With the state of the economy on everyone’s mind, it’s not surprising that many families are experiencing financial problems. What may be surprising, however, is that money troubles and worries over the budget cause mom to lose more sleep than dad. Read on to find out what a new survey from Manilla.com reveals about men and women and their family finances.
The challenging economy isn’t just causing women to lose money in the stock market – it’s also causing them to lose sleep.
That’s according to a new survey released today by Manilla.com, a free web-based service that helps consumers better manage all of their household accounts, including financial, utilities, subscriptions and travel rewards programs, in one secure place online. Catalyst Group conducted the survey.
Financial worries are the biggest reason women stay up at night, with nearly one in three females (30 percent) saying they burn the midnight oil over money woes. To-do lists and work stress run a distant second, with just 18 percent of women saying those issues are their biggest sleep deprivers.
When asked what keeps them up at night, the most common answer for men (35 percent) is “nothing.”
“Financial problems impact nearly everyone’s health and happiness and many times women bear that brunt even more than men,” said Jessica Insalaco, chief marketing officer of Manilla. “Maintaining an organized financial life can mean less stress and more healthful choices. I don’t know any woman who couldn’t benefit from a few more z’s every night.”
Manilla is the first service that gives users an organized, automated view of all their household accounts under a single password. By alerting members to pending due dates, the service helps ensure individuals pay bills on time and avoid incurring late fees. For some online accounts, Manilla also helps reduce paper clutter by making it easy for users to opt for paperless bills.
“With today’s busy lifestyles, keeping on top of one’s personal finances can seem daunting in the face of the many demands in life,” said Linda Descano, CFA, president and CEO of Women & Co., a service of Citibank that offers a financial education resource and community for women. “And with 66 percent of women now serving as CFO of their household, according to Women & Co. research, it’s not surprising there is more to keep them up at night. Innovative services such as Manilla and Women & Co. help simplify the complexities of one’s financial life to keep personal finances on track and provide peace of mind.”
Women and men diverge in other areas related to household financial organization and bill paying, according to the survey. Notable differences include:
– Women tend to be more bothered by the clutter and waste of paper mail. Thirty-eight percent of women (vs. 34 percent of men) say the waste is the worst thing about paper mail, and 32 percent of women (versus 24 percent of men) say the worst thing is the clutter.
– Organization impacts women more acutely than men. Seventy-three percent of women say they are frustrated by disorganization, compared to just 59 percent of men. When organized, 50 percent of women say they feel relaxed and 40 percent say they feel happy. That compares to 41 percent and 37 percent of men respectively.
One trait that men and women share: about half of each gender says they have forgotten to pay at least one bill in the past year.
“It’s a fact that’s true not just for women: getting your financial life streamlined and organized can make you happier and less frustrated,” said Insalaco. “Ridding your home of unneeded paper bills and paying bills on time all contribute to a more relaxing, less stressful home, not to mention a more healthy financial future.”
Also see:
Three Money Management and Saving Tips for Teens
How to Save a Financially Wounded Marriage
