Why Women Aren’t Richer

From Time:

Women_richer1128 Why aren’t women in the U.S. better at saving and managing their money? I’ve heard all the excuses: “I don’t have time … I’m too disorganized … I don’t do numbers … My husband does that.” As I discuss at length in my new book, Make Money, Not Excuses (Crown Business), I’m convinced that the real reason is a thought process that goes something like this: “I don’t have anything to wear! I’m going to buy that dress, that skirt, that bag, those shoes!”

Research suggests that 2% to 5% of the U.S. population–women and men equally, according to a recent study–are compulsive buyers. These people are special cases; they have a psychological disorder and need treatment. But a significant percentage of American women–12% to 15% by some estimates–are what Nancy Ridgway at the University of Richmond calls excessive buyers. They shop not out of need but out of a desire to make themselves feel better, to give themselves a pick-me-up.

More here.