Can men really handle money better than woman?
"My credit card was stolen, but I decided not to report it, the thief was spending less than my wife did."
This is an all-too familiar joke and one that gets repeated constantly in the media, TV shows and even in our social circles. Women can’t save. Women like to shop. Women are bad with money. The joke isn’t funny. But is it true?
I have friends that openly admit that they have handed over the financial reigns to their boyfriend/husband/partner. They don’t know when they’re bills are due. They don’t know how much they’re mortgage repayments are. They’re not even sure about how much savings they have. Sound familiar?
Although we are earning more than ever, we have better jobs, we are-on paper- more financially independent- we still seem to think that men can handle money better. This idea is totally unfounded. A survey of 100 women from all demographics, conducted by The Investment Stylist, show that women do have the skills and know-how to successfully manage their finances. It is just about exercising those skills...
When it comes to credit cards, women are not flashing they’re cards around on ridiculous, Kim Kardashian splurges. Seventy percent of the women surveyed said they paid the outstanding balance of their credit cards in full each month and over half said they checked their credit card statements to monitor their spending.
A further 80% of women checked their credit card statements for errors. This is particularly important given the rate of credit card fraud is increasing. According to the Reserve Bank of Australia, Australia’s total rate of cheque and payment card fraud has risen to nine cents for every $1,000 of payments, up from seven cents since December 2009.
On the other hand, only 23% of women set a monthly budget and less than 40 percent make a conscious effort to work out monthly expenditure. Is this just laziness? Are we hoping our financial godmother (or godfather) will come and do the work for us? There is definitely something incongruous in this picture.
Women are obviously capable of managing their finances but we still seem to be reluctant to take on the long term, planning and budgeting side of things. This may be because because some women are still waiting for someone to take over the reins. My single friends, for example, are much better at managing their money than my married friends. On the whole, my married friends have lost their money-savvy habits. It’s not that they don’t have the skills but they’re out of practice.
We can assume that part of us still believes we’re not good with money. We hear the jokes about women’s excessive spending habits and we wonder, is that me? Although our financial situation has changed dramatically over the last 50 years, there are lingering stereotypes and attitudes that prevent women from fully taking control of their finances.
The solution? Take control! If you feel like you need a hand, there are a stream of online calculators and budgeting tools to help you along the way. Let’s face it, we’re not financial damsels in distress and we don’t need Prince Charming to rescue us.
