The Hindu Business Line : In control or insecure?

Women are less likely to splurge than men. Is this because they are naturally more prudent and their role as nurturers makes them more cautious? Or because not being the breadwinners, they tend to be much more insecure than men?

Money may make the world go round, but it sure stays put in a woman's pocket more than a man's. Generally, women are less likely to splurge than men. Besides, even when they do overturn their pockets, it's for a need that is pressing and cannot be avoided.

So, what are the qualities that make a woman spend less, save more and opt for financial planning more than men do? Is it due to experiencing years of depravity in a `man's world', or because property rarely comes to her as a right of inheritance or the fact that for centuries she has not been considered the primary breadwinner of the family?

Could it be that it's none of the above and that it comes to her automatically... . primarily due to her nature — of nurturing, protecting and teaching her children, of considering her family her primary space and responsibility?

Actually it's a mix of all these. It doesn't matter if the scenario is urban or rural; the story of the woman being the money manager is universal. In both settings it has been proven time and again: Remember reports on how micro-finance schemes in villages were successful mainly with women's groups with the rate of repayment beingover 90 per cent?

There are any number of stories of women-headed households where women have sold all theirjewels to educate their children or worked day and night to keep the kitchen fires burning. Think of the tragic cliché that is far from a cliché in women's lives — of the husband drinking and gambling away his earnings and demanding money from the wife to drink some more. She is then left with the responsibility of running the house and educating the children. Of course, there have been cases where the woman has buckled under pressure and either taken her own life or gone into severe depression from where there is no return.

But more often than not, instead of indulging in self-destruction, the woman rationalises, innovates and at the end of the day turns into an effective money manager.

"Do you know why women exercise more caution than men?" asks Payal Sharma, who runs her own export business and thinks that thrift comes naturally to women, specially single women.

"Because it's a man's world out there and women do not feel secure enough to venture out freely. They constantly fear physical harm and know that for survival they need a roof over their heads and a means to money."

Chennai-based psychiatrist and Director of SCARF, Dr Thara Srinivasan, agrees. "It is a question of insecurity and women tend to feel insecure often. In most cases, women depend on their husbands for their financial needs, and when the input (money) in not under their control, the only thing they can control is the outflow and hence the insecurity increases."

She points out that quite often when psychiatrists have to counsel men before retirement, "we have to counsel the wives too, because much more than him, she feels insecure on two counts. One, on the monetary front, and two, on the fact that the husband is going to be home all the time!"

Delhi based psychiatrist Dr Samir Parikh agrees that men do tend to have a more "risk-taking behaviour" and women are less impulsive, more compliant and their chances of manipulating the law are less. However, he feels this is not only in the area of money managing, but in other things as well. "Talking about this issue purely on a gender basis may not be very scientific. I do not see it as a gender issue. However, it is true that a woman would spend more on her family and herself, than on an outsider. It is also because her usage of illicit substances is low and gender biases are inherent due to experience, upbringing and cultural pressure," he explains. Dr Thara adds that while middle class women tend to be more prudent with their money, upper class women can spend as much, or even more, as men.

"I have seen women spending a lot on jewellery and sarees. Thy can pick up even 200 to 300 sarees!"

Women's rights activist Pooja Bhatia agrees that one should not generalise on this aspect and points out that when it comes to splurging on "uncontrolled shopping", women, rather than men, fit the bill. She feels that the very fact that it is a `man's world' out there, has made women more adept at money managing.

She also thinks that a woman's ability to handle money more judiciously stems from her biological instinct to give birth, to protect, to nurture and her inherent character which makes it natural to preserve and let grow. She does this with her money too.

Dr Thara puts it thus: "In earlier years women used to look at children as investment, in that they would look after them in their old age. But all that has changed."

As for the money management bit, she relates the story of this woman who told her recently: "My husband gives me the entire pay packet and has no clue as to where the money is going; what is the children's school fees, how much their tuition fees costs, etc. It is I who have to juggle around and manage."

Picture by Bijoy Ghosh

Article E-Mail :: Comment :: Syndication

Stories in this Section
Announcing their arrival

Investing in mutual funds

Savvy investors or punters?

Choosing an insurance policy

In control or insecure?

Keeping investment secrets of women

Careful and astute