MONEY, GENDER & RACE

Money, Gender & Race

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Money, Gender & Race

I. Introduction

A. Statement of the Problem & Delineation of the Problem

Statement of the Problem

The purpose of this article is to explore the financial attributes in our society in accordance with gender and race. According to the article, “Financial Attitudes and Family Communication about Students' Finances: The Role of Sex Differences” it is explained that men are more likely to earn more than women and hence they assess money as more valuable than women, which makes them depend less on their parents money. Whereas, the other article mainly focuses on the issue of money and financial literacy but takes into account the race, and hence the two articles provide a solid background to incorporate both gender and race with the financial attributes and literacy of a person.

Delineation of the Problem

According to recent studies, it has been concluded that many of young college going men are more likely to value money and believe that they have stronger knowledge about how to handle money, and hence are found more confident when dealing with money. They also have positive attitude towards money and believe that having money makes them more desirable in the society. However, women on the other hand tend to have negative attitudes towards money and hence are more dependent on their parents' money than their own. Whereas, when it comes to race, it is found that racial minorities tend to have less knowledge about money and their financial obligations than whites.

Aspects of the Problems to be Discussed

Financial attributes of men and women

Financial attributes of minorities and whites

II. Review of Literature/Development of Problem

There are various researches conducted on the topic of financial attributes of men and women, and all researches corresponds to the same idea that men are more suitable and stable when it comes to handling finances, since they take into account the long term implication and needs of finances. Whereas, women are not as suitable as men to look after their finances, they only keep the present needs in mind when it comes to making financial decisions, which can get them into trouble in the long run since they do not take into consideration the long term implication of managing finances.

Apart from men and women the literature also focuses on minorities and their way of managing finances as oppose to whites and conclude that due to the lack of financial literacy minorities are less efficient in managing their finances than whites.

A. Aspect I: Financial Attributes of Men and Women

Women are nurturers and usually concentrate on present needs and perspective cash as a way to satisfy those needs for the family. Men however, since the days of cavemen have been hard-wired to offer and secure, and cope with cash with regards to acquiring and gathering to be able to offer protection.

Women are the enthusiasts of products. Females do the clothing. Women are trained that what they need to get through life is acceptance. They have to look ...