Sunday, 2 February 2014

Bodo Schaefer and Carola Ferstl "Money is beneficial to women"*

Bodo Schaefer says that there is a big difference in how men and women respond to the theme "money." Prior to writing his book Bodo Schaefer conducted a survey in which more than 1,000 women participated. The results surprised him.

Apparently, women tend to shift all responsibility for important matters. They rely on their partners. Almost no woman thinks seriously about her retirement. Most of them do not even know what retirement to expect. In fact, 80 % do not have a clue as to what will be their pension. And it seems they do not care . Most women start thinking about money only when their life situation changes , for example, after a divorce. Bodo Schaefer does not think that such extreme measures are needed to bring order into a woman's financial situation.

Most women accumulate money for large purchases, but not for creating material prosperity or they save for children. More than 50% of all their money are on deposits. That is how women struggle against poverty. Hardly any woman dares to buy shares or invest into some funds. Women are much more cautious than men. They invest more conservatively. This means that a good income avoids women.

There is a good side - women are more economical than men, however the bad side is that women do not save for the future well-being , rather, they have these very different motives. They set aside money for a "rainy day", save for large purchases (furniture, car) , for a holiday home and for their children. They do not think about themselves and the future richness.This is due to the fact that many women are more family oriented. They attach great importance to education and childcare, as well as to a cozy home. Men, on the contrary, focus on status. This leads to the fact that women often spend money on new acquisitions that are impaired during the year and are out of fashion.

And what is the result? Most women have little money.