Last updated at 14:39, Wednesday, 21 January 2009

BUY BUY BUY: Women less savvy then men when it comes to shopping?

SOME women lie back and think of shopping, rather than England, according to new female-friendly, financial self-help guide, Sheconomics.

Co-author, Professor Karen Pine, says that men and women relate completely differently to money, and how they look after it.

“Many women tell me that they’ll buy something because they’re feeling bad about their looks,” Karen says.

“Money, and spending money, can help women fill an emotional gap that other activities just can’t reach.

“I remember one woman saying to me that every time she felt overweight, she’d go out and spend money on shoes. ‘I now have over 150 pairs of shoes,’ she said to me cheerfully. ‘So I think I might have a weight issue.’”

But, ultimately, having a sensible attitude to money is no laughing matter, whether you’re a man or a woman.

“Many women need to realise that the time has come to sort out their relationship with money,” Karen says.

“This book is for anybody who feels uncomfortable about their spending or the fact that they’re not saving.”

Karen, a professor of developmental psychology at the University of Hertfordshire, has extensively researched female behaviour.

A chance meeting with financial advisor Simonne Gnessen inspired them to combine their knowledge and come up with a new way for women to tackle money problems: She-economics.

“Men tend to shop on the basis of material need,” Karen says.

“Whereas almost eight out of 10 women I’ve interviewed say they go shopping to cheer themselves up. It’s their default activity.”

According to Karen, women are also far more likely than men to have the same bank account their parents set up for them on their 18th birthday.

“Men are more likely to shop around for good rates on savings accounts and mortgages, and have pension plans. Whereas, while women might be great at finding the best price olive oil in the supermarket, they aren’t so savvy when it comes to investments or financial products.”

“I was amazed to discover how, even nowadays, so many male/female relationships are still built along traditional lines,” says Karen.

“The man will handle bigger money decisions and the woman manage the weekly household budget. Even with younger couples who have a very equal relationship in every other way.”

Many professional women may never have had a female, financial role model, she adds.

“A lot of women are part of the first generation to ever take control of their own money. They may not have seen their mums being in control of the finances.”

She believes women need to change their habits.

“Tracking spending is enormously important. It’s amazing how many women don’t really know where their money goes. Ask yourself what has to be paid and what’s left over. Divide that into weekly amounts and try living off it, in cash.

“And don’t rely on credit cards.

“To keep spending in check, women need to experience the pain of handing over real cash.”

First published at 11:50, Wednesday, 21 January 2009
Published by http://www.nwemail.co.uk