PNC’s “Love and Money” report, part of its Wealth and Values Survey, found that the recession left different footprints in the minds of men and women. Forty-nine percent of women, versus 39% of men, said “we are planning our financial affairs more carefully than we used to,” whereas 51% of men and 38% of women said “nothing has changed.”
Women were more concerned than men when asked about all kinds of financial headaches: fall-out from the recession concerns 69% of women versus 54% of men; inflation fears effect 51% of women versus 44% of men; money to support lifestyle concerns 46% of women versus 40% of men; declining real estate values (45% of women versus 35% of men), and not being able to support lifestyle in retirement (45% of women versus 34% of men).
PNC Wealth Management also looked at the following issues:
- Disconnect on Investing: Four in 10 (41%) men describe themselves as high or moderate risk investors, versus only 27% of women who tend to describe themselves as balanced (46%) or conservative/no-risk (27%).
- Who’s in Charge?: The majority of men perceive themselves as driving the financial decisions, whereas women say they share responsibility for these decisions. Seven in 10 (73%) women and 45% of men say they share responsibility for financial decisions. Half of men (53%) and only 17% of women say they are the ones who are mostly responsible.
- Money and Happiness: More men (55%) than women (45%) say they derive pleasure from wealth accumulation. This represents a slight shift from five years ago when an equal number of men (52%) and women (50%) shared that sentiment.
- Agreement on Kids: Mothers and fathers agree equally that the recession has had an impact on their children’s future financial prospects. More than half (57% of mothers and 55% of fathers) believe the recession has fundamentally changed the way their children will manage their finances in the future. The financial crisis has led many to openly talk about money; 44% of fathers and 49% of mothers agree “the events surrounding the recession have prompted me to have discussions with my children about finances and money.”
- Kids and Their Future: There is rising concern among parents that their children may have a tougher time making it financially, as seven in 10 (71%) wealthy parents share this concern. In 2006, just over half (57%) of parents agreed with the statement, “I am worried that my children will have a tougher time making it financially than I did.”