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New study: Are men too confident about college savings? Or are women too pessimistic?
http://www.savingforcollege.com/articles/new-study-are-men-too-confident-about-college-savings-or-are-women-to-975
Posted: 2016-09-04
When it comes to family finances, including retirement, college planning and other investments, men appear to be more knowledgeable and confident than women, according to survey data recently released by Savingforcollege.com.
According to the latest findings from the 2016 Annual College Savings Survey, a person’s gender may impact their views on saving and paying for college. 529 plans offer lucrative federal, and sometimes state, tax benefits, making them one of the most effective ways to grow a college fund. However, more men said they use or will use a 529 plan to save for college, while women are more likely to use other savings vehicles like checking or savings accounts. Men surveyed also appeared to be more knowledgeable about 529 plans and how they operate.
What’s more, a 2015 survey conducted by Savingforcollege.com indicates that gender differences may exist across a broader spectrum of financial attitudes and behaviors. Specifically, men are more likely to view investing for the family as their sole responsibility, while women tend to see it as a shared responsibility. Men are also more confident about saving for emergencies and retirement than women.
While some of the discrepancies may be rooted in psychology and attitudes, other contributing factors could be the differences in employment status and earning levels, family roles and responsibilities, and a greater awareness of 529 plans among men. This could be an opportunity for the industry to focus on educating women about the benefits of college savings plans and how they operate.
RELATED: Study reveals parents could have saved $20,000 more for college
When it comes to family finances, including retirement, college planning and other investments, men appear to be more knowledgeable and confident than women, according to survey data recently released by Savingforcollege.com.
According to the latest findings from the 2016 Annual College Savings Survey, a person’s gender may impact their views on saving and paying for college. 529 plans offer lucrative federal, and sometimes state, tax benefits, making them one of the most effective ways to grow a college fund. However, more men said they use or will use a 529 plan to save for college, while women are more likely to use other savings vehicles like checking or savings accounts. Men surveyed also appeared to be more knowledgeable about 529 plans and how they operate.
What’s more, a 2015 survey conducted by Savingforcollege.com indicates that gender differences may exist across a broader spectrum of financial attitudes and behaviors. Specifically, men are more likely to view investing for the family as their sole responsibility, while women tend to see it as a shared responsibility. Men are also more confident about saving for emergencies and retirement than women.
While some of the discrepancies may be rooted in psychology and attitudes, other contributing factors could be the differences in employment status and earning levels, family roles and responsibilities, and a greater awareness of 529 plans among men. This could be an opportunity for the industry to focus on educating women about the benefits of college savings plans and how they operate.
RELATED: Study reveals parents could have saved $20,000 more for college
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