Friday, April 18, 2008

Recession Gender Gap? Men in Denial, Study Says

Is there a gender gap about the recession? According to this new survey from Finicity, more men are in denial about the recession.

"Men are more likely than women to do nothing to adjust for an economic recession, according to a survey from the money management experts at Finicity.

The results, from a survey of more than 300 users of the popular money management program Mvelopes, highlight a stark contrast in the way men and women feel about a potential US economic recession:

· 21 percent of men say an economic recession would have no impact on their lifestyle, compared to only 5 percent of women.
· Men are twice as likely as women to be “not at all worried” about the current US economy.
· Nearly 60 percent of women feel the US economy will be worse in six months – compared to only 45 percent of men who feel the same way.
· Women are twice as likely as men to decrease gasoline consumption during an economic recession.

“I think it’s important to understand better how both sides view financial matters – whether on the economy, spending or how we feel about gas prices,” said Steve Smith, president and CEO of Finicity. “It’s just another component of trying to understand our lack of communication over money, and how to start making improvements.”

Other findings from the survey include:

· The top three things people would be least likely to give up in an economic recession:

1. Consuming gasoline at their current rate
2. Contributing to savings
3. Eating out

· The top three fears concerning an economic recession:

1. Inflation
2. Job security
3. Increased debt

And, on a lighter note:

· The top three “other” things people would be least likely to give up:

1. “Eating organic foods”
2. “Music lessons”
3. “Feeding my dogs”

Source: Finicity


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