Women Voice Greater Concern over Personal Finances

Women seem more concerned about personal finances issues, while men worried more about the national debt in a Spectrem Group survey that adds to the collective wisdom that women think differently than men – even when it comes to money.

“Our results highlight how important it is for partners to openly discuss their financial concerns and to clearly communicate their tolerance for taking risks versus their need for security,” said Catherine McBreen, Spectrem’s managing director. “Financial concerns can create conflicts that ultimately destroy relationships.”

In a recent national survey of affluent investors with $500,000 or more is assets, women expressed greater concern about the possibility of someone in their household experiencing a catastrophic health event. Spectrem found that 37 percent of female respondents are concerned or very concerned about the possibility, while 26 percent of the male respondents voiced similar concerns.

A loss of job for someone in their household also posed a greater worry for the female respondents. Twenty-seven said they were concerned or very concerned about the possibility, compared to 24 percent of the men.

A greater percentage of women respondents also said they were concerned or very concerned about the loss of value of their primary residence. Thirty percent of the women, compared to 24 percent of the men, felt this way.

Women were also less likely to believe that the Recession had ended and that the economy was improving. They were more likely to express concern over the U.S. unemployment rate.

Men expressed greater concerns about the national debt, and the state of the financial markets. Seventy-three percent of male respondents, compared to 63 percent of the female, said they were concerned or very concerned about the national debt. Thirty-eight percent of men, compared to 30 percent of women, said they were concerned or very concerned about the stock and bond market.

Women’s tendency to worry may have ensured the survival of the species in more primitive times, but the evolutionary advantage seems to make modern women more prone to mental illness. Women are 60 percent more likely than men to experience an anxiety disorder, states the National Institutes of Mental Health.

An overview of recent research into the Mars-Venus divide shows that women are more likely to believe that past experiences predict the future, and are more likely to recall negative experiences from the past. Another study suggests that men are big worriers, too, but are less likely to voice their concerns.

Researchers have studied genetics, environmental factors, cultural influences and hormonal cycles to understand why women suffer greater anxiety. With no single reason emerging as key, the consensus among scientists is that increased anxiety in women results from a complicated mix of factors.