Men and women have more similarities than differences, but several studies show women have the advantage when it comes to handling their finances. Money Coach Max Phelps, joined Mike to explain.
1. Risk taking: Women have a slight risk aversion compared to men. So they are less likely to get into risky asset classes, such as Bitcoin, and they tend to spend less on gambling.
2. Financial security: Single women are more likely to buy a home and pay it off faster (after allowing for salary differences), plus hold rainy day savings.
3. Less DIY: Women are more likely to ask for help from finance professionals, such as a financial planners or money coaches, rather than trying to do it themselves.
“Studies show 40% of Women have money put away for a rainy day, and only 25% of men.”
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