Are women better than men at managing the household budget? |
Posted: June 29, 2017 |
If you ask this particular question to a room full of people you’re most likely to hear a chorus of “yes” or “no,” the positives from the women in the room and the negatives from the men. With perhaps a few crossovers. Money is a touchy subject for most people and the idea that we could be better or worse at managing it simply because of how we were born is no less a controversial topic. But is there any truth to the idea that women might do this better?
YES. Women are more risk averse – experts tell us that women are less likely to treat money like a game. So, if you have a woman in charge of your household budget presumably you’re less likely to suddenly find that the money set aside for the gas bill has been spent on a shed sized BBQ.
YES. Women don’t like debt – in fact, it’s one of the financial issues that women worry most about, whether it's credit card debt, overdrafts, regular personal loans or guarantor loans. Women don't like debt of any kind but men are not so bothered by it. So, if ensuring you stick within a monthly household budget and don’t have to borrow to get by is important then maybe women are better at managing the household budget.
NO. Money makes women anxious – according to experts writing in Pertanika Journal of Social Sciences & Humanities and the Journal of Economic Psychology, for women managing money is an anxiety trigger. Men, on the other hand, see money as a source of power and are more likely to revel in the responsibility of being in charge of the household finances. Which of these approaches results in the best budgeting probably depends on the individual.
NO. Women are more prone to compulsive spending – to quote from Psychology Today, “Money pathologies can result from emotional attachment of money, leading to impulsive buying, compulsive spending and inability to demonstrate financial self-control.” So, in some cases essential household cash might not be in such safe hands with a woman in control.
YES. Women are already in charge of household finances – other than in the over 45s age group women are now most likely to be tasked with household finances. Research by Lloyds TSB suggests that by 2020 across all age groups women will be in charge of every household financial decision.
YES. Women make the economy better – according to Greg Coughlan, head of savings at Lloyds TSB, ““Female control of the family purse strings is likely to give rise to an increase in households’ savings, as women tend to be more cautious savers…and have a longer-term orientation to saving. This in turn means that mortgage repayments and consumer spending could become less vulnerable to turmoil in employment or financial markets in future.”
YES. Women spend better – according to Lifehack, men spend twice as much of their monthly budgets on alcohol than women do. So, for a budget not blown on beer, the ladies need to be in control.
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