Savings: Who’s Saving More, Women or Men?

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There are so many topics in the world on which men and women share distinctive views. However, when it comes to saving money, they all agree on its importance in modern life. Saving money is one of the best ways to secure your future. As you know, human life has become more and more uncertain with time. During such time, having a substantial amount in the savings account has become a necessity. That is why, many working individuals, whether men or women, try to focus on saving more money.

Although savings seems like a common activity, both men and women have different intentions behind doing it. Many studies across the globe have proven that men and women share different motives to gather a substantial amount in a savings account. No, we are not talking about saving money for travel or buying expensive things. With 2020 just a few days apart, we have broken such gender stereotypes long back.

Here we are talking about the core difference between saving motives of men and women. Although people generally say t that women are good in saving money because of their great ‘bargaining skills’, the real picture is different than that. Various finance studies carried around the world have proven that men manage to save more money than women. Along with the gender pay gap, there are many other reasons behind this scenario. When it comes to saving money, men and women have different preferences.

Why Men Save Money?

Before few years, men used to be the sole bread-winner in the family. Therefore, that generation has taught their succeeding generations that they make all the necessary financial arrangement to protect their families. Although the picture has been changed now, men are still responsible for preparing finances. That is why men generally save in order to keep a financial back-up in case of eventualities. They also save for their children’s education or parent’s healthcare. Many men try to save money to buy a property, however, the majority of them prefer to do thing along with their spouse.

Why Women Save Money?

Gender stereotypes have always claimed that women manage to save lesser money than men. However, with time women have proved them meaningless. By earning success in their respective professions, women are not only saving more money for their future, but they also taking help of modern resources like a women savings account. In general, women save money to make bigger purchases like property, home renovations, etc.

Although spending habits is the area of concern for women, they have a benefit from their excellent managing skills. Yes, many studies have proven that women are actually great at making budgets and managing finances. For this, they are not required to be working professionals as home-makers have been doing it for a long time. Nowadays, they have tools like a women bank account, providing higher interest rate which encourages them to save more.

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