My friend Angie Schiavoni observed to me recently that women carry a lot less cash than men. She rarely has over $10. this rang true a few weeks ago when I was sitting next to a woman on the plane and she did not even have the $5 cash to buy a meal on the plane.
Maybe it is the fear of being robbed or of spending it … but my unscientific survey of a few friends bears the same results.
Of the men I asked the median was about $240. that’s a good deal of cash … and granted, most of the people I asked were fairly well-to-do.
Of the women I asked, the median was about $15. that’s it .. Just $15. not even enough for a cross-town cab ride in SF. Wow. (and these women were, on average, just as well-to-do as the men I asked.) And I don’t think there is a lot of evidence to suggest that women spend less money then men. Do women just prefer to pay by credit card?
And I got a similar response with the question: how often do you go to the ATM? For some men, it was only once every 2-3 weeks. By contrast, most of the women were multiple times per week and one went daily.
For detailed analysis for the differing shopping habits between women and men, I suggest reading Why We Buy by Paco Underhill (great book).