Men vs. Women: Do they Manage Money Differently

MARS Venus VS. Do men and women manage their money differently? They say men are from Mars and women are from Venus - and ask just about any man or woman and they ll tell you men and women are different in many, MANY ways. Are money matters any different? HOW MEN AND WOMEN COMPARE It's difficult to say who is better with money. Men tend to have more debt, but also have higher incomes and save more. Women use less of their available credit and make more informed decisions, but they save less and make more impulsive purchases. So who wins the battle of the sexes? You decide! FINANCES $49,398 What is our annual income? $37,791 674 What is our average credit score? ..... 675 Who better understands the 72% 77% importance of a credit score? $26,227 What is our total average debt? $25,095 $187,245 Who has a bigger mortgage? . $178,140 SPENDING & SAVING HABITS How do Americans spend money? Total: $51,100 a year Shopping, Beauty, Health & Fitness, Love/Online Dating, Home Furnishing Investments, Entertainment, Women, Sports, Gambling Apparel and Services $1,604 Housing $17,148 Food $6,602 How do men and women spend money? Other $3,267 Transportation $9,004 Personal insurance 23.7% of women say they and pensions SALE Can't resist a sale, but only 4.5% of men say the same. $5,528 Healthcare $3,631 Who is saving for retirement? Cash Contributions Entertainment $1,834 $2,482 • 66% of women have 71% . of men have access to retirement access to retirement account account Who has more savings than credit card debt? Men contribute 10% of their salary to retirement, while women only contribute 7%. 60% 49% CREDIT CARD BEHAVIOR Who has better credit card behavior? 33% of men display two or more problematic behaviors 38% of women display two or more problematic behaviors Men carry an average of 4.3% more debt than women. Women also use less of their available credit - 30% compared to men, who use 31%. 37% Who comparison shops for credit cards? 31% Who carries a balance from month to month? 55% 60% 14.3% Who has a better interest rate? 14.9% Who is only making the minimum payment? 38% 42% 45% Who pays their balance in full? 39% 23% Who pays late fees? 29% CompareCards.com Compare. Pick. Save. We may not be able to agree on what makes good television or how to fold the towels, but it looks like men and women don't display radically different behaviors when it comes to money. Remind yourself of this the next time you and your partner are balancing the budget! Sources: FINRA, ConsumerFed, Catlyst.org, Experian, Bureau of Labor Statistics, and Turbotax blog, Rueters