Men Tend to Make More Investment Decisions than Women, Survey Shows
NEW YORK- When it comes to decisions on investment planning, men tend to carry out this function more than women. That's according to a recent survey from mutual fund company OppenheimerFunds Inc., which surveyed 1,000 investors. When it comes to buying and selling stocks for the family, 44% of men handle that duty, compared to 25% of women. Most women (76%) wish that they had learned more about money and investing growing up, however, only 30% said they teach their children about money. Women also tended to handle the day-to-day financial tasks, the survey revealed. They were more likely to say they pay the bills (60%); balance the checkbook (67%); and mind the family budget (54%). The investment confidence of women increases among those who work with a financial advisor, according to the survey. Almost three quarters (73%) of female investors say they are more knowledgeable about investing because they are working with a financial advisor and 50% of respondents who work with advisors are willing to take more risks with their investments. Sixty-six percent credit working with an advisor as making them feel more confident about having enough money for the future, and 75% say it makes them feel more comfortable in general about investing. "Our research tells us that women are doing the bulk of the day-to-day management of the family finances but may lack the confidence or knowledge to take a more active role in investing for the future," said Lauren Coulston, assistant vice president, advocacy and training manager at OppenheimerFunds. The survey found that while the overwhelming majority of women (93%) say saving for retirement is their primary investment goal, 47% are not contributing to a retirement plan. In addition, 56% say they are not very or not at all prepared for retirement. However, the survey data show that women are realistic about the financial challenges they will face in retirement. For example, 63% of female respondents believe they will live to be 80 years or older; 65% expect to outlive their spouse; and 41% say they will spend part of their retirement in a nursing home. In other areas, both men and women admitted to hiding cash from their spouses. Twenty-six percent of women polled said they do and 24% of men confessed to the habit. Secret shopping sprees are also universal to both sexes: 20% of men polled said they hide entertainment purchases from a spouse and 16% said electronics. Twenty-three percent of women said they hide clothes purchases followed by 19% who keep food purchases on the low. When asked which would they choose - more money or more time - 60% of women and 54% of men said more money.