Women consider income not lifestyle when defining the middle class. What do men consider?
Show me the money, say women investors who are more likely than men to define the middle class by income as opposed to lifestyle.
More than 70 percent of women surveyed by Millionaire Corner in March say income determines who is in the middle class, while about 21 percent say the middle class are defined by home ownership and other lifestyle factors. In comparison, men give more weight than women to lifestyle factors (26 percent), while 62 percent of men define middle class by income.
More than three-fourths of men define a middle class income as $50,000 or $70,000, while women are more likely to describe a middle class income as falling in a wider range of $40,000 up to $100,000.
When it comes to defining a middle class lifestyle, men appear to place more importance than women on car ownership. Nearly half the men say that a middle class household is best defined as having two cars. An equal share of women say they do not view car ownership as an important criteria for defining the middle class. Men are also more likely to consider owning a home an important factor. Close to 30 percent of women – compared to 26 percent of men - say owning vs. renting is not an important criteria for defining the middle class.
Women give more weight to taking vacations and eating out. About 39 percent of women surveyed in March say a middle class family takes more than one vacation per year. More than 43 percent of men say they don’t view vacations as an important descriptor. Women are slightly more likely than men to define a middle class family by whether they dine out regularly at restaurants.
The ability to finance college can also define a middle class household. About 46 percent of the women –as opposed to 38 percent of the men - think that middle class means a family needs financial aid to send a child to college. More than 27 percent of the men vs. 21 percent of women say a middle class family can pay for college without any assistance.
Beyond the middle class, men are more likely to define a wealthy household as one with a minimum annual salary of $250,000 or $500,000, while women are more likely to define wealth at either extremes – a low of a minimum annual salary of $100,000 or less or a high of a minimum annual salary of $2 million or more.