Oct 292011
 

Men generally have more money than women. That may not be a surprise since men tend to have higher incomes as well. However, I didn’t expect the difference to be so big. In 2005 in Canada, the median male had $184,964 of wealth, and the median female had $105,470. That makes guys 75% richer than girls on average. And around the same time the median family net worth in the US was $93,100. This of course doesn’t mean Canadians are richer than Americans, our wealth is just distributed differently than their’s.

The good news for younger adults is that our bar has been set pretty low. The median net worth for my gender and age group for example is only $28,203. Although my net worth is higher than that, the median debt to asset ratio for this same group is 0.41, where mine is over 0.70, which means for every dollar I have, I owe someone else more than 70 cents. I know carrying around almost a quarter million dollars of debt in my 20s is kind of risky but I can’t help myself from borrowing more and more because credit is just so cheap and easy to get.

So men apparently have 1.75 times more money in general than women. So here is some quality advice. Ladies, don’t settle for any man who is struggling with his debt because there are plenty of other guys out there who are more financially sound. And guys, don’t marry a girl just because she likes you for your money.