Money: Women vs. Men
This is yet another interesting story I found on Kiplinger. The author, Janet Bodnar (author of the book Money Smart Women) highlights some key differences between men and women when it comes to investing, managing their money, and being financial independent:
- Women often have doubts about their ability to invest. Thus, many either don't invest at all or invest too conservatively.
- Studies found that women don't enjoy investing as much as men and women were more likely to keep their money in banks than men do.
- Married women are more or less financially dependent on their husbands, yet about 40% of first marriages end up in divorce.
- More women feel financially insecure, therefore, are unwilling to take a risk with their resources.
- Women usually feel they have less control over their financial lives than men do.
- Women want to preserve their assets so they don't lose them. Men, on the other hand, believe that if they lose money they can always make it back.
- However, when they do invest, women are more likely to do research before making a decision and are less likely to be a gambler. As a result, a woman's portfolio may perform better than a men's portfolio.
Considering all these difference between men and women, the author suggests at the end that
working together, men and women make a socko investment team. They complement each other, enhancing strengths and compensating for weaknesses. In other words, you can keep him from taking a flier on silver futures, and he can drag you out of bank CDs. And the two of you will stand a much better chance of amassing the assets you need to enjoy a secure retirement – together.
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*Picture from Utica National Insurance Group.
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