Men spend more when women aren't around

Men spend more when women aren't around

Men are more likely to spend on impulse, rack up debt and less likely to save when surrounded by more men and fewer women, a new study has found.

Researchers at the University of Minnesota tested the theory that the gender ratio affects economic decisions and found that male spending is tightly correlated to the scarcity of women.

In the first of two experiments, men read news articles that described the local population as having either more men or more women. They were then asked about spending and saving habits in that scenario. In the case in which women were scarcer, men said they’d save 42 percent less per month and borrow 84 percent more.

Separately, men were shown photograph sequences with different ratios of men and women in the pictures. They were then asked to choose between taking $20 now or $30 in a month. Again, in the cases where women were scarcer in the images, men opted for the money now.

The hypothesis here is that decisions aren’t made on a conscious level. The men were not made aware of the scarcity of women and the mere sight of more men subconsciously made them impulsive, competitive and flipped the urge to spend more now.

In the real world, the same proved to be true. After examining the sex ratios of 120 US cities, researchers found that single men have more credit cards and higher debt levels in cities where the sex ratios indicate fewer women.

Show me the money, say women

It’s behaviour that is not unique to humans, researchers said.

“What we see in other animals is that when females are scarce, males become more competitive. They compete more for access to mates,” said Vladas Griskevicius, assistant professor of marketing at the university and lead author of the study.

“How do humans compete for access to mates? What you find across cultures is that men often do it through money, through status and through products.”

Conversely, women’s spending ratios didn’t change, but they did overwhelmingly agree that men should spend more on their dates and Valentine’s gifts when they’re in the majority.

“When there’s a scarcity of women, women felt men should go out of their way to court them,” said Griskevicius.

What women really want

Splashing the cash may help to impress a potential lady-friend, in the short term. But a separate study by British comparison website MoneySupermarket reveals that the key to keeping her happy is being careful with money.

Researchers found that for more than half of the women surveyed, debt was a dating deal breaker.

“While many may like to flash the cash to entice their other half, it seems being sensible with finances, having a secure job and a good grasp of money may improve your chances of finding Mr or Miss Right,” said Kevin Mountford, head of banking at MoneySupermarket.

Despite the challenges money may bring to a relationship, more Australian couples are taking the plunge and opening shared bank accounts than ever before. Roy Morgan research data suggests 22 percent of transaction account holders have a joint account only, while 19 percent maintain their own account while also having a shared account with a partner.

Michelle Hutchison, spokeswoman for RateCity, said opening a shared account with a partner can be a good way to test the financial relationship before taking on a larger commitment such as a mortgage.

“A good example of a tip-toe approach to shared finances might be to open a joint transaction account for shared everyday expenses such as rent, food or utility bills,” she said.

“Joint accounts work best when you share common goals and expenses.”

Nowadays, opening a transaction account is incredibly easy, she said, thanks to the internet and a proliferation of comparison tools, such as RateCity, which allows you to compare and apply from hundreds of different accounts.

 

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Learn more about bank accounts

Are bank accounts frozen when someone dies?

Yes, Australian bank accounts are frozen when someone dies. If you want to close the account of somebody who has died, you might have to provide proof of death and a copy of the will. You might also have to prove your relationship to the deceased person.

If you have a joint bank account with somebody who has died, you will generally be entitled to all the money in the account. Again, you might have to provide proof of death if you want to change the bank account from a joint account to a one-person account.

Can I have a PayPal account without a bank account?

You don’t need a bank account to send or receive money through PayPal. However, you do need a bank account if you want to withdraw money from your PayPal account.

How do I open a new bank account?

There are a number of ways to open a new bank account – online, over the phone or in the branch. The trick is to decide what type of bank account you want beforehand.

It might sound like a simple enough task, but there are literally hundreds of bank accounts to choose from. And each offer their own banking features and benefits.

A comparison site like RateCity can help you work out what bank account product matches your needs.

Once you’ve made up your mind what you want, it’s advisable to have the following information ready for the application process.

  • A couple of forms of identification (such as driver’s licence, Medicare card, passport)
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How do I transfer money from Paypal to my bank account?

Transferring cash from Paypal into your bank account is simple…if you have a Paypal account that is.

Once you’re logged into your Paypal account, the account balance will appear on your home page. Below your balance are two options:

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The next screen will prompt you to either enter new bank account details or choose a bank account that’s connected to Paypal. You can always add more bank accounts to your Paypal profile.

Another way to transfer out of Paypal is by jumping to the wallet tab on the top menu, and clicking ‘transfer money’. Both options will give you the same result.

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Once you’ve found a bank account that suits your needs, you can start the application process.

When you apply for the account, you’ll need to provide proof of ID which may include your passport, overseas ID or credit card. You may also need to provide a copy of your visa and proof of address in Australia.

Depending on the bank and the type of account you choose, you may be able to apply for the account online or over the phone before you arrive in Australia.

How do you delete your bank account from PayPal?

Deleting your bank account from PayPal is a simple three-step process:

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To find ‘live’ bank accounts in your name, you’ll have to ask individual lenders, which involves contacting them one by one and proving your identity each time. To find ‘unclaimed’ bank accounts (those that have been inactive for at least seven years), you can use this website.

How long does it take to open a bank account?

The length of time it takes to open a bank account varies, depending on whether you want to open it online or in person.

Online

Most banks and credit unions have simple online applications that usually take no more than 10 minutes to fill out. It can be especially fast if you have your identification documents like your driver’s licence and passport handy. Sometimes you will instantly be approved and the bank account opened. However, depending on the financial institution, it may take a day or so to be processed and your account number issued. Your account information and ATM or debit card will then be mailed to you, which usually takes between five to 10 days.

In person

If you decide to go into a branch or office to open a bank account, it may take about half an hour. Make sure you bring your identification documents with you. Also book an appointment if you can, otherwise you might be forced to wait in line. Sometimes your ATM or debit card will be issued on the spot, otherwise you’ll need to wait for one to arrive by mail, which usually takes between five to 10 days.

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To set up a bank account online, you’ll need to prove your identity and provide an approved form of ID as well as your tax file number (TFN).

If you’re a new customer of the bank, you’ll need to verify your identity and potentially upload documents before you can complete your online application.

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Can I close a bank account with pending transactions?

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