Excerpts from a groundbreaking study by two researchers of 1200 US women
In yet another study of women hosted by the insurance giant Equitable, two researchers again confirmed distinct differences between men and women in their approaches to money.
This blog shares some of the highlights from these findings. To obtain a free pdf of the published report, click at the end.
The 2023 survey also included 500 men, for comparing results across genders. Participants were categorizes by marital status, that is, single , married, divorced or widowed. The researchers also confirmed earlier findings that women control about one third of household financial assets in the United States.
Four Key Findings:
Women are more motivated than men to address immediate financial needs than engage in long-term planning;
• Women juggle money to manage finances and current status more than men do.
• Married women want more of a role in shared finances.
• Women’s decision-making participation increases gradually over the course of their lives;
• Women who work with financial professionals tend to be in a better place financially and more able to focus on long-term goals.
For finding number one, it was interesting to note that more women then men value the importance of an emergency fund, and to not live paycheck to paycheck.
These immediate concerns were followed by a priority to pay monthly bills and to paydown credit card debt, with percentages showing more women than men were concerned about their ability to do so. Widows had more concerns than did single or married women, in this regard.
Married women as a group were more confident about reaching their goals.
To read more of this 2023 study by Ph.D. researchers Janis Kim and Tracy Show, click HERE
