One of the biggest stereotypes that women face often is that they simply cannot hold on to any money; they seem to spend all the money that you give them. This myth has permeated their professional as well as their personal life and has even come in the way of them getting investments for their startups. If you know of any spendthrifts who are women, know that there are men who are also bad with money.
Women spent less about $33,786 money overall than men
The truth is that women do spend less money since they are more cost-conscious than men. A 2015 study by the Bureau of Labour Statistics revealed that single men have a higher tendency to spend on food and cars than women, while women spend more money on clothes, however, both men and women spend the same amount on entertainment. But the big picture revealed that women spent less about $33,786 money overall than men $35,018. Also, another study carried out in New Zealand’s Massey University discovered that women frequented more outlet stores than men and as a result spent less money than their male counterparts. Also, 71 percent of women shopped during sales than men. One of the reasons why women have less money in their savings accounts than men might due to the fact that women take more career breaks, while a majority of men do not. Therefore, it cannot be because they have spent it, they simply have accumulated more because they have worked for a shorter amount of time.
Women are given more negative publicity when they fail at work
Women are also more competent with money and one would think that this would make them the favorite of investors when it comes to business. However, research by Womenable stated that women-owned-businesses between 1997-2014 has grown 72.3 percent and this is actually 30 percent more than men-owned businesses. Hence, it is a fact that women can run a company as well as men and their entrepreneurship prowess needs to be tapped into. However, women are given more negative publicity than men when they fail at work and this undermines their reputation with money. Women and men can be good with money and with that said, both men and women can also be bad with money, good money management is not a gender-specific trait. Hence, women and men must advocate for each other in terms of money management, in the personal and the professional realm.
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