Study: Sexes differ greatly on money management

A new survey proves that the rift widens between men and women over managing household finances.

The survey conducted by Torque Customer Strategy on behalf of Credit Canada and Capital One Canada for Credit Education Week 2009 presented its findings on male and female priorities and differences in money management techniques.

Two main points were presented, the first being that a huge gap exists between men and women in how they manage their money, and the second being that women are uptight about being the main breadwinners in the family.

Canadian couples are not only aware of their differences, but 48 per cent of them are actually aware that they do not share the same money management philosophy.

Of those couples, 19 per cent of the women and 15 per cent of the men felt that their spouses are not openly discussing money issues. Women are slightly more in control of the money, at 26 per cent, with men controlling the strings at 24 per cent.

Men and women have differing concerns over the future. Men are concerned about not being able to retire, while women are concerned over not being able to afford their children's education.

Women not only save more money then men, but they know it, with 27 per cent believing they save more money than men. Only 22 per cent of men believe they put away more money in their savings accounts than women.

With women more concerned than men over saving money for the children's education, women also tend to be the ones to teach their children about money matters. Seventy-five per cent of women have announced that they have taught their children about money, whereas only 68 per cent of men have had a money chat with their kids.

Men and women also have differing opinions over who sticks to the budget. A total of 21 per cent of women claim that they do, while 17 per cent of men claim that they do.

Their opinions also differ on which items they fight about most. Both sexes have curbed their spending since the beginning of the recession, with 58 per cent of women and 53 per cent of men. Sixteen per cent of men claim that they fight most often about sex with their spouse, then money (15 per cent), chores (13 per cent) and kids (13 per cent). Women have conflicting results, claiming that 16 per cent fight about money, then chores (15 per cent), kids (14 per cent) and sex (12 per cent).

For the women who are uptight about becoming the primary breadwinner of the family, 28 per cent of them claim that their relationship has taken a turn for the worse. Their male partners didn't feel it was so bad, with only 13 per cent who felt the relationship had a downturn.

Should we be reassured that nearly 50 per cent of women and men are aware of their differences in money management and strive to balance the budget together, or dismayed that the remaining half are living blissfully unaware of their financial gender differences?

Written by Melanie Dixon

Published December 3, 2009

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