By Linda Franklin The Real Cougar Woman
Women tend to worry more about money than men. We are also less confident in making our own investment decisions. Men enjoy learning about investments while we would rather go shopping.
Only 53% women in a recent survey said they have a handle on their cash flow and spend less than they make each month. By contrast, 71% of men made that claim. Only 36% of women say they regularly pay off their credit card balances in full, compared with 61% of men.
So are women simply less capable than men when it comes to handling money matters? I don't think so Women just believe they aren't as capable of earning it, saving it and investing it.
The real issue is confidence. A 2006 survey by Harris Poll for Charles Schwab found that 48% of women, twice as big a percentage as men, agreed that "investing is scary for me." Yet despite this lack of assurance, women often do better job of investing than men. Women trade less frequently and hold less risky portfolios. Men in contrast, tend to be overconfident, which hurts their performance.
Despite their doubts, women, more often than not, are the ones managing the money in their households. Some 60% of women say they are responsible for budgeting, bill paying and day-to-day spending, according to a 2006 survey by Money, although more men claim responsibility for investing and retirement planning decisions.
But with experience, and a higher income, women's financial confidence and responsibility grow. Among women with portfolios of $100,000 or more, some 63% say they are the CFO of their household and make the majority of financial decisions, according to research by Citibank's Women & Co. program. And some seven out of 10 agree that they are knowledgeable about finances and investing
So the lessons for women are clear: take charge of your money, and unlike men, don't be afraid to ask for directions when you need them.
The Real Cougar Woman is a 5-carat diamond who knows the importance of taking care of her health, beauty, relationships, finances and spirituality. Linda Franklin says,"there is no stopping a woman who has a strong belief system, passion and a dream. All things are possible". Linda's book, Don't Ever Call Me Ma'am helps women of all ages tap into their power and live life to the fullest.