Men and women differ in so many aspects, it doesn't take a rocket scientist to figure out that their approach to money also varies. Some people say that men buy and women shop, but is it really the case?
It is obvious that every single person has their individual spending habits; however, some general tendencies can be pinpointed. The way we spend and save money conveys a lot of information about our psychological and sociological profile, provides insight into the differences between the sexes and reflects current socioeconomic situation.
Men and women perceive money in different ways which translates into their spending and saving patterns. The differences stem from cognitive, emotional, sociological and even biological reasons.
Women spend on health, education and things that enhance everyday life and they tend to consider their children’s needs as paramount. They save more, and exhibit less risky financial behavior.
Certain spending areas will remain divided based on the social differences; however, as traditional roles blur, spending patterns are also likely to alter.
Men are more interested in investing (83%) and entrepreneurship (54%), while women prefer the topics of savings (79%) and frugality (67%).
According to a research conducted by MIT and University of Minnesota men tend to spend money quickly and rack up debt in regions where the man-to-woman ratio is especially high.
It's common knowledge that men are from Mars and women are from Venus so the disproportions shouldn't come as a big surprise. However, the gap between men and women in terms of money has been shrinking over the past decades and the process is still gaining momentum.