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WOMEN TALKING ABOUT MONEY:
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When asked if they’ve worried about money in the last 7 days, two thirds of women say they have. That’s just one of the findings* from our research into women’s relationship with money.
Our survey has also shown that:
- 70% of women said they shop to cheer themselves up
- More than half said they hit the shops when they feel low
- One in five women say they’d recently bought something that they will never wear or use
- A quarter of the women in our survey had spent £100 or more than they needed to in the last seven days
- And more than one in four have felt guilty or ashamed after a shopping trip
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| The women taking part were mostly professionals aged 18 to 50,
here are some of the things they told us. |
Compensatory consumption:
“I used to buy lots of high priced designer make-up like YSL,
Chanel, Christian Dior I guess I wanted to feel better and the make-up
would help me feel better about myself - it was as if there was
a void that needed filling and I thought shopping would help. I
did get a buzz after the purchases, but didn't need the stuff I
got.”
“I often buy clothes that I never wear. When feeling depressed
about the way I look I often buy clothes, change my hair to try
and improve my perception of myself. This often can result in feeling
even worse about yourself as you are disappointed with your self
discipline in connection with your finances.”
“I only shop for shoes when I am overweight as I do not have
to face the fact that I may have gone up dress size as shoes always
stay the same size - I have over 150 pairs of shoes.”
“I have spent money as a form of escape - buying clothes
makes me feel I might be perceived differently by men, which is
an alluring idea but seldom the case.”
Compulsive shopping:
“I have a very unhealthy attitude towards money - I don't
care about it. I spend it in the same way whether I have any or
not. I am a compulsive spender and 'spoil' myself constantly.”
“Frankly I hate money and my relationship
to it. I just can’t get the desire to shop out of my mind
until I have had my fix. When I go out on the spend I feel really
guilty and out of control afterwards. I have taken stuff back
many times and then ended up buying even more!”
TWO THIRDS OF WOMEN REPORTED SELF CONTROL PROBLEMS
Financial adultery:
“I would leave purchases in the boot of the car if my husband
was home, and then start using it and say 'this old thing, I've
had it for some time'. As we were newly married he didn't know if
that was true or not.”
1 IN 4 WOMEN OVER-SPEND WHEN RELATIONSHIPS AREN’T GOING WELL.
Fear of debt:
“My fear of being in debt stems from childhood experiences
- my parents business went bust and we regularly had power cut off
due to non payment of bills - the bailiffs coming to take furniture
away whilst I was locked in the bathroom with my mother and young
sister crying.”
“I have had a problem with money since I was 18, one day
my debt had amounted to £17,000. This debt was shoes, handbags,
holidays, nights out - apart from memories I have nothing to show
for it.”
“I was putting everything on credit and then not paying
everything off each month as it was beyond my means. And I didn't
feel better at all about myself, just became more depressed as my
financial situation was worsening.”
“On the occasions I do have to look at a bill I suffer considerable
anxiety. I’m currently prescribed anti-anxiety medication.”
Women are telling us they:
- Want to understand their money emotions
- Need to get back in control
- Want to know how to get financially intimate with their loved ones
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*these are some of the findings from over 700 survey respondents, © Karen Pine & Simonne Gnessen. The full results of the survey will be available here soon.
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