The 1990s bestseller “Men Are From Mars, Women Are From Venus”; sold millions of times. She explained in detail how men and women often approach situations very differently and elaborated on these differences.
But how do the sexes differ in financial matters?
“While it is important to recognize that individuals vary widely in their financial behaviors and attitudes, research has shown that there are some differences between men and women and in the way they manage their finances” – Kevin T. Taylor, financial and management advisor to managing partner of InSight, says he.
According to the latest U.S. Consumer Spending Survey Bureau of Labor Statistics, single men earned a median annual gross income of $49,525 in 2021, while single women earned an average of $38,178.
“The prevailing opinion is that women still make 82 cents more than men. This is affecting women’s wages and their ability to build their own wealth,” said Kimberlee Davis, wealth manager and author of The Fiscal Feminist: A Financial Wake-up Call for Women.”
men, on the other hand, cannot maintain their income in the long term. The US Census Bureau’s “The Wealth of the Households” study found that single men earned more each year up to age 64, and single women earned slightly more after age 65.
When it comes to home ownership, women lead the way.About 55% of the single women in the BLS study were homeowners, compared to 46% of the single men. In addition, 32% of female owners were owners compared to 25% of men.
women also spend approximately $600 more annually on housing expenses such as a mortgage or rent, property taxes, living expenses, home insurance, utilities, household items, furniture, and appliances.
“I’ve noticed that my male clients tend to prioritize increasing their income and taking calculated risks in their pursuit of financial success, while my female clients tend to prioritize financial security and stability,” Jeff said Mains, CEO of Champion Leadership Group.
Women’s tendency to prioritize security and stability may account for their higher home ownership rates and their propensity to spend more on housing expenses.