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SITE: Male vs Female Spending STATISTICS

 

Book (YouTube) :   “Money Madness”  — Herb Goldberg & Phil Donahue

 

In spite of society’s advancements, there are still significant differences in Male vs Female attitudes & habits about money & its management. Dozens of studies have been created on this subject, with research from around the globe.
EXP : In 2019, UBS Global Wealth Management published a study revealing that 58% of women tend to leave money decisions up to their partners.

USA  – ✔️ Financial goals
A recent survey by The Motley Fool (2018) found they tend to have different priorities
💙 Men are most likely to view saving for a vacation as their top financial goal, followed closely by paying off credit card debt
💛 Women had identical goals, but named debt repayment is bigger

✔️ Investing
💙 Men seem to take more of an interest in investing. 70% of millennial men enjoy managing their investments compared to just 36% of millennial women.
Because of this, men tend to feel confident in their financial knowledge & are more open to risky investments.

💛 Women tend to be cautious, patient investors. Interestingly enough, while females are more likely to admit they know very little about investing, their conservative approach puts them slightly ahead of men over the long term –  because – while they produce smaller gains, they also see smaller losses. Infographic

✔️ Savings goals
Although both have similar financial goals, there’s a vast difference between how much money each gender sets aside .

💛  American women nearing retirement have an average of $81,300 in retirement funds, 
💙 Their male counterparts have $118,400.

However, if you look at the percentage they save from their paychecks, women come in first place. A recent Vanguard study found that women are more likely to participate in workplace retirement plans, putting up to 8% more of their pretax earnings than men in the same earnings bracket.

The discrepancy between $$ amounts saved & the % of income earmarked for savings can be accounted for because the average woman is still earning less than the average man. 

EXP: According to the Census Bureau, the gender pay gap in Louisiana is by far the worst in the nation with a 31% differential. So, women working full-time there make only 69% of what the average full-time working male makes.

✔️ Spending habits
Overall: Single men outspent single women, but only by a slight margin. 💛 women = approx. $33,786., 💙 men $35,018 a year.
– while remembering that men earn roughly $10,000 more per year.

Multiple studies indicate that women are more price-conscious shoppers than men
💛 71% of women say the last item they bought online was on sale
💙 compared to only 57% of men.

💛 Additionally, 74% of millennial women say they look for coupons when shopping online,
💙 compared to 65% of millennial men

✔️ Shopping attitudes
A study by the Wharton School of Business titled “Men Buy, Women Shop” found that :
💙 most men just want to make their purchase & get out
💛 women are more likely to view shopping as a recreational activity, so may be quicker to spot a deal. (How each GENDER SPENDS their MONEY )

✔️ Cars
💙 Men spent a total of $5,507 a year on personal transportation costs
💛 compared to women’s $4,273. However, they spent nearly twice as much on car insurance than their male counterparts, $1,000 per year vs. men  $500.

✔️ Clothing:
💛 Women spent $1,140 per year on apparel
💙  while men spent $813. Interestingly, M & F spend the same amount on shoes = $190 per year.

✔️ Food
💙 Single men spent $4,173 annually on grub, 💛 while ladies spent $3,680. Men also spent more than double on alcohol, $537 vs. $234.

✔️ Healthcare
💛 Women tend to spend slightly more across all healthcare categories. The largest being drugs & medical services, spending more than $200 per year more than men. On things like X-rays and doctor’s appointments, women spend just over $200 per year more than men

✔️ Personal care
💛  Ladies vastly outspent men on personal care products & services. On average, women were willing to pay around $714 a year on self-care, while men spent closer to $297.

✔️ Student Loan Debt
According to the American Association of University Women (AAUW) 2021 Deeper in Debt report. women held approximately 55% of total student debt, & owe approximately 16% more than men at graduation. On average, 💙 men owe $18,880 in student debt while 💛  women owe $31,276.

NEXT : MM – GENDER Differences (#2)