Men and Their Money: Games Men Play

So, men make more money in their lifetime than women, but how good are they at holding on to it, and making it grow?

It Starts Early

A recent survey of high school students showed that boys believed that they were "pretty good" at handling math and money, and girls believed they were "not very good." Both groups were about the same, but the males had more confidence about their ability to handle money.

Why Now?

Research tells us that women are more likely to begin investing based on a life event, such as a birth, but men are more likely to invest based on a tip from a friend.

Sexual Perspective

An article in PsychologyToday tells us "… when men make money in the stock market, they credit their own cleverness. When they lose money, they blame the incompetence of their advisors or bad luck. When women make money in the market, they credit the cleverness of their advisors, good luck or even the stars. When they lose money, they blame themselves."

It’s all in your perspective, and the sexes obviously have different views of how to grow money, and how to spend it.

Develop a Relationship

One tongue-in-cheek suggestion is to interview your money, and see how it feels about the way you’ve been treating it? Have you been tossing it away on NSF fees because you keep forgetting to balance the checkbook? Is every purchase an impulse purchase? Do your children control the spending? Sounds strange, but pre-teen spending has escalated in recent years. Check out how they spend their money.

A recent survey by Digital Outlook reported by Yahoo Money Weekly states "the average woman's share portfolio grew by 17%, while the average man's rose by just 11%."

It’s All About Love!

Another researcher believes that women make fewer mistakes in handling money, and men take greater risks. So perhaps one idea to take away is that men and women could take lessons on money from each other. Analysts believe that women should take greater risks, and men can learn to stay the course by researching their next investment, and holding it for the long term.

A couple that communicates about money, and agrees on spending and investing should do better than either individual might do alone. So the answer for growing your money regardless of your sex — is love! Find a partner and share ideas.