Women and money in 2010 – Girls want to have a grip while men want to get ahead

There is nothing like a recession to highlight the shortcomings of our financial management. But do recent events mean people will be more financially prudent this year?

Given all the horror stories about collapsing banks, devaluing assets and having difficulty getting credit, I wondered how this would affect people’s money management and future planning, so I conducted my own research via an online survey.

As the new year approached, I surveyed 200 men and women about their past and future money management. I was fascinated by the subtle, yet important, differences between men’s and women’s financial resolutions. Women were very keen to get more control over their finances in 2010, while men were determined to earn as much money as possible.

The majority of men said they would focus on maximizing their income, with nearly three-quarters focusing on making more money in 2010. Although around half of women surveyed said making money was also important, with many more saying taking charge of their finances was their top goal for the coming year. Here are the top resolutions revealed by the survey:

Top 5 Women’s Financial Resolutions for 2010:

  1. Take more charge of my finances (66%)
  2. Get better value for money (63%)
  3. Plan my financial future (62%)
  4. Be more responsible with money (59%)
  5. Plan how to make more money (56%)

Top 5 Men’s Financial Resolutions for 2010:

  1. Plan how to make more money (73%)
  2. Plan my financial future (70%)
  3. Get better value for money (70%)
  4. Take more charge of my finances (56%)
  5. Reduce my personal expenses (52%)

When we think about how good we are with money, it’s often our past gaffes that come to mind. The time we got a bargain on a fancy car, instead of paying off a debt. The money we left too long in the wrong investment fund. The years when we delayed the start of a pension fund. When the economic climate is reasonably healthy, our finances can withstand these kinds of blows a little better. It’s when times get tough that we are struck by the folly of our past behavior. And of course, the money we mindlessly squander during good times becomes a drain during tougher times.

Not changing a mortgage to a lower interest rate, for example, could cost thousands of pounds over the life of the mortgage. Even that daily cappuccino and newspaper adds up to hundreds a year. I’ve also found that one in three people will have a direct debit from their bank account that they should cancel, a magazine subscription that they forgot, a gym membership that they never use or a charitable donation she thought was an -off that’s been taken every year since 1989!

When I asked the men and women in my survey about their past financial mistakes, it was clear that the biggest mistake women made was not being as direct as men when it came to asking for help. ‘money. Whether it was pushing the boss for a pay rise or negotiating better freelance rates, many women were less fearful of asking for money or understating what they had to offer. to offer.

By examining the differences between men’s and women’s spending behaviors, I found that women engage in more emotional spending. For many women, this usually means going to the shops when they feel down, unhappy or stressed. Women were also more likely to name children’s treats as one of their financial weaknesses. This is another example of how, when it comes to money, women aren’t so good at putting themselves first. After all, women are socialized to take care of others and aggression is not a quality encouraged in girls, but it is clear that later in life it can impoverish them. This is something I try to address in Sheconomics and is highlighted by the following statistics from the survey:

The most common money mistakes among women (and men):

  1. Emotional expenditure 70% (men 61%)
  2. Reckless spending 64% (men 39%)
  3. Reluctance to ask for money 62% (men 47%)
  4. Expenses for children/dependents 46% (male 30%)
  5. Fear of money 44% (men 48%)

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