The Female Finance Factor
By Dr. Judith Briles
to popular belief, women and money do go hand-in-hand. The
current perception is that most women continue to be tentative
about managing their finances, either online or off, because
historically, men have handled the majority of the family's
finances. Not so anymore.
In a recent research study of more than 1000 men and women,
the first WingspanBank.com Financial Index confirmed just
the opposite. In fact, the study showed that women, on average,
hold the primary responsibility for managing most of the financial
activities for their household, including the checking account,
paying and reviewing bills, deciding where to bank, saving,
investing, and creating a budget.
Furthermore, women are twice as likely as men are to assume
the title of Chief Financial Officer of their family.
Additional findings of the WingspanBank.com Financial Index:
- 62% of women manage the family's checking account (compared
to 38% of men).
- 59% of women review the bills prior to paying them (compared
to 32% of men).
- 58% of women actually pay the bills (compared to 35% of
- 53% of women decide where their family banks (compared
to 35% of men).
- 46% of women head up savings and investment accounts for
their family (compared to 42% of men).
- 53% of women create the family's budget (compared to 30%
These statistics are not surprising, considering that women
wear so many hats on any given day. Women tend to be everything
to everyone: mothers, employees, wives, caregivers, general
household manager, and something that men might not like to
admit--the primary managers of the household finances. Women
need solutions to help them manage all of their many roles
The above statistics don't say that women feel that they
do it "right" all the time. Rather, they say, "Women
are in charge of the management of the household money--the
banking, investing, saving, and spending, and they need all
the information they can get to be better household CFOs."
With that in mind, here are 10 easy-to-manage steps to help
you do a more effective job:
Identify any fears and concerns you have about handling
and managing your finances.
Identify how money is spent in your family.
Become educated--take advantage of the Internet to
learn about all relevant financial matters that affect
Determine and assess your current financial situation.
List all income, assets, equity, fixed and flexible
expenses, and discretionary income.
Identify your objectives and develop a written financial
plan (including your goals for education, family, and
Determine the types of investment most appropriate
for your current situation and goals.
Calculate how much money you can save and invest monthly.
Consider speaking with a professional financial planner.
Check out Web sites, such as MsMoney.com, and take advantage
of their financial tools and calculators to help analyze
your current financial situation and plan for the future.
Create a realistic financial plan, budget your resources,
and stick to it.
Allow for mistakes--you're bound to make some.
And take advantage of others' mistakes--you'll
learn from them.
When it comes to money, there's good news and bad news in
risk taking. Historically, women have been less inclined than
men to take risks as it relates to managing their finances,
and they will spend a lot of time and effort researching financial
opportunities. The good news is that we want to know where
our money is going. The not-so-good news is that because we
are more risk averse, we avoid putting money in investment
opportunities that could create higher returns.
The Internet has created an incredible resource to get information
24 hours a day, 7 days a week. Use it. Embrace the ease and
convenience of managing your finances online and join the
growing trend of consumers who are saving time and money with
online banking, investing, savings, shopping, and gathering
financial information that can reshape your future. Today's
CFO demands quick and accurate information and implementation.
Add information and implementation to the Female Finance Factor,
and you've got a very powerful prescription for financial
Judith Briles, Ph.D. is a speaker, columnist,
and award-winning author of 20 books including 10
Smart Money Moves for Women and Smart
Money Moves for Kids. She can be reached at 303-627-9179
and e-mailed at DrJBriles@aol.com.
Her Web site is www.briles.com.