According to an online poll of over two thousand Americans, the majority of people would describe themselves as savers as opposed to spenders. Although this majority is shared almost evenly between men and women respondents (57% and 56% respectively), women were found to be much more likely to view their partner as the standard when it came to financial literacy. In many of the cases reviewed, this caused men to take the lead with budgeting decisions.
CNBC, who partnered with SurveyMonkey to conduct the new poll, examined the potential ramifications of this method in a piece published this Monday. For women, the consequences of poor financial planning present several unique challenges because they generally earn smaller wages, and take more time off. These factors result in a $1 million earnings gap by the time women reach retirement.
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Twenty percent of the women surveyed said that being able to meet everyday expenses concerned them the most when budgeting, compared to the 13% of men that said the same. A similar disparity can be found regarding the importance of paying back debts; fourteen percent of women named this as a primacy, while 10% of male respondents agreed.
The chief reason that many Americans don’t save money is simply that they do not make enough. Women account for the majority of this demo, at 41%. More women than men also occasioned paying off a debt as a reason for the lack of excess funds to donate to a savings account (33%.) It thus follows that when asked: “Compared to three years ago, are you more or less confident in your ability to save for retirement?” Much more men than women described their outlook as “much more confident.”
Unfortunately, the survey revealed that the majority of respondents, opt to manage money all on their own, with only 45% of Americans making financial decisions with another household member. As previously reported in an independent study, a joined effort to manage expenses leads to emotional and fiscal satisfaction the most often.
There isn’t anything fundamentally wrong with leaving the majority of financial planning to your significant other, “the problem is when one person takes that responsibility and the other one checks out,” Russ Thornton, a financial advisor at Wealthcare for Women, told CNBC.
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