Women See Bigger Impact from Recession than Men

PNC’s “Love and Money” report, part of its Wealth and Values Survey, found that the recession left different footprints in the minds of men and women. Forty-nine percent of women, versus 39% of men, said “we are planning our financial affairs more carefully than we used to,” whereas 51% of men and 38% of women said “nothing has changed.”

Women were more concerned than men when asked about all kinds of financial headaches: fall-out from the recession concerns 69% of women versus 54% of men; inflation fears effect 51% of women versus 44% of men; money to support lifestyle concerns 46% of women versus 40% of men; declining real estate values (45% of women versus 35% of men), and not being able to support lifestyle in retirement (45% of women versus 34% of men).

PNC Wealth Management also looked at the following issues:

• Disconnect on Investing: Four in 10 (41%) men describe themselves as high or moderate risk investors, versus only 27% of women who tend to describe themselves as balanced (46%) or conservative/no-risk (27%).
• Who’s in Charge?: The majority of men perceive themselves as driving the financial decisions, whereas women say they share responsibility for these decisions. Seven in 10 (73%) women and 45% of men say they share responsibility for financial decisions.  Half of men (53%) and only 17% of women say they are the ones who are mostly responsible.
• Money and Happiness: More men (55%) than women (45%) say they derive pleasure from wealth accumulation. This represents a slight shift from five years ago when an equal number of men (52%) and women (50%) shared that sentiment.   
• Agreement on Kids: Mothers and fathers agree equally that the recession has had an impact on their children’s future financial prospects. More than half (57% of mothers and 55% of fathers) believe the recession has fundamentally changed the way their children will manage their finances in the future.  The financial crisis has led many to openly talk about money; 44% of fathers and 49% of mothers agree “the events surrounding the recession have prompted me to have discussions with my children about finances and money.”
• Kids and Their Future: There is rising concern among parents that their children may have a tougher time making it financially, as seven in 10 (71%) wealthy parents share this concern. In 2006, just over half (57%) of parents agreed with the statement, “I am worried that my children will have a tougher time making it financially than I did.”