Men and women have distinct approaches to financial management, according to a new survey from Charles Schwab.
On Friday Charles Schwab announced that a recent retirement advice survey found that in investors 50 and older, 47% of men trust only themselves to make the right financial decisions, compared to 32% of women. Meanwhile, 29% of men will say they’ve made more financial mistakes than smart financial decisions, while 20% of women will say the same. At the same time, 35% of men and 28% of women say they still have a lot to learn about managing their finances successfully. According to the survey, 30% of women will turn to friends or family members for financial advice, while only 17% of men will. Forty-four percent of women say they are taking a passive approach versus 37% of men.
“These survey findings are an important reminder that everyone handles money differently,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab, in a statement. “We know there are no one-size-fits-all solutions, so it’s a priority for us to offer help and guidance that is tailored to the different needs and mindsets of the investors who walk through our doors.”
Other findings include: 46% of women are focused on whether or not their investments or retirement savings are performing well and are less concerned about the underlying reasons for success, while only 38% of men say the same. Fifty-nine percent of men say they have learned more from their financial mistakes than from the successes they’ve had, while 51% of women agree with that perspective. Sixty-seven percent of women say that tailored investment options are more important than generalized advice, while fewer men say the same.
The Charles Schwab Retirement Advice Survey polled 642 Americans ages 50 and over between December 15th and December 20th, 2010 by random dialing listed and unlisted numbers.
