Men and women are different in their money behaviours and feelings about money. We explored this and where these differences come from in our blog Men and Women and Money and their Differences.
How do these differences impact our spending behaviour?
First of all, let’s look at a few myths and blind spots.
We’ll start with the Girls. Here are a few women’s money myths:
- Money is too complicated for me to understand
- Learning about money is boring
- I don’t have enough money or time to do anything about investing
- If I take a risk, I could lose everything
- I have to take care of everyone else first
- We aren’t good with money, so I’d better find a man who’ll take care of it for me
- “Bag lady fears” – I might end up out on the street with nothing
Guys, you have a few blind spots of your own:
- Managing money is easy
- If I make more money (than my wife/partner), I get to make the decisions
- I don’t have to ask my wife/partner’s permission to purchase something
- It’s a sign of weakness to ask for help
- If I lose money it isn’t my fault, it’s the economy or the advisor or…
These money myths stereotypes and gender biases have been around for generations and they’re starting to change – but very slowly.
Traditionally, women have seen money as a way to enjoy and enhance day-to-day life and create a lifestyle. In other words, it’s all about the here and now.
While men on the other hand, see money as something to be accumulated and gain in value. It’s all about the future. So, they typically don’t spend – they invest.
What do men and women typically like to spend money on?
This list comes from a compilation of surveys undertaken in the U.S. It focuses on where men and women choose to spend their money after the necessities of life have been paid for.
Interestingly though, when it comes to impulse spending, a recent study debunked the money myth that it’s women who impulse spends.
The research showed that men actually spend more on impulse shopping (21% have spent more than $500, compared to 7% of women). However, they feel less guilty about it than women (46% of men feel guilt compared to 52% of women) and what motivates the impulse is also different. For instance, men are twice as likely to purchase something when drunk than a woman.
The ability to discuss money and your financial plans is an important skill in developing your relationship and your financial wellbeing.
But sometimes that’s easier said than done. Even in the tightest relationship money can be hard to talk about. Sigmund Freud noted that people find it easier to talk about sex than money.
There are all sorts of reason why couples find it difficult, but unless you find a way, you severely limit the chances of your relationship staying together.
Here’s another scary statistic: 1 in 4 couples has a partner that is secretly spending or hiding joint money.
Sadly, money issues are now the single most common cause of relationship failures in the western world.
Once you understand your money differences, you need to embrace them because they’re complementary. In a trusting relationship these differences work well together, particularly when there’s a plan and common financial goals in place.
If you would like us to help you to explore your own relationship with money and that of your partner, drop us an email or click on this link to find a day and time that suits you to have a chat with us – it’s completely free!
While you’re here, take our free Money Personality quiz.