Culture and tradition have a great influence on how women handle money. Women of old days were used to following traditions that they should stay at home to care for the kids while the men work and provide for the family. They were left with no choice but to depend on their husbands for their financial needs. This lack of control over their finances is probably one of the things that taught women, from one generation to the next, to become more disciplined in managing their money. Although women today are taking more roles in the society and becoming sole breadwinners of their families, the teaching that they learned from their mothers and grandmothers is a constant reminder for them to be smart and perhaps thrifty.
Aside from culture, women have inherent attitudes that can also influence the way they look at and handle their finances. One good example is women’s willingness to ask for advice when necessary. A woman who is lost in the road would immediately ask for directions, while some men would insist on finding their way themselves. This is the same with money. When a woman plans her finances or encounters money problems, she usually seeks out advices from the experts to ensure that she makes the right moves and avoid further mistakes.
Women are very good at planning too. The daily tasks of managing a home life have made women great at multitasking. This is not just by luck or an inherent nature, but because women know how to plan well and they make sure that they stick to the plan so that schedules are met and they can be more productive every day. They also usually have a backup ready in case their original plan fails. This kind of approach to life is applied on most aspects, including finances. Hence, you see women being more careful with their moves. They may not be as aggressive as men in making decisions regarding their finances, but be assured that every action they make is usually well planned and thought of.
In most families, women are also in charge of the budgeting because they make more sensible decisions on their spending. They always prioritize the basic needs of the family, like food, clothing, and education, instead of splurging on toys, cars, or gadgets. More importantly, they always keep something for their savings. Being in charge of the daily spending is also beneficial to women because this teaches them to track changes in current prices. Unconsciously, they are becoming more aware of what is happening with the economy.
Women, however, are less confident than men in managing their finances. This could be both good and bad. It is bad because lack of confidence can make women waste valuable time in preparing for their retirement years because they are not aggressive early on in life in saving for a long-term plan. It is also good because being less of a risk-taker can keep women from great financial loss. Those who invest on the stock market, for instance, will not instantly buy large shares without first listing down all the pros and cons of such a move.
Of course, it cannot be said that all men or all women are the same in managing their finances. As time progresses, women are learning new things and some are actually becoming more aggressive in handling their finances. The new challenges and responsibilities that women take in the society can greatly affect how they view their finances in the future.