Budgeting: Men vs. Women
Men and women are fundamentally different, and not just in the way we look or how we are genetically different from one another. Men and women spend in different ways, and when you take a dive into the stats, it’s very interesting to see how Americans are living across the gender gap nationwide.
[According to a survey conducted by GOBankingRates, women and men are shelling out cash at different rates when they go to the store. They found that women spend 11 percent more every month than men do. Women reported an average bill of $323 per month for their grocery shopping, but the men spent significantly less at $290.
There are many reasons that a woman may spend more on her food than a man does. One could be that many women are the primary cook in the household at 68 percent, according to research by the Bureau of Labor Statistics in their American Time Use Survey.
It seems that women are finding themselves with less cash than their male counterparts on many levels. The Institute Women’s Policy Research (IWPR) found that as recent as 2016, women still only make 64.2 percent for every dollar made by a man. So although they are making less, women are spending more on their monthly shopping than men are.
If that’s not bad enough, a further worrying statistic completes the picture. Women are not saving as much as men. When we compare households led by men and households led by women, we find a shocking discrepancy when it comes to their average savings. Men were at a median balance of $7000. Women, on the other hand, were $5000 less, reporting average savings of just $2000.
The IWPR has said that it will take to at least the year 2059 for men and women to receive equal pay. In the meantime, it’s essential to address the way women are saving and spending.
The gender gap is not just about pay, but also about the way the money coming in is dealt with. Saving for the future and being able to save more means that women will not only be in an equal position but in a more powerful position and that can only be a good thing.
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