Seeing through Female-Colored Glasses?

In "Elders Leading the Charge, Frugality-Wise," I noted data from a Gallup poll (highlighted and analyzed by the Atlantic Business Channel) indicating that older Americans are cutting back more aggressively on spending than the younger generation.

Although some commenters speculated that a broad fall-off in retirement-related income (as interest rates have declined) or age-related differences in discretionary spending patterns played a role (which may, in fact, be true), my first thought was that those who are older and wiser tend to have a sense of economic reality that is, say, more unvarnished.

But maybe it doesn't end there. Perhaps gender also influences perceptions of economic reality, if the following Digital Journal report, "Women More Pessimistic on Economy Than Men, According to Survey," is anything to go by.

In a survey conducted by an advertising research group, women were found to be considerably more pessimistic on the economy than men. The perspective could have a sustained impact on household buying.

As economists continue to look more closely at their crystal balls for signs on the direction of the economy, a survey released by an advertising research group reflects a persistent economic pessimism among women - considerably more negative than men.

"Even though they have arguably fared better in the recession, women are more pessimistic about the economy than men, according to a 300-person survey by Performics, part of Publicis Groupe's VivaKi Nerve Center. While men appear to have improved their outlook on the economy, women have not." Advertising Age reported.

According to the group's 2009 Online Buyer Economic Trend Study, 53 percent of women said that their economic situation is worse than a year ago. Just 38 percent of men said they were worse off a year ago.

"The trend is interesting, considering unemployment among women is more than two percentage points lower than it is for men, according to the U.S. Bureau of Labor Statistics. Men, by many accounts, have born the brunt of the job cuts," Advertising Age reported.

The pessimism among women raises concern, as marketers consider women to be responsible for more than 80 percent of household purchases - and a pullback among women would likely further extend the worldwide recession.

"In this down economy, household financial situations are negatively impacted by lower incomes, no raises, no bonuses and, in some cases, unemployment," Michael Kahn, senior VP-marketing at Performics, told Advertising Age. "Given that women are the primary purchaser in many -- if not most -- households, they may bear the brunt of having to watch dollars more carefully and make a reduced household budget work. This applies not only for a two-income household but a single-income household as well."

"What's more, 73% of women said the recession has fundamentally changed the way they think about saving and spending money vs. 57% of men," according to Advertising Age.

Comments

[Martin]

I think this shows, once again, that women are superior to men.

[Alexandra]

One should keep in mind that so far job losses have been in areas where there are more men than women, e.g. finance. Also when women are present in these areas they typically earn less than men, so firing the men first would make economic sense.
As to the negative outlook of women might be related to the fact that women in general make the household purchases, so they notice that money doesn't buy as much as it used to.

[roger]

Perspective has nothing to do with the size of the pocket book.Crystal balls belong in the office of the Tarot card readers.Labor is the first price for purchasing the goodies ,and for now Labor is in hibernation and its going to be a long & very cold winter.

[Marion Shaw]

The most obvious, axiomatic truism of life, and often the most forgotten,
is that man is born of women with the help of a father. So none of this superiority bit, please. Its a fifty fifty proposition in every human child born. And besides, everyone knows that most household finances are run by
the mother.

[Morocco Bama]

I don't know about the 50/50 part, Marion. I haven't had the luxury of carrying a child to term and delivering it via labor. I'd say more like 80/20, or 90/10.