3 Myths About Women and Money/ March 7th, 2019
We’ve all heard jokes before about women spending all the money their husbands make. Well, the jokes on them because today, in twenty-five percent of couples, women outearn their husbands. This is up from eighteen percent in the 1980s (New York Times). All joking aside, there are a lot of misconceptions and stereotypes out there about women and money. Here are the top three and the actual truth about women and finances.
Myth #1: Women struggle more than men to save money because all they do is shop.
Fact: While women do tend to spend more money on clothing than men, men spend considerably more than women on other items, such as electronics and cars (The Muse). The ability to save money is not a gender issue; it’s the result of repeatedly spending more than you earn, a trait shared by both men and women in the United States. Statistics vary, but some estimate that nearly half of U.S. consumers don’t even have one month’s worth of income saved (Market Watch).
Myth #2: Women lack confidence when it comes to money.
Fact: Since women tend to make decisions differently than men do, they’re perceived as being unsure of how to handle their money. Women like to ask more questions than men in order to fully understand the situation. This can be misinterpreted as a lack of confidence when in fact, it’s simply an effort to make a well-informed decision (The Humphreys Group). As a matter of fact, a recent survey found that fifty-two percent of women are the primary financial decision makers in their household (Market Watch), showing that women are extremely confident about their ability to make financial decisions, not only for themselves, but for their entire family.
Myth #3: Women aren’t good at managing money because they’re not good at math.
Fact: Statistically, there is no significant difference between boys and girls when it comes to math test scores (APA). While it is true that women, through societal conditioning (Live Science), tend to lean away from math-based careers overall, the basic fundamentals of math are understood equally between men and women, which is all you need to successfully manage your money. If you can add, subtract, multiply, and divide using a calculator, then you can manage your money regardless of your gender. Additionally it’s important to note that there is a growing number of women entering college (The Atlantic), meaning women are more educated on all subjects than ever before, including math.
The Final Truth: Women are capable and confident when it comes to making financial decision for themselves and their families.