BUSINESS FINANCE
& T
Gender Differences in Money Management Styles
here is a great difference between how men and women approach financial management. The survey, designed to un- derstand how investors 50 and older ap- proach their finances, found that men are more inclined to trust only themselves to make the right financial decisions (47 per- cent of men vs. 32 percent of women). But men are also more likely to say they’ve made more financial mistakes than smart financial decisions (29 of men vs. 20 percent of women) and that they still have a lot to learn about managing their finances successfully (35 percent of men vs. 28 percent of women). According to the survey, women are nearly twice as likely as men to turn to friends or family members for financial advice (30 vs. 17 percent of men), and some 44 percent of women say they are taking a passive ap- proach, (vs. 37 percent of men). “We know there are no one-size-fits-all solutions, so it’s a priority for us to offer
help and guidance that is tailored to the different needs and mindsets of the inves- tors who walk through our doors.” “These findings are an important re-
minder that everyone handles money dif- ferently,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “We know there are no one-size-fits-all solutions, so it’s a priority for us to offer help and guidance that is tailored to the different needs and mindsets of the inves- tors who walk through our doors.” Additional gender-related findings in-
clude:
A Need-to-Know Basis: Almost half of all women surveyed (46
percent) are more focused on whether or not their investments or retirement sav- ings are performing well and are less con- cerned about the underlying reasons for success. Fewer men (38 percent) feel the same.
Learning from Mistakes: Nearly six in 10 (59 percent) men say
they have learned more from their finan- cial mistakes than from the successes they’ve had; just 51 percent of women agree with that perspective.
Looking for Tailored Advice:
More women than men (67 vs. 55 per-
cent) say that specific options tailored to their unique situations are more important than a wide variety of perspectives and information. Investors can find more information
about how to reach their retirement goals on
Schwab.com/RealLifeRetirement or by following Schwab on Twitter @Char- lesSchwab.
About the Survey The Charles Schwab Retirement Ad-
vice Survey of 642 Americans ages 50 and over was conducted by Kelton Re- search between December 15th and De- cember 20th, 2010 using Random Digit Dialing of listed and unlisted numbers. Results of any sample are subject to sam- pling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. In this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.9 percentage points from the result that would be ob- tained if interviews had been conducted with all persons in the universe represent- ed by the sample.
Source: BusinessWire
48 PROFESSIONAL WOMAN’S MULTICULTURAL MAGAZINE
CELEBRATING 11 YEARS OF DIVERSITY
WWW.PROFESSIONALWOMANMAG.COM
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