Since payday loans lenders loan to more women, does that make them less financially savvy then men? No, it just means that they will stop to ask directions instead of driving aimlessly trying to find their way out of a potential mess. Payday loans do just that, gets people out of small messes before it snowballs. This is not saying that men do not apply to direct payday loan lenders, in fact there are many men who stop and ask for directions as well; but there tends to be a stigma in reference to women and shopping.
There are differences between men and women when it comes to money. Let's look at income first.
*There are many more women who are millionaires than ever before, yet the majority of them are men.
*Salary differences are improving, but still have room to improve. Statistically it is proven that men make larger salaries. There are more women who are attending colleges which has helped the incline of women's wages. Higher education reflects on wage earnings.
*Women coast more. In fact the truth of this lies in that the majority of women live longer which means that women need to put more away in order to support longer retirement living.
When it comes to running the household budget, there seems to be a slightly larger amount of women who take care of the saving and spending. It is hard to know for certain who makes the concrete decisions, but it is easy to tell which gender fall into the shoppers' crowd.
*Women are more likely to buy something which is not a need. Separating wants and need can make a budget work more productively.
*Women are more likely to buy something just because it is on sale. The idea that money was saved can be intoxicating, enough to drown out the idea that spending money to save money is a bad idea. This applies to using coupons as well. When coupons come in the mail and entice someone to purchase an item which would normally not be on a shopping list, is not saving money. Grocery bills are the worst culprits to ruin a budget.
*Women are more likely to shop impulsively. Strolling through the aisles or "window shopping" can become a very costly walk for some women. The urge to buy has increased with online shopping. What glory can be had with the world market at your fingertips!
*Women are also more likely to celebrate an achievement by splurging on something special.
Men tend to invest their money with the focus on higher returns. They will take more chances with investments than women who will save more, trade less and take fewer chances. Men may overestimate their abilities as some of these higher risk investments will lose money, but women tend to take the safer route while looking at the bigger picture. The slow and steady race could define a woman's strategic plan to invest in her future.
There is something to be learned from each approach. As with any gender generalization, there are always exceptions and room for improvement. Whether the education comes in the form of investments, the uses of online payday loans or better shopping strategies, it is good to keep making efforts towards making your financial goals successful.