While both men and women are likely trying to improve their financial plans, there may be some key differences with how each go about handling their savings and spending.
Close to 25 percent of people, regardless of gender, noted they would like to be more careful with how they spend and save, according to a report from Northwestern Mutual. Nearly 40 percent of men felt they had good financial discipline, which was higher than the 31 percent of women who noted this. Despite the disparity, the figures were more even when asked if their financial plan needs some retooling. Two-thirds of men reported this, while approximately 60 percent of women said the same thing.
There are still more women than men who want to curb their spending. More than 40 percent of women explained they would be willing to cut their spending in the next year, the report explained. Only 34 percent of men noted this.
“While the differences in perspectives between men and women are interesting, ultimately our study found that too many people – regardless of gender – ended up in the exact same place: trying to play catch-up,” said Greg Oberland, executive vice president at Northwestern Mutual.
Despite these worries, a separate report noted that consumers may be getting better with their finances, which could be especially important for young people. The trouble tracker, a measurement from the Consumer Reports Index, dropped to 34 in June. This was notably lower than the 41.7 recorded in May. In the measurement, the lower the figure is, the fewer financial worries consumers have.
The aforementioned confidence gain among consumers may note that young people are also getting their financial planning in order. If a person is looking to improve their situation, it may benefit them to look at a number of different financial services available to help strengthen their habits.