Gender Differences in Personal Saving Behaviors

Gender differences in personal saving behaviors among single person households were investigated using the 2007 Survey of Consumer Finances (SCF). Determinants of short-term and regular saving behavior were found to differ by gender. Women (n = 702) were less likely to save in the short term if they were in poor health, while poor health did not significantly affect the short term saving of men. Having low risk tolerance negatively affected the likelihood of women saving in the short term and saving regularly, while each year of education made men (n = 469) more likely to save in the short-term and to save regularly. Understanding the saving behaviors of men and women can help improve the efforts of financial professionals and educators.