Men vs women – who wears the financial pants?

Men vs women – who wears the financial pants?

Posted on Friday, March 28 2014 at 10:36 AM

When it comes to controlling the household budget, both men and women think they wear the financial pants.

A Mortgage Choice
Money Survey, which had more than 1000 respondents, showed the
majority of male respondents believe their gender controls the finances, with
76 per cent of them indicating that they dictate how the household money is

Similarly, 75.7
per cent of the females surveyed believe it’s women who control the finances in
their household.

Mortgage Choice
spokesperson Jessica Darnborough says it’s impossible to say with any surety
which gender actually controls the finances, but it’s clear men and women
handle their finances in very different ways.

“Men tend to save
a larger portion of their regular income, with 32.6 per cent of males
indicating they save between 16 per cent and 30 per cent of their monthly pay,”
she says.

“By comparison,
50.3 per cent of women save less than 15 per cent of their regular income.

“Because of this,
men tend to have more money in their savings account. Of the male respondents,
40 per cent currently have more than $20,000 in their savings account, while
just 27.1 per cent of women have this much money in their account. On the
flipside, more than 42 per cent of women suggest they have less than $5000 in
their savings account in comparison to just 28.9 per cent of males.”

But while men are
seemingly better savers than women, the survey found females keep better track
of their finances.

“Of all the women
surveyed, almost 60 per cent say they track their day-to-day spending on a
regular basis, reviewing their outgoings at least once a week. By comparison, a
significantly smaller portion of men review their outgoings regularly, with 53
per cent tracking their expenses on a weekly basis.”

Article source: