Several studies reveal that moms are better financial managers than dads. And guess no one would beg to disagree after staying under the household and financial regime of their moms. Mostly because mothers know how to tighten the purse during critical seasons, something that most dads aren’t really good at. But before you respond with an angry “They are!”, note that it has been consistently shown that any money given to mothers is far more likely to be spent in a way that benefits the whole family than is the money given to fathers.
When in doubt, rely on the good reasons why it may be beneficial to put mom in control of the family’s finances.
Women have more self-control.
Curbing their wants to prioritize the family’s basic needs is one of the many innate characteristics of a mother. Thus, when a woman starts raising her kid, she learns to control her impulses of spending recklessly, considering that the family is the most important thing in her life right now. She also starts keeping track of their monthly expenses, due dates of bills, peer-to-peer loans or credit card payment schedules, and other payables. If she had ample time, she’d likely keep a written record of the family’s daily or weekly spending and compare month-by-month expenses. No wonder why women are considered as remarkably organized compared to men.
Women worry about household financials.
Whether a homemaker or a working mom, married women are more concerned about the family’s financials. They want to make sure that each money is wisely spent. Given that moms are being practical, they often try anticipating only the best for the children’s future, which is why they often encourage the fathers to save for children’s college.
Men can be overconfident.
Overconfidence with a hundred percent competitive spirit is not always a bad thing but it can lead to financial mistakes, especially when it comes to financial decision-making. Some studies have proven that men are naturally more competitive than women despite the fact that we’re now in the 21st century which seems pretty far from the men’s domination era. In that case, women’s less competence by nature is making them more concerned with the needs of the whole family instead of keeping up with the Joneses. And by that I mean moms are more interested in long-term viable investments than luxurious things that can put a dent in the family savings and budget.
Women are careful investors.
On a scenario of a child asking his parents to buy him the latest video game console, fathers are more likely to say yes while moms would (always) have the final say, which, in contrary, is a big no. Well, that’s because moms are careful investors. They would like to know if something is worthy of investing in or if that will benefit the entire family in the future. Even when it comes to larger investments, mom would listen to a financial advisor to help them weigh the best option before completely making an investment opportunity.
Women are concerned about retirement.
Typically, women live longer than men, which is why they are more concerned about establishing a strong financial plan that includes funds for their retirement. While men are always confident to save enough and fund their desired lifestyle in the future, women need to save more just to feel confident in their ability to live comfortably during retirement.
All these traits of a mother are necessary to build strong financial support for the family. This means that the wiser the mother is, the better for the whole family.