Are men better at managing money than women?

[ozi_nut]

"testosterone-filled board you might get a different answer? Mmmmmhmmmm?"




I don't think so...though a good point

[jmacdaddio]

The past few years have been interesting since we are living in a housing bubble of epic proportions, yet I have come across anecdotal evidence and articles describing the waves of single women buying condos and starter homes. Women homeowners are portrayed as responsible while the men in their age cohort are portrayed as extending their frat boy days into their 30s. I take offense since I'm in my 30s, single, and saving my pennies for when real estate comes back to earth. Real estate is an interesting phenomenon because it's far more emotional than say, a flat-screen tv, at least for most people, and women tend to be the more emotional of the sexes (let me put on my body armor). At the housing bubble blogs the "Suzanne said we could do it" ad from the NAR stirred up debate - the wife wants the house, the husband says we can't afford it, the wife says Suzanne the Realtor can make it happen (probably through an interest-only option ARM) and presto, they have keys to their first house. Somehow a woman who commits financial suicide by buying at the peak of the bubble under creative financial terms is perceived as more responsible than a man who resisted the siren call of easy mortgages and realtors promising 20% annual appreciation from now until the end of time.

Also for laughs, I read MP Dunleavy over at MSN Money. Her Women in Red series makes is sound as if all a woman needs to do to secure her financial future is decline shopping sprees at Bergdorf Goodman and rotate dinner parties at friends' places instead of hitting Nobu. No matter the gender, there is no substitute for spending less than you earn and saving.

For the record, I voted for both genders being the same. For every woman with a closet full of Manolo Blahniks and $30,000 in credit card debt, there's a guy with a leased BMW and a big screen tv ticking away at 23% interest.

Btw, if I'm on date with a woman, and she begins a story with "So I cashed out my 401k...." it's over!

[fschaefer3]

In my marriage, I'm the most picky, detail-oriented one, so it ends up being me (the husband) who manages the money.

[lazy23]

Originally Posted by jmacdaddio

the wife wants the house, the husband says we can't afford it, the wife says Suzanne the Realtor can make it happen

The last woman I dated was obsessed with owning a house. Her entire life's goal is aimed at getting that white picket fence with 4 bedrooms, 2 baths.

For the record, though, she was smart enough to stay out of the housing bubble. I guess I'm just saying I've seen first hand the emotional attachment some women have about buying a home.

[Megan]

Originally Posted by lazy23

I guess I'm just saying I've seen first hand the emotional attachment some women have about buying a home.

I think women can be more emotional about their finances, but I don't always think that's a bad thing. I want to buy a house. It's a practical and an emotional thing. But by combining both my practical and my emotional side, I am making smart choices in how much I need to save, what kind of house I want, etc. I won't settle for a house that isn't exactly what I want. And practically speaking, that's not bad, because it means I will be putting my money somewhere that it will stay for a number of years.

I don't necessarily think there is a gender difference between men and women when it comes to money. Growing up, my mom managed the family finances. But Dad managed a business. They were both making financial decisions, just different ones. I'm female, and I think I do just fine managing my finances. But I know other women who are ridiculous with money. I also know men who are ridiculous with money. I think it just depends on the person, not their gender.

[katlady]

Originally Posted by Megan

I don't necessarily think there is a gender difference between men and women when it comes to money. Growing up, my mom managed the family finances. But Dad managed a business. They were both making financial decisions, just different ones.

Maybe that's why some people get the idea that personal finance blogs that deal with hardcore business issues are dominated by men while the more "home economics" type of blogs dealing with frugal living are dominated by women? Or is that just a misconception?

The first post in this thread said women are excluded from the top echelon of personal finance blogs. Is that really true? I personally follow a lot of female personal finance bloggers but I don't know about overall traffic statistics.

[davoscat]

Millionaire Mommy is probably the richest of all personal finance bloggers. I don't think she made her living off selling oatmeal cookies and babysitting.

[katlady]

Wooo love her. She's such a great role model.

Speaking of great personal finance blogs written by women, here's a timely post from the Alpha Consumer:

Women were asked whether they agreed with the statement "My job requires me to work very hard." In both countries, women were around 22 percent more likely than men to agree with that statement....

As for why women would place more pressure on themselves, Gorman suggests several possibilities. First, women may naturally be more diligent and conscientious. But the more likely explanation, she says, is that women have internalized the idea that they must perform very well to get attention or approval, because they have experienced biases against them in the past.

I wonder if women bloggers have to try a lot harder to get the respect of their male colleagues?

[just_kelly]

I believe that men and women are better at different aspects of money management. My husband is good at making sure all the bills are paid on time while I am better at planning long term investments. I really think ones personal strength, whether a male or female, stems from the example and education their parents either gave them or exhibited.

[stacyhpt]

They have the same Potential! But many women and men equally decide not to their potential! Great question!

In our family, I am the one who deals with the money as far as budget and savings. My husband is good at the spending aspects!

Stacy