AI Gender Divide: Women Tend Toward Saving Money, Men Focus on Growing It
Written by
Laura Beck
Edited by
Amber Barkley
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AI tools such as ChatGPT have become increasingly integrated into our daily lives. A new GOBankingRates survey of more than 1,000 men and women shows that they have very different approaches to using AI.
In the survey, a greater percentage of women said they had used AI for budgeting and saving money, while more of the men said they used it for tasks like investing, real estate and employment — that said, the survey found out that almost half of women and 42% of men haven’t really used AI yet.
This subtle but significant gender divide in AI usage offers valuable insights into how individuals of different genders approach their financial goals and aspirations.
Women Traditionally Save, Men Focus On Growth
The underlying reasons for this AI gender divide are multifaceted and rooted in societal norms, historical financial roles and personal preferences. Traditionally, women have been associated with frugality and careful financial planning. This may explain their preference for using AI to assist in budgeting and saving. Men, influenced by societal expectations and historical roles as primary breadwinners, might be more driven to use AI to pursue financial growth and expansion.
“Women tend to place a higher emphasis on securing financial stability and safeguarding their resources,” said Billy Chan, founder of DataAnalystGuide.com. “Men’s propensity to invest may be attributed to an inherent appetite for growth, competition and taking calculated risks.”
Men Are Perceived To Have Higher Risk Tolerance
According to Henri Hubert, the founder of AI Engineer Hub, men are often rewarded when they’re risk takers — including financially — whereas women want slow, steady growth.
“Historically, women have been encouraged to be more conservative and risk-averse, focusing on stability and security,” he said. “This might explain their inclination towards tools that aid in budgeting and saving. Men, on the other hand, often face societal pressures to be risk-takers, leading to a greater interest in investment opportunities and wealth accumulation.”
Women Focus on Financial Well-Being
When it comes to financial strategies, women use AI to focus on saving and budgeting. By embracing these technologies, women position themselves to deal with various financial challenges such as unexpected expenses, uncertainties and long-term planning. The integration of AI in these areas can contribute significantly to cultivating a sense of financial security and stability.
On the other hand, men’s utilization of AI often revolves around more proactive financial approaches geared towards growth. By using AI in this manner, men can potentially achieve substantial returns on their investments, consequently boosting their overall net worth — or at least trying to. This use of AI focuses on making more money, which aligns with the traditional societal perspective of men being risk-takers and wealth accumulators.
Men and Women Learn To Value Different Tools
People feel more confident using things they know about. For example, if women are used to using tools that help with budgeting and saving money, they might feel more comfortable using AI for those tasks. Similarly, if men are more familiar with tools for investing or real estate, they might prefer using AI for those things.
This shows that teaching people about different financial tools from an early age is important. If both men and women learn about budgeting, investing, real estate and a variety of money-related topics, they can use AI to make smart choices, no matter their gender.
Think of it like using the same tool for everything because it’s the one you know best. Just as Maslow said, if all you have is a hammer, everything looks like a nail. Likewise, people use AI for the tasks they’re familiar with.
Unlocking AI’s Potential for All
In the journey towards unlocking AI’s potential for all, a substantial portion of both men and women have yet to embrace AI as a tool for managing finances. Nearly half of women and 42% of men who were surveyed admitted to never using AI for financial purposes. This situation presents an opportunity to educate people about the advantages of incorporating AI into their financial strategies.
Enoch Omololu from the Savvy New Canadians finance blog emphasizes that the gender dynamics seen in AI’s role in finance go beyond just computer code. They provide a broader view of exactly how our society continues to function. It’s not solely about algorithms; it mirrors our shared narratives. To fully tap into AI’s capabilities, we must recognize these patterns. This recognition will pave the way for creating tools that resonate with the diversity of lives and experiences — for everyone.
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