Men & Women Differ Substantially In Their Financial Decision-Making

Toronto, ON- According to a new study conducted by Ipsos-Reid's Canadian Financial Monitor Group, women respondents are less confident about their financial situation, less comfortable carrying debt but are more likely to be more impulsive spenders than Men. When asked to rate their level of satisfaction with their household's financial situation, women rated a score of 6 (on a 1-10 scale), compared to a score of 6.6 for Men. In response to the question of preference for using cash & debit cards, as opposed to credit cards, women rated a score of 7.3 compared to a score of 6.4 for Men. Similarly, women are relatively more likely to rate themselves as "spenders" rather than "savers" (mean scores of 4.2 and 3.8 respectively).

Women also appear to be more likely to prefer having one financial institution and are less likely to change Financial Institutions. Asked to rate their preference for using only one Financial Institution, Women scored an average of 7.4 compared to 6.4 for Men.

Men are also relatively more price-conscious and are more comfortable with the idea of negotiating for better prices. Men gave themselves an average score of 6.1 when asked the question of "how comfortable they are when negotiating for better prices" compared to 5.4 score for Women. Asked the question of "how likely they are to go to the Financial Institution that gives them the best deal", Men rated a 6.7 compared to 6.3 for Women.

When it comes to investment risk tolerance, Men are relatively more risk tolerant. When asked their degree of agreement with the statement " I don't like to invest in the stock market because it is too risky", Men rated themselves at 5.5 compared to 6.3 for Women. Men are also more likely to enjoy taking care of their financial affairs more than Women do with relative scores of 7.8 and 7.0 respectively when asked to rate their degree of agreement with the statement "I enjoy taking care of my financial affairs".

These findings are taken from Ipsos Reid's Canadian Financial Monitor Study (Attitudinal Module). The Canadian Financial Monitor (CFM) was launched to address a market need for an all encompassing study that tracks the ongoing financial activity of Canadian households. Results for the Canadian Financial Monitor are based on a self-completed mail survey gathered from an annual sample of 12,000 households. In 2004, an attitudinal module was added to the CFM core study to help to explain some of the "whys" behind the behaviours. The CFM Attitudinal Study is based on a sample of 2,000 individuals. These 2,000 individuals have all participated in the CFM core study therefore making it possible to link their attitudes with their behaviour.