Kay Moodley (Psychologist) @ Lucid Living
We joke about it a lot – women spend money on shoes and men on gadgets – but is there any truth in the idea that men and women are getting into debt in different ways?
According to an article on www.bankrate.com, men and women have different basic needs, making them more likely to spend on different things. Because women are more focussed on nurturing, they are more likely to spend money on making life more comfortable. Men are socialised to provide, and are therefore said to be more likely to invest.
Another website, www.smartmoneydaily.com, has some interesting insights. In America, women are becoming the largest consumers of things like electronics and entertainment goods! Men, however, spend on travel and luxury food. Interestingly, it is again noted that women are less concerned about the future than men and are saving less.
This can be compared with a study done in the mid-eighties which found that women spent more for health care and life and other personal insurance while men spend more for alcoholic beverages, shelter, used vehicles, and gasoline and motor oil.
Interestingly for us in South Africa, studies show that in sub-Saharan Africa women’s earnings are more likely to be spent on basic needs for family survival. Men were more likely to spend their earnings on alcohol, tobacco, radios, and other personal items.
This is a frightening result as it would seem to indicate that unlike in countries like America, where men see themselves as providers and women feel free to spend money on personal items, in Africa the roles are reversed.
This would possibly be exciting if one could imagine it is based on principles of equality for women; but seems to centre more on the ongoing problem of single parent households.
At Lucid Living, we’re interested in how men and women are spending their money in South Africa. “Leave a Reply”, you can tell us what is happening out there, and give your feedback on the ideas raised in this article. We look forward to hearing from you!