Both men and women can be as bad or as good at managing money. With Christine Lagarde at the helm of the International Monetary Fund and Mark Carney as the governor of the Bank of England both sexes are represented at the pinnacle of money management.

Be responsible

The banking crash in 2008 came about because bankers became unrealistic about client loan repayment and very few of them appeared to think about the long-term effects of their rash decision-making. Both men and women were at fault in this instance.

There are occasions when you don’t have the cash that you need and you can always apply for a loan. Responsible borrowing is important; for example logbook loans from CCP should only be taken out if you are sure that you can make the regular repayments, otherwise you will lose your car. If you’re borrowing money to take advantage of a discount or special offer, you may find that you save money in the long run. You should remember that unlike the banks, the government won’t bail you out if you consistently spend above your means.

The family budget

For every survey that claims one sex is better than the other at managing money, you’ll find another poll that claims the opposite. The Daily Telegraph  published a feature that claimed that women were better at managing money but preferred to ‘stick to domestic chores.’ The survey went on to state that although women were more efficient at running the household budget they left the family pension and investment decisions to their male partners.

This seems absolutely absurd given that the many women are the main earners in their households and that women, traditionally, run up lower debts on their credit cards than men. It’s also insulting to the numerous female stockbrokers and pension fund advisors and other female professionals in the financial services industry.

It’s a matter of confidence

Perhaps women feel, unjustly, that they don’t have the skills to manage the family investments and run the affairs of a busy family. National newspapers’ business and finance pages all produce helpful advice for those who wish to learn more about investment, and women should take advantage of this knowledge. If both partners are more aware of mortgage deals, investments and other financial opportunities, then they might find that they can rely on each other’s financial expertise.

More women are currently going bankrupt than men, especially in the 25-34 demographic, though this might have as much to do with gender pay inequality as spending habits. Low maternity benefits and increased living costs also may explain this trend.

Some men and some women

Very often, money management in the home is about the division of responsibilities. If a couple recognise that one is better at reading the small print than the other, that one loves impulse buying after a couple of glasses of wine, then recognise these traits and work together to improve your financial situation. Money management is a minefield that can be navigated by men and women, equally.