Women‟s Spending Behaviour is Menstrual-Cycle Sensitive

When considering why women are more prone to money pathologies than men the influence of ovarian hormones cannot be ruled out. The phases of the menstrual cycle are known to have a range of behavioural, psychological and physical correlates. It is well documented, for example, that women are more rational and controlled post-ovulation, but experience a rise in impulsive behaviour, anxiety and irritability during the pre-menstrual (or luteal) phase. At ovulation, or peak fertility, it has been shown that women adapt their dress style to impress men – known as the ornamentation effect. However, to date the role of fluctuating ovarian hormones on female economic behaviour has been largely ignored. This article reports the findings from a survey of 443 females, aged 18 – 50, reporting their spending in the previous seven days and their menstrual cycle phase, follicular, mid-cycle or luteal. Women in the luteal phase were significantly less controlled and more impulsive than women earlier in their cycle. A significant correlation was also found for over-spending, lack of control and buyer‟s remorse with day of cycle. These findings suggest that the adverse impact of ovarian hormones upon self-regulation may account for impulsive and excessive economic behaviour in women