Women are more concerned with saving money, but men save more

Newsroom 23/10/2018 | 11:49

Women are more concerned with saving money than men, but they manage to put money aside in a smaller percentage than men, according to a study by OTP Bank Romania through the Right to Education Foundation.

The study also identifies other gender differences in financial behaviors. According to the data, the main concern of men is the level of retirement, while a higher percentage of women say they are quiet in this regard. 

While the main concern of women (19 percent) is how to save, a higher percentage of men say they are able to save money systematically (66 percent vs. 54 percent of women). Men are equally concerned about how to invest in the long run and how to save (16 percent each), and they are the ones who have managed to make more money in the past six months.

Thus, while 26 percent of men say they have failed to put aside anything in this period, 44 percent of women are in this situation. Even though men are more stressed in dealing with money (65 percent of men vs. 56 percent of women), women are more concerned than men about managing to hold on to their salary thorughout the whole month (15 percent, vs. only 11 percent of men).

If they lost their job (or main source of income), men would spend more time on their money (25 percent over 9 months, 23 percent between 3-5 months), while women would get their money under one month (39 percent) or 1-2 months (29 percent).

Most men (28 percent) put savings aside for more difficult periods, while the same percentage of women say they have no savings.

Women are calmer when they think about retirement

Men’s main concern is the standard of living (19 percent vs. 17 percent of women). In fact, a higher percentage of women say they are calm about their retirement years (70 percent of women vs. 54 percent of men). In the last two years, 45 percent of men have said they were twice or more concerned about pension retirement planning (33 percent women), and 40 percent of women never cared for it (vs. 28 percent of men).

In fact, you ask at what age you could retire to keep 65 percent of the current income, over half of the respondents responded that they did not yet think about it (57 percent), while only 38 percent of men said this.

Men are more responsible in reimbursing credit from the card

51 percent of women do not have a credit card (compared with 38 percent of men), and only 19 percent of women always reimburse the credit card used for the next month, compared with 32 percent of men.

Asking whether to make a major repair or to change a durable good, both men (53 percent) and women (41%) would make that expense from their own sources. Family and friends would call 25 percent of women and 13 percent of men, 25 percent of men and 17 percent of women would use the existing credit card, and men are more likely to make bank loans (13 percent vs. 6 percent women) .

Personal budget – women postpone spending when they have money, while men buy on the spot if they need to. Most women (52 percent) and men (47 percent) said they did not make a personal budget in writing over the past 12 months, but 41 percent of both categories did so several times during this time. If they wanted to spend more than the money they had in some category, women postponed their purchase for next month when they had money (42 percent), while 38 percent of the men said they ”If they had to buy, they bought it.”

39 percent of women decide to spend only if there is a planned amount in the personal budget (vs. 32 percent men), 19 percent (same as men, 20 percent) or 8 percent credit card (11 percent men). When thinking about the important expenses expected, 51 percent of women vs. 37 percent of men worry because they do not know what will happen, and the percentage of completely quiet men is double (23 percent, compared to 12 percent women).

Women buy if they have the same (60 percent) if they need that (59 percent) or if it is trendy (48 percent), while men buy first if they need that (57 percent ), but also for them matters as much as others (54 percent) or if it is fashionable (41 percent).

Before making financial decisions, both refer first to relatives, friends, knowledge (35 percent women, 29 percent men), but secondly, women say there is no one to call for advice (30 percent), while men use public information, media (26 percent).

Insurance – very little known and used financial products

When it comes to insurance policies other than car and housing, around a quarter of those interviewed are not familiar with these products, and the percentage of those who have life, health or property insurance varies, rarely exceeding 50 percent.

Life-assurance 68 percent of women and 55 percent of men do not have life insurance, and 19 percent of both categories do not know what their life insurance will be.

The situation is similar when it comes to health insurance (illness and accidents): 68 percent of women and 54 percent of men do not have sickness and accident insurance, and 20 percent of women and 26 percent of men do not know what it would cover they have it.

When it comes to supply of goods, the percentages change: 50 percent of women do not have such insurance (37 percent is the percentage for men), 22 percent do not know what they would get (16 percent of men) and 15 percent that they would not get to replace the goodwill. 26 percent of men declare they would end up replacing the damaged property. Motor and housing insurance are the predominant, accounting for more than 60 percent of the insurance held by both sexes.

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