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The different spending habits of men and women!

Although it might seem like a dangerous generalisation, market research shows that men and women have vastly different spending habits. This does not necessarily mean that men are better with money; it simply means that the different sexes prioritise different things. Here are just a few of the many differences between how men and women choose to spend […]

Carol Yang

Although it might seem like a dangerous generalisation, market research shows that men and women have vastly different spending habits. This does not necessarily mean that men are better with money; it simply means that the different sexes prioritise different things. Here are just a few of the many differences between how men and women choose to spend their money:

  • Women focus on lifestyle goals rather than ‘getting rich’, with an aim to put their financial affairs in order so that they can live comfortably and treat themselves without the guilt of overspending. In fact, this makes women more realistic with their goals and less likely to take reckless risks.
    For men, money is about making it big and winning.
  • Women tend to put more money into relationships, often generous to a fault at their own expense with gifts or in showing compassion to a struggling family member. There is no right or wrong way to spend your money, provided that your budget needs are met first, before your own.
    When men have surplus cash, they are more likely to make impulsive purchases, like that extreme adventure trip they’ve always wanted or a state of the art gadget or latest ‘toy’.
  • Retail therapy! Women generally have a stronger appreciation for fashion, spending more of their disposable income on their wardrobe and personalised style in order to look and feel good both in the workplace and socially. Many women have additional self-maintenance costs, such as regular hair appointments, manicures and pedicures, facials, waxing and more regular health check-ups.
    The modern man, however, is increasingly investing more in his looks and the metrosexual man can even surpass the average female in this spending category!
  • Women’s financial priorities change with the different phases of their lives. A young, single woman in the onset of a new career might prioritise socialising and travelling over a more mature woman’s desire to renovate her property or pay for her children’s education. Investment and retirement planning often errantly gets side-tracked by women for what’s important to them right now, triggering a “catch-up” phase once they settle down! This can be dangerous.
    Men on the other hand have more fixed goals, generally with an aim to amass wealth and save for retirement throughout the duration of their working careers. When men have families, their priority often becomes the financial well-being and future of the family unit.

Men and women are equally diverse in their spending habits and it’s okay to invest in what’s important to you. Neither sex beats the other in making smart money choices, but for women it is often a case of low financial confidence.

If financial confidence is an issue for you, Lyfeacademy workshops provide the appropriate financial skills to organise, manage and protect your current financial well-being – there is no barrier to finding success in your life!

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