Today – Are men better savers than women
I am always wary of generalisations. I know there are exceptions to every rule. Because of this I rarely give concrete opinions when it comes to anything regarding genders.
As a money blogger though I do find the question ‘are men better savers than women’ completely intriguing and I do have an opinion.
So, Are men better savers than women?
If I had to guess the answer from a stereotypical and possibly statistical view I would opt for yes, I do think that men are probably better savers than women.
I would base this on the fact that on the whole I don’t think men are marketed at quite so much and perhaps in this way their shopping habits are lessened? Women also earn a lot less than men over their life span, often have lower wages and have time out in their child rearing years, all of which possibly lead to less money to save. Women are also considered to be more risk averse than men and it is thought they apply this attitude to their savings too. Wouldn’t this all add up to men being better savers?
I did a little Google search to check my facts but, oh my goodness, Google is full of so many opinions you honestly could argue that both men and women are the better savers. Many of the articles I read were more speculative than factual and used over-generalisations and assumptions to make their arguments.
One report that was factual though was from Pensionbee and it looked at some findings from Halifax who researched their customers saving habits along gender lines. They found, despite women having on average £500 more in their spending pots, female pensioners often have less money in their pension (for the reasons I suggested above..time out the workplace for child rearing hence lower pension contributions. ) So they concluded that women are better savers on the whole but end up with less saved in their pension pot.
The reasons why they believed women had more in their savings accounts are interesting.
Why women save more?
Studies have shown that women are more likely to take a steady, long-term approach to finances, while men are more likely to engage in risky investment strategies
The report even mentions men’s testosterone levels may be responsible for their impulsive spending – that did make me giggle. Mind you I do see that impulsivity in my life. My OH will all of a sudden buy a new car or a new guitar (oh we have so many guitars!) whereas I think long and hard about any purchase over £50 that’s isn’t food.
Research suggests that women are more likely to go to voucher code sites to get discounts because they know what they want, and men might go in search of how to earn money to get the items that they want in the future for example by finding sites like Valued Opinions where they can earn vouchers for sites like Amazon – enabling them to get the latest consoles, games, tech and more etc etc.
What is your opinion on this?
Have you heard of Valued Opinions?
Opinions are funny things aren’t they? They are not always based on facts ( facts are hard to ascertain sometimes and unclear) but they are often based on our personal experiences.
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I do hope you have enjoyed this post on Are men better savers than women