A recent survey conducted by New York Life, one of the world's largest insurance companies, revealed interesting findings regarding the goals, targets, and feelings associated with managing household finances among married couples.
The survey results highlighted differences in financial confidence and knowledge gaps between men and women. For instance, 45% of men reported that self-esteem is the primary emotion driving their household financial management, while 38% of women cited pressure as their leading emotion.
Some 88% of women stated that paying bills was the area in which they felt most proficient, with 75% feeling knowledgeable about maintaining credit limits and 74% about saving for emergencies. However, women reported feeling less knowledgeable than men in areas such as insurance, pensions, capital market investments, understanding protection products, and building family wealth.
Nearly two-thirds of married men surveyed said they made all or most financial decisions in their households, compared to only one-third of women. Half of married women claimed they shared financial decisions with their partners, while only one-third of men reported the same.
Despite men reporting greater involvement in financial decision-making, both genders reported spending an average of six hours per week on financial matters. Among women, half of this time was dedicated to paying bills, while the other half focused on tasks like maintaining credit limits. For men, approximately two-thirds of their financial time was spent interacting with the family's financial advisor.
