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Money and Couples | My Money Track


Money and Couples

In the era of Suzy Orman it’s hard to imagine; but not long ago there was basically no investing education or information tailored for women. It was fifteen years ago that The Women’s Investment Guide was published and at the time, it was the only such book in existence. 

Back then, Oppenheimer had just completed a survey on the “difference between male and female investment behavior,” and guess what?  Since then, little has changed between the Venusians and Martians.  Baby Boomers nearing retirment are are looking for anwers with their personal budget.

As it turns out, men and women both want the same thing… the difference is in how the genders “go about” achieving their desired results.  And while this blog may be labeled as “sexist” by some readers, it is what it is… despite what Gloria Steinem may think.

Summing it up; today as it was back then, men are risk takers and women are not.  An investment strategy that lacks protection or “air bag” features will not pass muster with most females. Women often control the household finances and are the family’s CFO.  And since generally women outlive men, females end up having to deal with all things “financial.”  The “last man standing” is most often a woman when dealing with family finances. But as a “couple,” there are vast differences in investment “style.”  Seeking the advice or help of a local Ft. Worth or Dallas financial professional is a great place to start.  Maybe a complimentary My Money Track review of your personal situation?

Newest data just released by the Spectrum Group from Illinois confirms once again that one out of three men consider themselves to be “Aggressive” in their investment nature compared to just half as many females.  Conversely, 23% of women consider themselves to be “Conservative” investors versus just 16% of men.  Also, 50% more men than women report they “plan to become more aggressive” in the current market environment.  Similarly, men are much more “confident” with their investment prowess than women. Possibly due to general lack of investment confidence, women then are much more likely to use the advice and help of a financial professional than are men.   Even more interesting is that very few (1%) of women rely on their friends or family for financial advice.  Men are much more likely to refer or defer to their friends for financial information.  The local wise advisor will gear their investment spiel to include the female.

Sadly, many males in the insurance and investment industry ignore the woman’s perspective in the proposal for the family wealth plan.  Providing a reliable, stable and predictable income stream for the spouse and the children (who are both likely to outlive the husband) is what women want.  Low cost Variable, fixed and indexed annuties may provide the income stream needed in retirmenet. Seek local advice on how an IRA or 401k rollover can help accomplish these money goals.

And really, when you think about it; that’s exactly what men want too.  Men just seem to take a bit longer figuring that out for ourselves. Communicate openly with your spouse and commit to work through any differences in family finances. For many couples, even low cost life insurance could provide retirement solutions for the future.  The more things change, the more they stay the same.  Live long and prosper.

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