While women have made gigantic progress towards equality in recent years, women still face financial challenges that men do not face. Some of the myths surrounding money and women help promote this inequality. We are here to squander some common myths and tell you the truth about money and women.
Despite the historical and systemic disadvantages (hello, salary gap), women are really good to manage our money and we can get financially successful!
So supply, let’s dissipate some of these myths surrounding money and women, and show him exactly what we are so great when it comes to our finances.
Myth # 1: Women and men are finally in a field of play as it is about all things related to money
due to inequalities between men andWomen surrounding money, finance for women and finances for men used to be two totally different concepts.
Gradually, women have gained financial rights, as the right to inherit the property and open their own bank accounts. (Can you believe that, before the Law of Credit Opportunities III in 1974 has been passed. A woman was not allowed to request a credit without a man like a cosignator?)
However, when it comes to financing for women, we continue facing a battle uphill.The women and men are not In a field of game as it is money, and this presents challenges for women who can last a lifetime. A look at financial statistics on women who demonstrate this.
Some of the greatest financial inequalities between men and women include:
1.Ga gender gender
The truth is that the MFull-time Uomen are paid less than men. In average, in 2021, women only paid 82 cents for every dollar that a man was paid. The statistics are still worse for women in color .
Black women make 63 cents and Latinas only 55 cents per dollar that makes a white man. With this salary gap, women can work as hard as men and still have finance.
Another disadvantage faced by women? When a woman has a child (a huge financial responsibility and commitment), her salary decreases. However, this \”maternity penalty\” does not apply to parents. When a man has a son, he really increases.
2. Pink Tax
We can not talk about money and women without talking about the \”pink tax\”. From personal attention to clothing to important expenses, such as insurance, womenThey pay more than men for the exact products and services. What?! Yes it’s correct.
This is the \”pink tax\” at work. The products and services that are packaged for women (therefore, the stereotyped packaging \”pink\”) simply cost more for women than for men.
3. The disparities of the debt of student loans
Finally, we must talk about the gender gap of student loans. While women represent 56% of college students, they represent 65% of the outstanding debt of student loans.
Like racial disparities exist in the salary gap, they exist. It also. Black women carry the highest debt of student loans from any racial and ethnic group.
When discussing finances for women, we must recognize these inequalities. When you do not start in a playing field, the adviceOr general financial simply does not reduce it. Women, and color women especially, can benefit more from adapted financial advice to address their specific challenges.
Myth # 2: Women are frivolous spending
deeply take care of women about the savings and planning of the future. The idea that women are frivolous are just that, a myth. It is a myth that is perpetuated by the information that women are constantly bombed.
Starling Bank, an institution based in the United Kingdom, conducted a study that showed that 65% of monetary items in women’s journals portrayed women as excessive spenders.
The given common advice is that women need to limit and restrict their purchases because their spending is out of control. Men, on the other hand, do not do it. Get this message, even though they are the ones who tend to spend moreS in the pulses shopping than women.
No matter what gender it spends more, one thing is safe, women give more. Households led by women donate more to charity than men headed, and 64% of all online donations are made by women. It is not exactly the frivolous expense.
Myth # 3: Women need a partner before they can make great purchases, such as buying a house
owner of housing is a huge way to build wealth and, in particular, generational. can. The great news is that women are on their way to doing this. It is a myth that a woman needs a man to buy a house. In fact, 18% of home buyers for the first time are single women (and only 8% are single men).
Key Girl Finance’s own and AMP; The money report corroborates this evidence. Women are not waiting for men to have a home or it isTurn a housing property as its objective.
The property of the house was a maximum priority for 68% of the intelligent respondents of the Finance Survey, with more than 90.% Take the objective of having their own home. By the way, be sure to check our best money tips for single women!
Myth # 4: Women do not know how to invest or pay for debt
This is one of it. There with the myth that \”the girls are bad in mathematics.\” Here is the truth:
1. Women are knowledgeable investors
All those finances for women articles that make it seem as if women were not interested or can not understand that investment is Simply incorrect.
Readers of own intelligent finance readers. Support the truth that women are interested in investing and understanding their importance. 68% of women in women and AMP; InfoRME of money responded that they actively invest for the future and use it as a tool to build long-term wealth.
And, while men can traditionally be considered as \”best\” investors, their women investors who come out. top. A study outside of the University of California, Berkeley, and the University of California, Davis, found that women’s investments. Abovers to those of men by 1%.
2. Women know how to pay the debt
Women certainly know how to pay the debt. While women have more debt than men, multiple studies suggest that women are more likely than men to pay their loans. This is true for debt, such as mortgage payments from the house and microcredits without guarantees.
None of this evidence is given to dispatch men. On the contrary, here is here to buildWomen and demonstrate that we have the ability to get rid of all kinds of debt. If you are fighting with the debt, you do not assume that you will be with you forever. You can pay your debt, and there are multiple ways to address it.
3. Women are financially literate
. It is a myth that women do not understand money or do not know how to handle it. Just take a look at the intelligent girl finance community and you will see that women are killing him in the financial space. In the 2020 women and amp; Money report, 86% of respondents said they previously had rage confidence in their financial knowledge.
Do not feel discouraged if you feel less than confident in your money. There are so many available resources that address finance for women, starting here with the free Clever Girl Finance courses.
Myth # 5: Companies with women at the top are not as profitable as those withMen in charge
Finally, we must dissipate the myth that companies with women in charge are not as profitable as people with men in charge.
Only because men make up the vast majority of leadership positions (women make up. Only 8% of CEO positions in Fortune 500 companies) does not mean that it is the best for business.
In fact, the opposite is true. Studies show that companies with women in leadership positions are more profitable.
This is just another reason why we talk a lot about money and women around here. When women are elevated to higher positions, entire companies and society in full. We are long Overdue for more women at the top.
The bottom line: Women are financially known, hopefully, resumption of these myths has helped you rethink your thoughts for money and women. Although Aún There are disadvantages when it comes to financing for women, remember that women are researchers and saving.Women are giving, and make companies more profitable when they are in charge. Now, get up with the confidence that you also have all the tools you need to achieve your money management!Be sure to check our list of the best leadership books so that women keep it. Sidespire!