There was an interesting discussion about money and gender on the Today show yesterday. The experts started out by stating that it costs more to be a woman – dry cleaning, shampoos, cosmetics, etc.
I’m not sure that I agree. I think on average, this is correct. I look at my male coworkers and I’m sure I spend more on cosmetics and toiletries, because while I don’t spend a lot on makeup, most of them spend nothing. Dry cleaning? Questionable. But then I have female coworkers who wear little to no makeup (and look beautiful), so they clearly spend less than me and probably less than the average man.
One interesting statistic was that women often spend in little amounts without thinking about how it adds up, whereas men are more apt to go and splurge on a big ticket item – a new tv, car, etc. Overall, women usually end up spending more in this manner. I was surprised by that stat.
A big part of this discussion was about investments. For the most part, men do most of the investing for the family. But when women do invest, they do it better than men! Why? Women ask for directions. They do research and ask questions. But when they do, they stick to the plan. Surprisingly, men are more emotional when they invest. They buy and sell a lot.
One reason that was given to explain why more men invest was because investing is a traditionally male activity. Generations ago, men handled the money and most women weren’t even given a view into the family finances. Those men taught their sons, and those men taught their sons. The message? Teach your sons and your daughters to invest. Teach your friends, both male and female. Learn about investing.