Survey shows women are less confident in making financial decisions

Report highlights differences between men and women regarding finances. Photo: Getty

Charlie Weston

Women tend to have far lower levels of confidence in their financial decision-making ability than men, and men are twice as likely as women to have financial investments, according to the latest Reflecting Ireland report commissioned by PTSB.

The research also found the cost of living is still the most ­dominant issue in people’s minds.

However, there is a sense of stabilisation in economic sentiment compared to previous quarters, according to the survey carried out by Core Research.

The survey found 43pc of people expect the economy will get worse over the next 12 months – which is down from 48pc last summer.

However, 33pc said it will get better, which is up from 29pc last summer.

The research surveyed attitudes towards financial planning and revealed striking differences ­between the approaches taken by women and men.

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Only 39pc of women said they feel confident about making investment decisions, with 52pc of men confident about making investment decisions.

Almost half of men have a clear long-term financial plan, versus around a third of women.

The male-female gap is highest in the under-35 age group, where 54pc of men and just 32pc of women said they have a plan.

Women take the lead on decisions about grocery shopping or day-to-day finances.

In contrast, men are more likely than women to take the lead on utilities, home or car insurance, loans, and investments.

Women and men feel equal ­levels of confidence in their ability to manage their household budget.

The research found 58pc of respondents said the country is on the wrong track – this is ­unchanged from the last quarter – while 30pc said it is moving in the right direction.

Surveyors found 46pc of people said they feel worse off than a year ago, but this represents a drop from 54pc in October; while 28pc of people expect to be better off in a year’s time, up from 23pc in October.

The research also found 67pc of women feel they have to work harder than men to get the same level of career progression.

One in five would not recommend their workplace to a female relative or friend, with 21pc of women saying this and 18pc of men.

Both men and women who have a direct female boss are significantly more likely to recommend their workplace to women.

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