A survey by ING DIRECT USA, a direct bank, and Men’s Health magazine has revealed that 42% of men “spend more time working on their personal finances (including investments) each week than watching sports.” Additionally, 44% percent of men have $100,000 or more in net worth.
ING DIRECT and Men’s Health partnered to survey the level of financial fitness among men in America. Among the findings about men:
- 91% would spend no more than $1,000 to ensure that “what happened there stayed there” at a bachelor party.
- 11% of men spend $100 to $199 on entertainment per week; 405 spend $49 or less.
- 31% of men have saved more than six months of living expenses in an “emergency fund” (cash, not including retirement savings).
- A plurality of men (40%) preferred to deposit an extra $1,000 into the emergency fund instead of contributing to their retirement fund or spending it on themselves or a significant other.
- 51% of men said they “always or usually” pay their monthly credit card balances in full.
- 56% of male homeowners are current in their mortgage payments and have some equity; 35% own their homes outright.
The national phone and online survey was conducted within the United States by TNS on behalf of ING DIRECT USA March 30 through April 3, 2011 among 1,000 adults age 18 and over, half of whom were men.