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Women are often better at saving money due to certain behavioral traits. Studies confirm they save more effectively than men
Women, perceived as being more disciplined than men, find it easier to adhere to financial rules. (Representative/Shutterstock)
The arrival of a salary on the first of the month, only to see it dwindle by the tenth, is a common lament in many households. It is commonly suggested that a possible solution to this recurring issue is entrusting one’s salary to their wife. By doing so, the worry of running out of money may be alleviated.
This suggestion stems from the observation that women usually demonstrate greater aptitude for saving money compared to their male counterparts.
Numerous studies and surveys confirm that women tend to save more effectively than men. Let us explore the reasons behind this trend, shedding light on why women are often considered superior savers.
Financial Discipline
Saving money often requires establishing rules and limitations. Some argue that women, perceived as being more disciplined than men, find it easier to adhere to these rules and consequently save a larger portion of their income.
Lower Financial Risk Appetite
Women often exhibit a lower risk appetite than men when making financial decisions, particularly regarding savings and investments. This tendency leads them to favour secure options, such as savings accounts, over potentially more volatile choices like stocks, lotteries, or speculative ventures.
Right Use Of Money
Women in every household often shoulder the responsibility of managing their family’s finances. Over time, they become highly adept at this role, taking care of everyone and everything within the home. This constant caregiving fosters a strong habit of saving.
Thinking Ahead
Women favour financial planning and budgeting with a long-term vision, which cultivates better savings habits. Setting long-term financial goals makes it easier to save money and reap monetary benefits. According to research, women do not shy away from seeking assistance in financial matters, which keeps them informed about savings and investments.
