New Gender Gap Data

By Amanda Steinberg on Wednesday July 22, 2009
This post is about gender studies

I read articles like the one below and am reminded why I started DailyWorth, and why I'm committed to building it as a service and as a movement.

wage_data

Men better at paying bills: study

by Ellen Wulfhorst

NEW YORK (Reuters) - Men and women handle their personal finances much differently, research shows, with men more likely to keep a close eye on their spending and investments and to pay their bills on time.

The gender gap emerged in the results of financial planning questionnaires filled out by some 3,500 U.S. workers nationwide for Financial Finesse Inc., an employee benefits company.

The data show two-thirds of men but just one-third of women said they regularly pay their credit card balances in full, said Liz Davidson, chief executive of the company based in Manhattan Beach, California.

Also, 90 percent of men said they pay their bills on time each month but only 74 percent of women said so, it said.

It said 71 percent of men but 53 percent of women have a handle on their cash flow so they spend less than they earn each month.

More than half of men but just a third of women said they have an emergency fund to pay their bills for a few months if they lose their job, it said.

Read more on Reuters.com

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written by RB @ RichBy30RetireBy40 , July 23, 2009
I watched "Confessions of a Shopoholic" with the wife yesterday, which highlights this stereotype. Guys have problems too... esp when it comes to electronics and cars in my case.

There's an easy way to avoid the "Urge to Splurge." And that is to buy the darn thing and then return it.

Best,

RB
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written by Frances , July 23, 2009
I wonder if they factored in married vs. single. A lot of those men may be paying their bills on time because their wife takes care of it all.
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written by Amanda (DW Founder) , July 24, 2009
Good question, Frances. Every report like this should be scrutinized, even when reviewed by a reputable news outlet like Reuters. Here's a link to the report (2nd one down) http://www.financialfinesse.com/research.php . They don't provide any real insight into profiles of the women surveyed. I put a call into their media relations department. Let's see if they call me back. ~Amanda (DW founder)
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written by rachel , July 30, 2009
Women also make about 70 cents to every dollar a man makes. And, correct me if I'm wrong, but don't men abandon their children more often than women do? That would leave a disproportionate number of women sole providors for their children. A couple of reasons for the "gender gap" in this case.
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written by Amanda (DW Founder) , July 31, 2009
Frances, the folks at Financial Finesse have been incredibly gracious and are compiling the data for us now.

Rachel, yes on both accounts -- the single head-of-household outs an enormous constraint on women's earning abilities. Not sure of "abandonment" would be my choice of words, but women are more often the caretaker in case of separation. You must also check out this report: http://dailyworth.com/blog/154...-in-the-us
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written by Danielle Perry , August 02, 2009
Hi Amanda,

This should help you answer your reader's question about our research. Below is a breakdown of the information you requested on the sample for our study on the gender gap in financial literacy. You'll see we've broken this down by income and age range. Also, if you were able to view our research, we mention these come from employees of our clients, who use our services as a free, added benefit. It is primary data because they contact us with their financial concerns, rather than us polling or surveying them so it's been a good way to get to the heart of what people are thinking about their finances.

Total Sample including calls made to our Financial Helpline from 1/1 - 4/30 equaled 3,456
Sample size of women alone equaled 2,665
Age range of women users: between 25 and 65

Total Financial Learning Center sample, used for percentages below, for both men and women 1/1 thru 4/30 equaled 3,227
Both genders usage, broken down by income (represented by %):
Under 20k 0%
$20 - $35K 11%
$35 - $60K 27%
$60 - $75K 15%
$75 - $100K 17%
$100 - $150K 18%
$150 - $200K 7%
$200K + 5%

Let me know the if you have any questions, as well as the questions you had for us and I'll respond with any way we can help.

Best,

Danielle

Danielle Perry
Research Associate
www.financialfinesse.com

Financial Finesse was founded in 1999 with the sole mission to provide unbiased financial education to people everywhere.
Today, it is the leading provider of un-biased financial education in the nation with customized programs that give people the tools to become financially secure and independent.
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