Of the calls from women regarding debt, 29% were regarding serious debt issues such as how to avoid foreclosure, how to avoid bankruptcy and what are the pros and cons of taking a loan from a retirement account.

Only 21% of the calls from women to the helpline were regarding budgeting advice, while 34% of the calls from men focused on that proactive topic.

"Women tend to not be money people," says Nancy L. Anderson, a certified financial planner and the director of the Financial Finesse Think Tank. "[Women] have many things that we have to focus our time on. Taking care of other people is one of them."

Anderson shared with Marketing Daily the story of one woman who is helping her mother pay for her medications instead of saving that money or using it to pay down bills. "One thing all of us can do is put ourselves on the [caretaking] list," she says. "We have been hearing from women that they'd love to save more. ... Maybe they could forego sending a child to soccer camp and pay off a credit card instead."

Manhattan Beach, Calif.-based Financial Finesse works with more than 300 corporations nationwide who offer financial counseling services to their employees, totaling more than 500,000. The company is sponsoring a national research project wherein calls to the helpline are tracked and analyzed, revealing trends regarding spending, saving and investing habits, says Danielle Perry, a research associate with the company.

"Since this research is from incoming calls where consumers often call before they take action, we've been able to spot trends before they become major news," she says. "Our latest research is showing some interesting and disturbing trends in the 'gender gap' between men and women in financial literacy."

More than 3,000 responses to an online financial planning questionnaire show a similar trend as the calls to the helpline. Only 51% of women said they have a handle on their cash flow so they spend less than they make each month compared to 71% of men. As for credit card bills, only 36% of women say they regularly pay off their credit card bills each month vs. 61% of men. Men trump women on paying bills on time, with 90% saying they pay their bills on time each month, vs. 74% of women.

Only 34% of women have an emergency fund to pay bills for a few months compared to 53% of men. Interestingly, both genders expressed about the same level of discomfort over non-mortgage debt with 32% of women saying they are uncomfortable vs. 35% of men.

Men seem to have a better grasp on investing and making money, with 73% saying they have a general knowledge of stocks, bonds and mutual funds compared to 40% of women. Only 24% of women say they feel confident that their investments are allocated appropriately vs. 40% of men.

Men and women are almost equal in contributing to work-sponsored retirement plans with 86% of women saying they do so vs. 85% of men. Both genders feel lousy about how ready they are for retirement with a "dismal" 12% of women saying they are on target to replace at least 80% of their income post-retirement vs. 23% of men.

The financial planning questionnaire is part of Financial Finesse's online Financial Learning Center, which provides employees with a personal financial education plan and an analysis of their current financial wellness.

Unlike surveys, where respondents tend to fudge on their answers, it's more likely that respondents were completely honest in answering the questionnaire since honest answers would give them a more accurate accounting of their financial health, Anderson says. Employers and employees who use the company's service are located across the country in similar proportions to national demographics.

"Perhaps there's a silver lining in all of this," Anderson says. "Sometimes it takes a crisis for people to get their financial house in order. If people can keep using the budgeting tools and money saving skills they've learned once they get out of the crisis, they'll be in better shape. The goal should be not just getting out of debt, but staying out of debt." ©2009 Financial Finesse, Inc. Proprietary and confidential

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