So, how much money is enough? Men and women express differing views in a survey

January 05, 1993|By Arizona Republic

When it comes to money, men may be more demanding and more financially satisfied than women.

A new survey says women require less income than men to live comfortably. And they would consider themselves rich with less money than men.

The wide-ranging survey of money attitudes by sex was conducted by Shearson Lehman Bros.

The New York financial firm found that women on average indicate that they and their families could live in reasonable comfort on a median pre-tax income of $35,000 a year.

Men want $41,000.

For women, the median for being "really wealthy" means having $554,000 stashed away in savings and investments. For men, the figure is $20,000 higher.

The survey, released last week, also indicates, perhaps less surprisingly, that women are less financially satisfied with their jobs.

Fifty-four percent of women said their vocations give them more personal than financial reward. Only 18 percent cited more financial reward.

Among men, the corresponding numbers were 45 percent and 25 percent.

Twenty-one percent of men, but only 15 percent of women, said they are both financially and personally rewarded by their careers.

Only half of both sexes said they would choose their current career if given a chance to start over.

Women expressed more satisfaction than men with relatively safe investment vehicles, such as bank accounts, and less comfort with riskier financial products.

For example, 63 percent of women but only 54 percent of men said they have received good or excellent value for the dollars they have placed into bank certificates of deposit.

Similarly, 78 percent of women, compared with 65 percent of men, expressed satisfaction with savings accounts.

By contrast, more men than women said they have received excellent or good value from common stocks, by a difference of 61 percent to 52 percent.

In the survey, both sexes said they derive high investment value from owning a home, 88 percent in combined excellent or good responses; Individual Retirement Accounts, 80 percent; savings accounts, 72 percent; and mutual funds, 69 percent.

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