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It's no secret that women get a bad rep when it comes to handling money. But what are the most common myths and why are women and money still so stigmatised?
Following International Women’s Day last week, we wanted to continue the conversation by raising awareness of some of the issues that women face when it comes to their finances - and the myths surrounding them that simply aren’t true.
Here are 4 of the most common myths we’ve heard when it comes to women and money:
MYTH ONE
“Women aren’t good at managing money”
What are the facts?
According to research from Catalyst, approximately 89% of women admit to controlling or at least sharing the responsibility of daily shopping needs - compared to just 41% of men!
This proves that the financial responsibility of household budgets and other day-to-day spending often falls on women’s shoulders. As a result of this, a large number of women have inevitably not only learned the value of a solid budget but also how to stick to one and manage money effectively.
MYTH TWO
“Women spend too much money”
What are the facts?
Thanks to the “Gold-digger” trope, society and the media have often portrayed women as big-spenders, and not in a typically good way. There are often negative stereotypes that women spend all of their money on clothes and cosmetics, leaving next to nothing left for the essentials!
However, studies show that women actually spend less than men on various things: mainly takeout, alcohol, and cars. It’s also worth noting that products aimed at women are typically more expensive than those aimed at men - in the UK alone, a women’s razor is 6% more expensive than one aimed at men!
This is what’s known as the ‘Pink Tax’ and costs women over $1,300 a year in the US.
MYTH THREE
“Women don't make good investors”
What are the facts?
Whilst a gender investment gap definitely exists, the myth that women aren’t as good at investing is another false and harmful statement.
Whilst research shows that women are much less likely to invest in shares and other assets than men, studies also show that women spend more time researching their investment choices. As a consequence, they often end up taking on less risk - and making smarter investments.
MYTH FOUR
“Women don't want to learn about money”
What are the facts?
You only have to take a look around you - and at the various different platforms online - to see that there is a growing number of resources and material out there geared towards educating women on money.
To add to this, there is also a large, thriving, and growing financial community on social media sites like Instagram consisting entirely of women! Clever Girl Finance is a community like this that was founded precisely with the goal to help women achieve financial freedom and take control of their lives.
These myths about women and money can ultimately only lead to further financial disadvantages for women, as some women may believe they don’t have what it takes to turn their finances around for the better.
Fortunately, the gap is narrowing between men and women when it comes to wealth - and we want to help make financial wellness accessible for all.
If you’re ready to take control of your finances, the ImageNPay app can help.
With your very own digital prepaid card, you can load money onto a card to help you budget your money and track spending - all without the risk of credit and interest fees.
Click below to find out more and follow us on Instagram for more financial tips and educational content!