WOMEN AND MEN ON SAVING

Women Less Likely Than Men to Say Social and Psychological Factors Are Barriers To Saving

• 39% of men versus 34% of women cited "impulse spending on things like entertainment and clothes" as a reason for not saving
• 34% of men compared to 26% of women cited "spending to feel good" as a barrier to saving
• 10% of men compared to 6% of women cited "playing the lottery or gambling" as a reason for not saving

Men More Likely Than Women to Report They Are Saving Adequately

• 48% of men, but only 43% of women, reported that either they are "saving adequately to meet all their financial needs" or "have already saved enough to meet their needs"
• 20% of women, but only 14% of men, say that they "cannot afford to save at the present time"
• 72% of men, but only 64% of women, say they have adequate savings to pay for unexpected expenses
• 62% of men, but only 55% of women, say they have adequate savings to pay for several months of regular expenses if a job is lost
• 55% of men, but only 51% of women, say they are saving adequately for retirement

More Women Than Men Say Economic Factors Are Barriers To Saving

• 48% of women versus 40% of men say low or unreliable incomes are barriers to saving
• 39% of women versus 34% of men say large regular expenses are barriers to saving
• 39% of women versus 34% of men say unexpected expenditures like car repairs are barriers to saving

Source:  Study based on more than 2,000 respondents, conducted by Opinion Research Corp. for the Consumer Federation of America and Wachovia (November 2007).

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