PREVIOUS : MM & Happiness 

ASSOCIATION : Some people don’t believe there’s a relationship between money & spiritual development. While we might like to believe this – especially when not doing well financially – the reality is that our financial situation, like any other important aspect of our life, is directly & thoroughly linked to where we are on our path of personal & spiritual growth.

This does not mean that more money = more enlightenment. There are plenty of wounded people at the top of the economic pyramid who could benefit from examining their motivations. How we earn our money & what we do with it are key. (MORE….)

Working with our relationship with money is more than just seeing our patterns & recurring behaviors around it. Money is a doorway to awakening. All of us have some sort of knot around money.
By going into that knot, we can focus to all of these bigger things like the shadow, our dreams, vision, values & priorities. Have the courage to look what you project onto money.  Allow yourself to let go the dam of resistance, shame, guilt, superiority, privilege & fear  – so you can integrate the material with the spiritual.

One spiritual significance of money can be understood as an energy exchange that helps people meet their needs, pursue dreams & contribute to the world. Some ideas about the spirituality of MONEY:
☆ Religion – money & religion are both cultural ideas that can unite people & provide stability
☆ Values – how someone spends their money reflect their values, so it’s important to consider if our spending habits align with our values
☆ Transformation –  cultivating awareness of one’s relationship with money can lead to personal growth & encourage a more just world.

PREVIOUS : MM  & Love Languages

SITE : 6 ways Happiness is good for your HEALTH

QUOTE : “Money may not make a person happy, but it keeps his creditors in a better frame of mind.
”— Unknown

The Relationship Between Happiness and Money
Over the ages wise ones have warned that Money does not = Happiness, but it seems easier to come by than happiness. There aren’t too many happy neurotics, but there are many rich ones. Unfortunately for us, many people in our Western culture have been brainwashed into believing that if we make more money & figure out how to become a millionaire – we’ll “have it all”.

Connecting happiness with having money – & lots of it – emotionally needy & greedy people zealously chase the ‘almighty dollar’ because of this absurd assumption. They hunger for inner contentment from an onside source, regardless of the required sacrifices.
While we all need money to survive, obsession with wealth can cost the person precious time, & more importantly, their independence. As an addiction – they become the slave.

NOTE – 2 fundamental truths that contribute to being happy :
a. we can’t buy what our heart truly desires
b. nor can money buy what we can’t see.
This can include peace of mind, love, job satisfaction, & spiritual fulfillment. And – health, although money can provide better quality care, especially in the US. Once our health is severely damaged or destroyed, we can’t buy it back. “Right-living” is key to great health.

So the $$= 💝 illusion needs severe correction. The evidence is overwhelming. Here are four examples:
1. One study compared the average —> life satisfaction with purchasing power <— of tens of thousands of people in 29 different countries.
In the poor ones, these 2 criteria — were clearly related. However, in countries even 1/2 as rich as the US – there was absolutely no relationship between money & happiness.

2. Another study confirmed that people in rich countries are not any happier than those in poorer ones. “During the 1980s, the West Germans had double the incomes of the poor Irish, who year after year reported more life satisfaction” claims David Myers, a sociologist at Hope College in Michigan, & author of “The Pursuit of Happiness” (Harper Paperbacks, 1993).

3. The Alfred P. Sloan foundation found – in the US – an inverse relationship between self-reported child happiness & parental income. Blue-collar & middle-class kids identified themself as happier than wealthy ones.

4. Two Canadian studies found that the unhappiest Canadians live in cities where income is the highest, whereas the happiest live in Atlantic Canada, the poorest regions.
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Top Things Uttered about Happiness & Money
🔆 Anybody who thinks money will make you happy, hasn’t got money.
— David Geffen
🔆 If you believe that money can buy happiness, then why don’t you try selling some of yours?
— Lazy Person’s Guide to Happiness
🔆 It is neither wealth nor splendor but tranquility & occupation, which give happiness 
— Thomas Jefferson
🔆 Money brings happiness to those who find happiness earning it
— Unknown
🔆 To be without some of the things you want is an indispensable part of happiness.
— Bertrand Russell

🔻 BOOK  “How to Retire Happy, Wild, and Free” – Ernie J. Zelinski
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NEXT : Money & Happiness #2

PREVIOUS : Prosperity Mind,  #1

SITE : Prosperity tools / workshops….via tech

BOOKS re PROSPERITY MINDSET (by Randy Gage)

SHIFT Scarcity Mindset to ABUNDANCE (cont)
1. Identify Scarcity Beliefs
2. Define what abundance means to you

3. Set personal goals
Give yourself something to aim for. Is it the trip of a lifetime, or paying down credit cards? Going back to school to earn a degree to get a better paying job or new career?  Buying your first home, or moving to a new city?
Write down what actions you’d have to take to achieve specific goals, & find out how much money you’d need to save to realize them.

4. Create a realistic budget
Budgeting may sound like the penny-pinching opposite of abundance, but it’s simply a plan for directing money toward your goals. If you have enough to meet your financial needs – & some left over – consider yourself fortunate.
Actually seeing this outline on paper can help to let go of some fears you may be holding on to about not having enough.
On the other hand, if money is tight & you’re living paycheck to paycheck, creating a budget can motivate you to look for ways to cut out money drains, to find positive ways to supplement your income & to make the most of what you have to work with.

5. Start saving money
Prioritizing saving can encourage an attitude of abundance. It can mean building a 6 month emergency fund, or starting to save more for retirement. Automating your savings makes it easier to do. EXP : Set up a transfer to an emergency high-yield savings account each pay period, & have pre-tax retirement contributions taken out of your paycheck automatically  (at least up to your company match).

6. Take micro-actions that feel “abundant”
Building small steps into your budget toward some of your goals & aspirations can help build momentum towards sense of abundance. & eliminate feeling guilty about spending.
EXP : If you want to save for a down payment on a house, start window shopping ‘new starters or fixer-uppers’ in your area. If your goal is to travel more, research short-term or budget vacation options. Rather than thinking, “I’ll never be able to afford XYZ,” imagine living the abundant life, & nurture that feeling. Then you’ll be able  expand your choices !

7. Practice gratitude
Evidence shows that keeping a gratitude journal can help you sleep better, reduce stress, & improve interpersonal relationships.

8. Be generous
Research suggests spending money or time helping others makes us happier than when we spent it on ourself. Giving builds connections, expands your network of resources & support, ultimately increasing your overall sense of abundance & personal fulfillment. EXP : Donate to a charitable cause. Volunteer your time & resources to a local non-profit. Mentor a co-worker or offer to tutor an at-risk teen for free…..

9. Flip the script
Turn a scarcity mindset around by asking, “How can I make ABC attainable by XYZ time?” EXP : If you want to grow your retirement savings, look for ways to put more money away. Would you consider stashing all of next year’s tax refund in a high-yield savings account – & actually do it?
Instead of focusing only on what’s stressful about the situation – expand your thinking by looking for more options, which could help to find new solutions to old problems.

10. Seek expert financial advice
A certified financial planner can help identify your financial goals & the right steps to reach them. At their best they’re all about growth & possibilities, so their abundance mindset can be contagious.
If you’re struggling to make ends meet or dealing with high-interest debt, getting the advice of a reputable advisor – who will have your best interests in mind – may encourage you to get control of your finances & lessen your feeling of scarcity.
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NEXT : Money & Happiness, #1

PREVIOUS : MM Love Languages

SITE: Lending Club RESOURCES (USA)

PROSPERITY BLOCKERS (from Kimberly Quinn Ph.D.)
a. The belief that there’s only so much goodness to go around, & we mustn’t be greedy. After all, they say – having more than others is bad
b. Under it all, many people don’t feel worthy of good things happening to them. Even if the Universe tosses them a generous gift, they’ll find an unconscious way to reject it
c. Another blocker is busy-ness – zooming around like gerbils on crack, they’re far too distracted to notice generous gifts being offered to them
d. Some people become too focused on the prosperity of others, becoming jealous & resentful.

Shifting away from the prosperity blockers to create a prosperity mindset is about opening ourself up to be receptive to universal abundance. This is key to a thriving life. Here’s how :

🔆 Remind yourself that universal abundance is infinite. A great way is to get a visual. Go outside on a clear night & gaze up at the stars. Breathe deeply, really taking in the vastness of our galaxy &  beyond the Milky Way.

🔆 Accept that you have a right to prosper. It is our birthright to be happy & thrive in all possible ways

🔆 Jump off the wheel. We’ve been conditioned by society to be human-doings thither than human-beings, so this may take some effort. Become aware of your reactions, & resist the urge to mindlessly spin around on autopilot. Choose to live deliberately.

🔆 Create a vacuum. To receive a gift, there must be room for it. Picture children digging a hole on the beach. Once they’ve created this space – the ocean fills it up. The Universe works the same way – create empty space & it will be filled up with abundance.

🔆 Open your arms wide. Every day – swing your arms out to the side & proclaim with a big smile that you’re open & receptive to the infinite abundance the Universe has to offer

🔆 Rejoice in the small. Learn to recognize prosperity – even in small doses – so it becomes a habit & then a lifestyle. Say thank you for every good thing. This will attract more prosperity.

🔆 Accept compliments. Even if this is uncomfortable, do it anyway. Saying ‘Thank you” without a “yes, but….” shows your appreciation to the complementer. With practice, it becomes easier. 

🔆 Smile every day. It’s amazing how many people are focused on becoming wealthy, yet don’t make smiling a priority. Smiling tricks the brain into thinking it’s happy. Happy attracts more happy.

🔆 Wish others well. Rather than allowing yourself to get sucked into the black hole of jealousy & resentment when seeing others prosper, silently wish them well. It encourages the production of Dopamine , the ‘happiness hormone’.

🔆 Three things. At the end of very day in your journal – list 3 things you’re grateful for, starting with “I am grateful for . . . “

As Star Trek’s Mr. Spock would say, “Live long and prosper . . .”

PROCEDURE
1. Identify Scarcity Beliefs
List the negative messages you receive about money growing up. How did your parents think & act about money? What are your beliefs around money now?  Seeing your limiting beliefs down on paper makes it easier to see them for what they are – old stories you’re still living by, not necessarily how things are now (or could be).

2. Define what abundance means to you
Abundance can mean different things to different people. Try not to make it about numbers, like saving up $X in your retirement account. With a scarcity mentality, even if you reach that goal, it won’t feel like enough.

Instead, think about how financial abundance would make you feel. More restful, peaceful, secure, mentally healthy…. ? What others would you add?
Picture activities that would suit you if you had financial abundance. Would you invest in being adventurous or creative, helping your community, forming meaningful friendships, enjoying more time with family instead of working long hours & weekends?

Determining how you define abundance will help you defining your goals.
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NEXT : Prosperity Mind cont. #2

PREVIOUS : MBTI & Money

SITE :  The 5 Asian Love Languages (satire)

POST : CHILDREN’S Love Languages

REVIEW – You you feel most loved when :
✔️ Acts of Service – loved-ones do things for you that either take a chore off of your plate or that pamper you. Re. $$ – you feel most supported when you have enough to pay for services that make your life easier.

✔️ Physical Touch –  your partner kisses, hugs & holds your hand in public. Re. $$ – You feel most abundant when you have cash in your wallet, are counting & organizing your money. Touching the money feels satisfying, so prefer to buy things with cash

✔️ Quality Time –  spending time just being in the presence of your loved ones Re. $$ – You feel most supported when your money stays with you for a while. You’re unhappy if it leaves your account as fast as it comes in – like money is abandoning you!

✔️ Receiving Gifts –  receiving gifts of all kinds. You probably also love shopping, wrapping, & giving to others. Re. $$ – you feel prosperous when there’s enough money to pay for the things & experiences you want

✔️ Words of Affirmation – your partner or other family members say they love & appreciate you. Re. $$ – you feel supported by money when you give & receive communication about your finances. You enjoy talking about it with close people, meeting with your Money Team, getting notices about receiving payments…

MONEY LANGUAGES
We communicate in our most fluent love language — doing whatever we would otherwise do – but on a grander scale, using money as a resource

🔺 BORROWING
Traits: Are a big-picture thinker, can assess risks vs gains
Signs of love: Taking out a mortgage, student loans for child’s college fund… 

“There’s a difference between debt in general, vs. good / bad debt.  Leverage gives you access, & catapults you in a direction you want to go. Knowing how to use borrowing can work in your favor, & could be a great love language.” Tapping into “good debt” can open doors to opportunities you wouldn’t have access to otherwise. 

🔺 EARNING
Traits: Hardworking, diligent, persistent
Signs of love: Working extra hours or taking on additional jobs to make sure your family is taken care of

If you grew up in a family where parents worked hard to provide for you, you’re know that working hard to cover bills can translate to a money love language. This could be a parent or partner who works multiple jobs or side hustles for extra cash. 

🔺 INVESTING
Traits: Forward-thinking, builder mentality
Signs of love: IRAs, investing in a discount brokerage or micro investing platform

You think ahead, paying attention to what you’re building for the long-term, thinking beyond you own income & ability to just have money today

🔺 PROTECTING
Traits: Consider all potential scenarios, tends to worry
Signs of love: Insurance policies, estate plan

Concerned about protecting loved ones, you might purchase disability or life insurance, with family members as beneficiaries. This may not seem very romantic, but will help them be financially secure should you get very sick or pass away.

On the legal side – creating generational wealth, requires a will, trust….. Put it on paper. To start building, have an idea of what you’d like included in an estate plan

🔺 SAVING
Traits: Frugal, prudent, resourceful
Signs of love: Establishing an emergency fund, savings account

Stashing money in an emergency fund might not be a flashy, exuberant expression of love. You’re more frugal, rather than going on expensive dates or extravagant financial outing. But when you set up a savings account for someone, you show you care & want that person to have safety net when tough times happen.

🔺 SPENDING
Traits: Fun-loving, spontaneous, impulsive
Signs of love: Surprise outings, meals to new restaurants, day trips

This person is more spontaneous, impulsive, & flexible, living in the here- &-now. Love language Spenders shower others with gifts, impromptu concerts, a meal out, & love to wine & dine friends & family, wanting to enjoy rich, memorable experiences with you people they love

FROM :  The Financial Freedom Formula: 5 Steps to Decrease Debt, Increase Your Income and Save Money.

NEXT : MM- Spirituality & Money

PREVIOUS :  – MBTI Money – Es &amp; Is – #1

POST s: Review  “Money Madness – GENERAL”
and  Myers-Briggs INTRO (Part 2a)

Personality traits & income
The reason personalities correlate with income is that some personality types are attracted to certain career paths. Some naturally look for high-income jobs and positions, while others are attracted to a job that fits their values.

The income differences between personality types are dramatic. There was a difference of more than $26,000 between ENTJs and INFPs. The researchers found that Extraverts, Thinkers, and Judgers have higher earning power than their counterparts.

The study also found that certain traits predict earnings. The personality traits that correlate the most with higher income are ambitious, challenging, expressive, and objective.

While the study found that there are certain behaviors that can impact your income, it is more important to focus on your natural strengths than trying to change your personality. The statistics just show the “average” income based on personality types.

It doesn’t mean you can’t make a great living if you have a certain personality type but it generally lets you know which preferences are more natural for you. You are more likely to maximize your earning power if you are honest with yourself and are self-aware of your skill sets. The biggest impact on your income potential is how hard you work!

INJs see money as a way to deepen their perspective or work towards meaning. Both types are concerned with saving & security, but not to the extent that EJs usually are.
INTJs are very objective about money, seeing ways they can invest it to maximize  returns.
INFJs are more likely to use money as a way to pursue their calling or mission, whether that means helping out a charity or taking a class. Both types highly value education and will put a great deal of money towards broadening their knowledge base. When they have extra money, they put less of it towards furniture and fashion and more of it towards education, travel, and creative pursuits.

These 2 types are less concerned with flashy spending & deeply padded savings account & more about using money to pursue their unique interests. Putting money into hobbies & creative pursuits is usually a high priority. Sometimes that means buying books & art supplies, &it may be survival gear to backpack through Alaska.

They’re not usually fixated on budgeting, but do try to prioritize paying their bills on time. They enjoy living in comfortable surroundings tailored to their interests.But they’re not snobby about top quality furniture or name-brand appliances. Tangible things hold less interest than tools or experiences that inspire them or let them to pursue their interests in-depth.

EJs  are the most frequent types to plan towards retirement & future investments. However, because they both have Intuition (N) in common, their budgets they’re not as detailed & precise as ESJs typically are. They tend to see all the future potential their money could provide – whether that means investing it in a business, putting it towards a non-profit, or using it to play the stock markets.

It’s vital to ENJs that they see some future return from current earnings. While they like having a padded savings account & a retirement plan, they don’t want to get so caught up saving money that they waste opportunities to expand its possibilities. When they have any extra, they enjoy using it towards investments, education, travel, charity, or any experiences that will broaden their “world”.

Not afraid of risks, these types see money as a way to live life to the fullest & enhance their experiences and understanding. Typically fond of travel, they enjoy seeing different parts of the world as a way to inspire new ideas. Having a full savings account & retirement plan is less important than feeling like they’ve “seized the day”.

As they reach mid-life & beyond – they can become focused on making sure they’re financially responsible. Still, they will usually make are to take some “fun money” out of each paycheck for exciting new experience. Both types enjoy putting money towards travel, education, books & entrepreneurial opportunities.

VARIATION

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PREVIOUS:

SITEs :  “Mastering Your Finances According to Your MBTI Personality Type”
◆ Career paths for each MBTI Type
◆ How does your personality type affect your income?

Personality type that makes the least $
Those with the INFP (Introverted, Intuitive, Feeling, Perceiving) personality type on average earn the least. INFP’s are service-oriented people, usually putting the needs of others above their own.

Since they are loyal and devoted to other people and causes, it makes sense that making money isn’t their primary goal.

They value deep and authentic relationships and are introverted, so they tend to miss opportunities that may give them chances to make more money. Freedom and flexibility in their career are more important than income potential. Many INFP’s are artists, musicians, and creative writers. This is why many INFPs epitomize the term “starving artists.”
(FROM David S. Chang, entrepreneur and financial planner)

Money is about experience & enjoyment for these 2 personality types. They want to live life to the fullest, & money is a resource to make that possible. Spontaneous trips across the world, tickets to music festivals, or putting money down on bold business ventures adds excitement.
They don’t mind taking some financial risks, especially if the reward seems possible. Entrepreneurially-minded, to them playing it safe means missing out on some of the joys & thrills in life. As these types get into mid-life they tend to prioritize saving more, but will always try to make sure they have some “wiggle room” for spontaneous adventures & fun.

When it comes to money, these types are some of the most structured. They like detailed, specific budgets & will balance them to the tee. Planning for retirement & saving for their children’s college are big priorities. When they feel secure with a cushion in savings, they’ll enjoy finding ways to enrich their life.

Often they splurge on things like high-quality furniture, kitchen or home tools, or club memberships & save up for a yearly vacation to a well-loved location.
ESTJs have a knack for taking calculated risks & making strong investments.
ESFJs enjoy gift-giving, saving up for group experiences & tasteful, high-end clothing.

These types have a flexible approach with money. They enjoy having a regular financial amount set aside in case of an emergency, but also like the freedom to use it when fun opportunities pop up. Whether that means investing in a winery or backpacking across Europe, they are always on the lookout for adventures that will make them feel like they have truly lived.
ISPs see money for enjoying their hobbies & interests. If  married, they tend to enjoy living in comfort, with high-quality furnishings & home appliances. They may use their money for friends in need, helping out in a crisis or emergency.

These types are all about saving for a rainy day. Detailed & precise with their budgets, ISJs prioritize paying their bills & having a well-padded savings account. Practical & dutiful, they’re likely to attend a Dave Ramsey conference or hire a financial advisor.

In fact, according to the MBTI® Manual, ISTJs are the most frequent accountants. Paying off student loans, mortgages, & bills ahead of schedule is important to them. When they do have extra money, they enjoy spending it on comforts that make life more enjoyable. High-quality furniture, outings to their favorite restaurants, & trips to favorite vacation spots are fun while ensuring they stay within their means

VARIATION

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NEXT : MBTI – Es & Is – #2

PREVIOUS: MM GENDER Differences (#2)

POSTS :   REVIEW Intros

AXIS 1 — Extraversion vs Introversion
The first axis in the MBTI is the E-I pair, describing how each of us sources our energy.
Es : you tend to become energized the more you interact with people, & find social activities uplifting & refreshing
Is : you regularly need to spend time by yourself to ponder & reflect, to recharge.

$ Money traits of E-I
Es: Because of their sociable nature, Es tend to overspend on social activities, or pulling out all the stops for their annual vacation with friends. This can lead to regrettable impulse buys, with credit card debt &/or little to no savings.

Is – who rely mostly on their own judgment – can tend to take too narrow a view, so they may miss out on good financial opportunities. They could also be locked into a repeating pattern of sub-optimal purchases or investments because they simply lack a different viewpoint.

AXIS 2 — Sensing vs Intuition
The S-N (N for iNtuition) pair describes how you take in information, & how you arrive at decisions or conclusions.
S people tend to seek information that is detailed, specific & sequential.
Ns have a preference for the ‘big picture’, so they can intuit for themself what it all means.

$ Money traits of S-N
Ss often show a knack for managing detailed data, the ones who most often remembers what each person ordered at dinner, and what they owe. However, this hyper-focus on details can cause them trouble.

– Extraverted Sensers (ES) tend to have a “right-here right-now” approach to money, so they can have trouble seeing how their money decisions affect long-term plans.

– Introverted Sensers (IS) might become too invested in their own data, so they have trouble considering alternative ideas. This can prevent them from making meaningful progress towards their money goals.

Ns have no trouble coming up with future financial goals – but may not know how to get there. An S can help them work out a detailed plan.

AXIS 3 —  Thinking vs Feeling
The T-F pair describes how you evaluate the information you’ve gathered (from the 2nd axis).
Thinkers tend to think about the task at hand, & the decisions they come up with are often objective & logical.

Feelers are aware of how their decisions & actions affect the people around them. So they tend to weigh their choices against the possible consequences to others.

$ Money traits of T-F
Ts are rational, including when it comes to financial matters. While this is generally positive, they may over-analyze even small financial decisions, which could delay or sacrifice personal financial goals. Learning how to feel about things will greatly help.

Fs – because they place other’s feelings highly, may run the risk of making bad financial decisions just to please others. Or, they may let their emotions override logic – leading to some questionable financial choices.
They should regularly challenge their money decisions, maybe by listing logical arguments for & against.

AXIS 4 — Judging vs Perceiving
The J-P pair is concerned with how we organize the world. People tend to fall into two types : those who want tidy conclusions, & those who prefer having things more open-ended.

Judges like closure. They like making decisions, & happily tick things off as they go through their To-Do list.

Perceivers prefer not to rush into decisions. They’re more comfortable leaving things open-ended, taking a more spontaneous approach to life.

$ Money traits of J-P
Js feel a sense of satisfaction from closure, so they’re also prone to rushing into decisions – even if they don’t have the full picture. This can cause messy financial situations that could cost them losses. Restraint is needed.

Ps tend to make decisions too slowly. Because of their more casual & flexible attitude, they procrastinate about financial matters. This could lead to missing good opportunities, or worse, never putting important money matters in place.

Setting boundaries around important topics – such as a deadline – can ‘force’ them to make a decision or take action.
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NEXT : MBTI Money, E & I – #1

PREVIOUS :  MM- Archetypes, #6

POST : Narcissists’ FINANCIAL Abuses

💴💰🧧 Is Psychology of Money a Gendered Affair?
Gender differences in the financial domain is gaining increasing attention, as evidenced by the UN 2030 Agenda for Sustainable Development. An extensive analytical strategy was employed on Scopus, Web of Science, PsycINFO, & EconLit – identifying 100 empirical papers on the topic, published between 1972 & 2021.
** These include papers from Asia, Europe, North America, Africa….

CONCLUSIONS : The research revealed clear differences in how men & women approach money — in attitude & symbolically — while money management practices turned out to be more complex & sometimes conflicting. Re. financial behaviors, studies indicate that both genders have similar approaches to savings & expenses monitoring, but financial investments are mainly pursued by men.
💙 Men often look at it as a symbol of success & power
💛 Women have more ambivalent attitudes, money as both a source of anxiety & a tool to ensure their security & prove their love to others. (MORE… with charts)

✔️ Sex Differences in Money Pathology in the General Population
Studies published in 2014 point to the psychological power of money. Interest has been particularly concerned with the relationship of it to happiness, & its role in personal relationships & in the workplace.
This study examined sex differences in money beliefs & behaviors. Over 100,000 British participants completed 2 measures online, one assessing “money pathology”  & the other four “money types” based on emotional associations.

 Gender can have an impact on how people experience the link between money & mental health.  Nearly all measures showed significant sex differences with medium-to-large effect, with females exhibiting more “money pathology” than males –
💙 men were more likely to be Hoarders
💛 while women did more emotional-regulation purchasing.
The biggest differences showed money being associated with :
♠ Autonomy (money = freedom) men scored higher
♥ Generosity (money = love) : men scoring much lower than females
♠ Power & Security = men, more than women  (MORE….)

Another study, finding from the Journal of Economic Psychology, reported consistently large differences in M vs F money styles. Although both genders tend to see money to be closely linked with Esteem & Power, the research concluded that :
💙 males are more prone to feel involved with & competent in handling money, & take risks to amass wealth
💛 females have a greater sense of envy & deprivation as a way of obtaining things & experiences which they can enjoy in the present.

Demographics – like gender, age & ethnicity – affect how we experience money & mental health problems (MHP).
💛 women with MHP are more likely to have trouble keeping up with domestic bills & credit commitments (59%),
💙 versus 52% of men with MHP.
NOTE :
Financial troubles are a common cause of anxiety, which drastically reduces recovery rates for common MH conditions.  Combined with a range of social issues, life events, cognitive & personality factors, people with depression PLUS problem debt –  are 4.2x more likely to still have depression 18 months later. And research found a strong link between problem debt & suicide, with more than 100,000 people in England attempting suicide each year because of it.

⬇️ Main results re. gender differences in money attitudes  

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NEXT : MM – Gender Differences, #2

PREVIOUS : MM, Archetypes, #6

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)