't believe you can define who is better at managing money by what sex someone is. I have encountered men who couldn't save a dime and then men that by the time they are in there late 30's early 40's have a house, stocks and money stashed away for retirement. That also goes for women too some I know are almost 50 and have nothing and can't manage their money at all and them some that are younger and have plained for the future and manges their money just fine. I feel that saving and managing your money comes with being responsible and is not done better by one sex or the other.

[pingem]

I'm all for gurlpower but isn't wisebread sort of biased. Judging by these Dove and Lifetime ads we're running here I'm guessing this blog serves a predominantly female readership?

Don't get me wrong... I love that this is one of the few personal finance spaces that cater to women. But I wonder if you ask this question on a more testosterone-filled board you might get a different answer? Mmmmmhmmmm?

[kwijibo]

Perhaps the reason that there are so many negative stereotypes about women is that women did not have direct income until relatively recently. Until a few decades ago, they relied for real wealth on indirect income through their husbands.

When I was in high school, our girls' home economics lessons didn't seem very economical. How to plan a wardrobe, how to use makeup, and how to cook with convenience foods all involved *spending.* The economic principles we were learning were how to nab a wealthy husband and spend his money on a Better Homes and Gardens lifestyle. In the midwest when I was a kid, that was a woman's best economic aspiration. Stereotypes were the natural result of men's and women's economic foundations being so different.

I'll weigh in for men and women having the same sense of fiscal responsibility as long as they've had equivalent education. If I'd been brainwashed along with my schoolmates, I suppose I too would think that a women got money by manipulating men. I personally go for frugal habits and disciplined investment in a diverse portfolio.

[ozi_nut]

My husband and I sit down to work out our money..while he gives a general overhaul to the budget he dosn't allow things for schooling,clothing,registration, insurance..His attitude is that we will pay for it when it arrives. As I kindly point out that where is the money comming from when it has to be paid for?

If I work out a budget he will go over it and make sure i havn't missed anything major...it works well. I tend to spend more on coffee and stuff and he is more conservative with his money.

Now I don't spend $300.00 on shoes that is a waste as far as I am concerned, Major finacial decisions like machinery or furniture is made buy myself and my husband. I do think I am better at money then him!