The Frugalista Files is doing a two-part series on Men, Women and Money. The second installment is coming on Monday.
I’ve always wondered if men and women view money differently. Well, a new study from investment house Charles Schwab has some interesting findings:
*Fifty-one percent of men, compared to 41 percent of women, say they are actively prepared for retirement
* Women worry more than men about supporting their parents financially, with 12 percent saying it is a serious concern versus 7 percent of men
* Men, however, worry more than women about supporting their siblings financially, with 29 percent of men saying they are concerned about supporting siblings in retirement versus 25 percent of women.
I think this survey pretty much nailed it. I know that I am preparing for retirement, but I have to get more aggressive. I know that I most certainly would worry about making sure my mother is supported financially. And I NEVER worry about supporting my brother. Heck, he gives me nice birthday gifts. I’m not giving that up! I like big bro hook ups. 
Do men and women think differently about cash? If they do, in what ways? What have you noticed? Stay tuned for Monday. We will talk about romance and finance.
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I absolutely worry about taking care of my parents. I live 20 minutes away from mine, but my brother lives 6 hours away, so I get to deal with any hospital stuff.
I also have a harder time figuring out investment plans. And forget asking family for help! Sometimes that’s MORE trouble!
I won’t genralize ALL men or ALL women, but I know my husband and I do differ on our money views. He worries about his nomadic brother and I worry about my parents, just as the study suggests, but it could be as simple as the way we were raised. He was raised to take care of his “little” brother and I was raised to take care of my parents.
GLM-Your parents are lucky to have you.
Tela-Is it that parents don’t trust their sons to take care of them?
All true. I worry about retirement and taking care of my father, but not my older brother. I’ve definitely noticed that men don’t seem as concerned about retirement savings. I’ve heard more than a few say they’re banking on a future lump sum payment or a yet-to-made investment to help finance their retirement.
Natalie, I think you’re right in that SOME parents don’t trust their sons to take care of them. Because my mother in law has shared what I would consider her “financial diary” with me. What to do when she dies, where the money is etc…I was kinda shocked at first when she started spilling the beans but then I looked over and saw my husband watching ESPN and then proceeded to listen very carefully for all of our sakes.
I’ve got to agree with Coco. It seems, for whatever reason, that women are so much more concerned about putting something, no matter how small, away for a rainy day and for when they get older.
As for taking care of parents, I would not be able to afford it on my own. They would have to have at least some insurance kick in and then I could probably help with the rest, but it wouldn’t be easy.
When it comes to money, women really are different from men. What sets them apart is the different situations they will face during their lives, each with financial implications. Being money-smart is a state of mind in which you’re confident of your ability to support yourself financially if necessary, and comfortable with handling money — or seeking help if you need it.
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Differences apply on many things. Even fraternal twins also have some differences. Men and women are not exempted from these. They also differ on how they spend their money. Women often use their money for buying beautiful clothes, make-ups, cosmetics, etc. On the other hand men would want to have car or they would often spend it on smoking or drinking. Well, it doesn’t matter if men are different from women what really matter is they must know how to spend their money wisely.
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