There are a lot of myths about Women and money. I remember a Forbes article I read a while back about Women and Money that left me feeling quite honestly insulted. I was shocked by the stereotyping and overall feeling that the article gave insinuating that women are somehow inferior when it comes to financial planning. It’s hard to believe that in 2013 women are still not considered equals when it comes to money management. I believe the differences between the sexes in terms of money attitude are relatively small. In response to some of the misinformation out there and some of the other things I have read recently, here are several myths about women and money that I would like to debunk.
Myth – Women have less money because they spend more. The fact that women spend more money than men is simply not true. It’s true that women have less money than men, but it’s not because of an every growing shoe collection. Women spend more as the managers of their households. According to the Board of Governors of the U.S. Federal Reserve, “Women account for 80 percent of all consumer purchasing decisions, making 93 percent of food purchases and 65 percent of auto purchases.”.
Another contributing factor to women having less money is that women’s incomes are so much smaller to begin with. Women are still paid significantly less than a man with the exact same qualifications for the exact same job.
Myth – Women are too emotional to manage money effectively. There are many surveys and studies out there that show men are more likely to take more risks on investments than women. It’s fact that women are less likely to strive for money for money’s sake. Wealth is less a measure of success for most women, rather a focus is on love and family. But this doesn’t make women inferior with regard to money. Instead, it makes women more balanced. Women are more likely to make budgets and more frugal decisions with money.
Myth – Women don’t invest or plan for retirement as well as men. This couldn’t be further from the truth. I chuckle when I think of how my husband refused to ever stop and ask for directions, no matter how lost we had gotten. Women don’t hesitate to ask for directions and this quality makes women smart investors. We ask more questions and take the time to educate ourselves about financial planning.
Can you think of any other myths about women and money?
I am a saver, and I try to be good with money so to me these are all myths!
I don’t know many off the top of my head but from my experience I know that the women in my family manage the funds – my mother, MIL, aunts, and myself. Meaning they’re making all of the financial decisions. If we were that bad with money would we really be left to manage the funds of the home?
Like Danielle, just about all the families I know have the women in charge of the finances. I think that’s becoming the norm now, so I’m glad you’re laying those old myths to rest!
What? Women are too emotional to handle money? That is just absurd! I’m glad you’re dispelling some of these sillies!
Can’t think of any myths. Wish I had some money, though. 🙂
In my household, the hubby spends more and I save more. We balance each other out 🙂
I can’t think of anymore, but I do the budget for our family. I’m capable..I don’t always enjoy doing. Spending..I do spend more but it’s on the house and everyone in it (not me often)
I manage all the finances in my family, so did my mother and so does my sister.
It seems to me that often it is the women who manage the money in a family. I would hope that people stop believing these myths sometime soon.
Frankly, women have less money because they make less money. Even today, for the same job. It’s ridiculous.