Women and Men Think Differently About Finances Too
“Women are from Venus, men are from Mars,” has become a saying embedded in our vocabulary. It indicates that women and men see things differently and have a different approach to many aspects of their lives. Finances, it appears, is one of these areas.
According to a recent study by the worldwide research, learning, and development organization LIMRA, men differ from women not only in basic areas of financial planning, but also in the decision-making process. Only 46% of surveyed men aged 50 or older share financial decisions with their spouse. Women, on the other hand, are much more inclusive – 67% said that they shared financial decision-making responsibilities with their spouse.
The study shows that there are quite a few areas where women are ahead in their financial planning:
- Fundamental retirement planning activities
- Finding out about Social Security benefits
- Outlining retirement expenses
- Estimating how long their assets will last
- Determining likely health care coverage needed
- How to keep income flowing from saving in retirement
Men, on the other hand, do better at determining what their retirement income will be and how much of their investment and assets they can spend in retirement.
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