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(Kansas City, Mo.) – One chromosome carrying 78 genes separates men from women.* Although
the "money gene" is not one of them, it should be. Men and women often have different financial priorities, and approach the issues of financial security and knowledge in contrasting manners, according to a recent national Internet survey of people interested in learning more about financial matters. The GoodLife™ survey, conducted by Stowers Innovations, Inc., celebrates the third annual Achieve Financial Independence Week™, Oct. 15-21, 2006.
Only 36 percent of women in the survey population reported feeling in control of their financial situation, compared
to almost half (48 percent) of men. What's more, women have catching up to do
in other financial areas.
- Women are less likely to have a plan to pay off their debt.
- Men are more likely to have an emergency fund established with enough money to live for at least six months.
"While there may be distinct differences in how men and women approach
money and financial decisions, the most important truth is everyone still has something to
learn," said Sam Goller, executive director of Achieve Financial Independence Week and
author of Yes, You Can... Achieve Financial Harmony and Yes, You Can... Afford to
Raise a Family.
Men and women even approach increasing their financial IQ differently—women more often turn
to friends and family while men look to newspapers and magazines. When it comes to money
knowledge, the men in the survey are ahead again. Male respondents were more likely to know the
definition of a mutual fund and Roth IRA. While both men and women were equally likely to
know the definition of a 401K.
"Men and women often make decisions based on different priorities. Women tend to consider
how their decision will affect those around them, while men typically have a higher
tolerance for risk," said Dr. Sheelagh Manheim, psychologist, co-author of Yes,
You Can... Find More Meaning in Your Life and consulting psychologist for Yes, You
Can... Raise Financially Aware Kids. "These tendencies are reflected in how men and
women approach money. Neither approach is wrong; they are just different."
One area where the men and women in the survey do agree is concern for the financial education of their
children.
- 73 percent of the parents are concerned their children do not know enough about money.
- The dads are more concerned their children do not know enough about money than moms (79 percent of dads to 69 percent of moms).
Both sexes can increase their financial IQ during the third annual Achieve Financial
Independence Week, Oct. 15-21. Created by Stowers Innovations and supported by
American Century Investments and Tips for Kids® and Tips for Life®, the week:
- Raises awareness of the pitfalls of spending, the dangers of debt and the diminishing value of the dollar.
- Equips Americans of all ages with the tools and knowledge to realize their own financial goals.
- Provides specific and actionable ideas on how to achieve financial independence.
"Achieve Financial Independence Week offers an opportunity for men and women to
take stock of their financial situation and determine what changes they need to make
to achieve their financial goals," said Scott Oberkrom, community investments
consultant for American Century Investments. "With the right tools and
determination, anyone can achieve financial independence."
*According to National Public Radio (NPR).
About Achieve Financial Independence Week™
Created by Stowers Innovations, Inc., Achieve Financial Independence Week™ helps raise
Americans' awareness of their own spending and saving habits, and provide people of all ages
with the strategies and information they need to achieve financial independence. For more
information, visit www.afiweek.com.
About Stowers Innovations, Inc.
Stowers Innovations, Inc. is a company that helps people find ways to improve their financial
position and find more meaning in their lives. Their mission is to provide information that
makes people aware of how they can live a meaningful life through an understanding of their
values, personal relationships, finances, good physical health and mental well being. For
more information, visit www.stowers-innovations.com
About American Century Investments
American Century Investments is a leading investment manager with nearly fifty years of
experience helping investors achieve their financial goals. Based in Kansas City, Mo., the
company manages approximately $99 billion in assets through separate accounts, commingled
trusts, subadvisory accounts and mutual funds. James E. Stowers Jr. founded the company
in 1958. His son, James E. Stowers III, is chairman and William M. Lyons is president and
chief executive officer. For the past seven years, American Century, which employs
approximately 1,900 people, has been selected as one of FORTUNE Magazine's 100 Best
Companies to Work for. For more information about the company, visit www.americancentury.com
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