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.

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC.