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

Can debt collectors take money out of your bank account?

Many people find themselves struggling to cope with debt at one time or another. In these cases, a debt collector could contact you to demand payment for a debt, to explain the consequences of you failing to pay a debt, or to organise alternative payment arrangements.

If you’re contacted by a debt collector, you may be wondering what their rights are and whether they can take money out of your bank account.

Creditors cannot access money in your bank account unless a court order (also known as a ‘garnishee order’) is made to allow creditors to recover debt by taking money from your bank account or salary.

If this happens, the creditor can take money out of your bank account unless you pay the debt in full or make an alternative payment arrangement such as paying in instalments through the court.

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.

Can you open another account at the same bank?

Yes, you can open another account at the same bank if you already have an account there, but some banks place a limit on how many specific accounts you can open.

Generally, though, it is possible to have more than one everyday account, one personal account and one joint account, or have different types of accounts – such as a transaction account and a savings account.

Keep in mind that some bank accounts come with fees, so you could be charged twice for having two types of the same account at the same bank.

Also, if you have more than one high-interest transaction account at the same bank, only one account will be able to earn the highest rate of interest.

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:

  • Add money
  • Withdraw money

Choose option two if you want to transfer money from your Paypal account to your personal bank account.

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.

How to transfer money to another bank account

Transferring money to another bank is often called a bank transfer, and it can be done a few different ways.

Customers generally need three pieces of information to transfer money to another bank account. Customers need the account name, BSB and account number of the account they wish to transfer money to.

One way of transferring money to another bank account is in a branch with the help of a staff member; they will often give you a receipt as well as confirmation of the transfer.

Transfers can be also made via internet banking and phone banking.

Some banks also allow customers to make transfers via partnered ATMs, especially if the account is with the same bank.

Can you deposit money into somebody else's bank account?

One of the easiest banking tasks in the world is depositing money. You can even deposit money into someone else’s bank account if you wish.

The basic information you need to deposit money into a third-party bank account is:

  • Payee’s name
  • Bank, building society or credit union (though this isn’t necessary)
  • BSB (or bank code, which is the branch identifier)
  • Account number

Including the name of the financial institution isn’t necessary – particularly with online banking – because the BSB will identify this for you.

A handy tip is to record yourself (or add a personal message) in the transaction description or reference. This will show up on the recipients account, letting them know who’s paid them the money.

How can I wire money to a bank account?

You can wire money to an Australian bank account either through your own bank or by using a money transfer company such as Western Union or MoneyGram. Either way, you’ll need the other person’s name, BSB number and account number. If you use a money transfer company, you might also need to provide the recipient’s address for large payments.

Can the government take your money from your bank account?

There are some instances when the government can take money from your bank account. This generally occurs in situations where you have an outstanding government debt.

Before it can take money from your bank account, the government authority owed money would first need to issue a garnishee notice. 

A garnishee notice is issued by the government agency (such as Centrelink or the ATO) to a third party that holds money for you or owes you money.

To take money from your bank account, your bank would be issued with the garnishee notice requiring it to pay ‘your money’ to the requesting agency to satisfy the debt.

How do you transfer money from PayPal to a bank account?

Transferring money from PayPal to an Australian bank account is simple. Just follow these three steps:

  • Go to your Wallet
  • Click ‘Transfer Money’
  • Follow the instructions

The money will take three to seven business days to reach your bank account.

Once you’ve made the transfer request, it can’t be withdrawn.

Can I close my bank account over the phone?

In most cases, you can close a personal or business bank account over the phone. In fact, this is the best way to ensure you’ve closed an account properly.

By speaking to a banking representative, you can capture and close out any pending transactions, or interest owing/payable on the account being closed.

In the instance where the account is a joint account, or you have multiple bank accounts you want to close, your bank may send you a form that you need to fill out and return.

Either way, you would be advised over the phone of the steps you need to take. Calling your bank ahead of closing an account is often a smart course of action.

Can I open a bank account in another country?

Despite having a bad rap for facilitating tax evasion, it is possible and legal to open a bank account in another country, also known as an ‘offshore account’.

Some people choose to open a bank account in another country to invest overseas, for higher interest-earning potential or to access foreign banking services.

The process for opening an offshore bank account differs depending on the financial institution and country in which you’re opening the account.

Typically, you will need to provide identification such as a passport, a local bank statement and a signed declaration proving the source of the money being used to open your account. Usually, deposits into offshore accounts can be made by international money transfer.

Can British expats still open bank accounts?

As a British expat, you can open an Australian bank account, and you can apply for an account the same ways an Aussie would. You can even open an account online from the UK prior to relocating.

If you’re overseas, the bank you choose to open an account with may call you to provide you with our new account details beforehand. You can then have your ID verified within a branch once you’ve arrived.

And if you’re already living down under, the following list outlines the types of information required by most banks when opening an Australian bank account.

  • Australian residential address
  • Tax file number (TFN) or a TFN exemption
  • Identification (this can be your passport)

How do I close a bank account?

Closing a bank account is one of those tasks that’s easy to put in the too-hard basket. There are quite a few steps involved, some which may require you to hang on the phone for a while.  

Here’s a handy checklist of items to tick off, so the job gets done quicker. If you don’t do your banking online, the following steps can also be done at a branch.   

  • Cancel any scheduled or recurring payments
  • Update your direct debit details (such as loan repayments) with creditors
  • Export your payee address book (to keep a record of saved third-party bank account details)
  • Transfer the balance of your account (to the new bank account)
  • Close your account online, or by calling the bank or visiting a branch

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.