Men and women wired differently when it comes to money

TORONTO – We all know men and women think very differently and a new study suggests the same goes for making key financial decisions.

RMIT University in Melbourne, Australia examined the reasoning behind why women spend money the way they do and found it is heavily influenced by family and relationship interaction.

A report in The Sydney Morning Herald indicates “women tend to see their money as the ‘‘family’s money’’ and see a man’s money as his own.”

The study further states that childhood experiences play a big role in shaping women’s views especially when it comes to providing for children.

Relationships with family members, friends and co-workers often come into the equation when women decide how to spend their money.

The researchers of the study say personal financial education isn’t enough to motivate women to change their habits but that familial factors must come into play, such as providing a more comfortable life for their families.