Regular readers will note that I spend very little, if any space giving credit card advice “for men” or “for women”. Frankly, I think most of this gender specific advice is worthless. In a day and age where our society has thankfully ceased to peddle in racial and ethnic stereotyping, many still feel it is appropriate to offer gender stereotypes when it comes to personal finance. The simple fact is that your bank account, your credit card, and your credit score really don’t care if you are male or female.
Slate Makes A Good Point
I was thinking of these things recently when I came across this article in the Slate online magazine. The author, Heather Seligson, points out all of the various personal finance books that are marketed towards women. Seligson notes that there are actually very few differences between the personal finance habits of men and women. She speculates that the reason there are so many personal finance books written specifically for females is that they tend to be less confident about their financial abilities. That may be the case, but I would speculate that women are not only more likely to buy self help books, but they are definitely more likely to buy any product that it’s creator claims is “for women”. There is a general perception among women, correct or incorrect, that they are constantly the victims of a male dominated society that is producing products that do not take into account their needs or their perspective. I have often joked that there is a fortune waiting to be made by the first person who markets a toothbrush specifically for women.
The point is that these books exist, not because women are less capable of dealing with their finances, or because women’s financial needs are significantly different than men’s, but merely because women will buy these books, therefore people will write them. The stereotype that women will spend too much money on shoes might be true for some fraction of women, but certainly not all of them. Furthermore, I know plenty of men who’s purchases of computer parts or sporting equipment would shock a confessed female shopaholic.
What We Should Be Concerned About
I don’t think the relatively minor differences between how men and women manage their money are much of a concern. The article states that “A higher proportion of women carry some credit card debt compared with men—76 percent to 67 percent. But men on average carry higher dollar amounts of debt.” When I read that, I wasn’t in shock that women were more likely to have credit card debt or that men had more of it, I was horrified that so many Americans had any credit card debt at all! Assuming that the number of men and women managing their money is equal (not taking into account who manages the money in a marriage where finances are handled jointly), this means that over 70% of Americans carry credit card debt. It is like hearing that 67% of men and 76% of women will suffer from a horrible disease. The rational response is not to wonder why it affects more men than women, but to be appalled that so many are suffering.
Sometimes I feel like a broken record, admonishing readers every day to never carry a credit card balance. It is only when I read statistics like this that I am sure that this message can never be repeated often enough.
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