Gender has nothing to do with money management…or does it?
We get that managing money can be a challenge that affects just about everyone, regardless of gender. But the numbers continue to show us that men tend to face some unique challenges when it comes to their money. So, while we continue to celebrate our men in November, let’s look at some of the most common money management challenges men face and some practical solutions.
The Order of the Day: In many social contexts, quite like our own, there are societal norms and expectations that dictate that men should be the primary breadwinners. For many men, this pressure to be the financial providers for their families can often lead to unexpected expenses and anxiety about meeting financial obligations. So, how do we fix this? Set realistic financial goals that support your individual aspirations rather than societal norms. Also, communicate honestly with your family about your financial challenges, goals and expectations.
Let’s hear what the experts have to say: Many will tell you that men may be less likely to seek financial advice or even admit to struggling with managing their money, often because of this desire to appear self-sufficient and always in control. This is not necessarily OK! If you feel unsure about your financial situation, maybe it’s time to seek professional guidance. At VM Group, we have financial advisors who are trained and more than qualified to provide personalised advice, help you create proper financial plans, and guide you towards achieving financial wellbeing.
Risk it for the biscuit? A lot of men tend to exhibit high risk-taking behaviour when it comes to things like investments or other major financial decisions. This can, of course, present opportunities for growth, but it also carries the possibility of financial loss. As you think about investment opportunities, make saving a priority by setting aside some of your income each month and create an emergency fund to build a safety net for financial security. Besides, if you want help with crafting strategies to manage risk and buying into sound investment solutions, then we’re here to guide you.
Buying off-the-cuff? Impulsive spending is another big challenge that men face when we look at how they manage their money, particularly when it comes to buying things for status. This can also lead to financial strain, especially when what their spending exceeds their earnings. It’s for reasons like these that we believe in the power of financial education. Take some time to educate yourself on basic financial concepts such as budgeting and debt management. VM is big on financial education, and we offer numerous channels and resources through which you can acquire the knowledge and skills needed to make sound financial decisions and easily gain control over your financial future. Recognising and addressing the financial challenges men face is key to promoting proper money management. You must remember that good money management isn’t just about accumulating wealth, it’s also about building a solid foundation for a financially secure future. What are you waiting on to start that preparation? Click here and let’s get started.
