Stereotypes about women and money are everywhere - chances are, you've heard a few of them at work, out and about, or even at home.
And whether they’re shared in jest, or seriously - they’re often based on old, sexist ideas that haven’t aged well. So, to help leave these ideas behind, we’ve busted five myths about women and money.
Women aren't good savers
The average Kiwi women’s KiwiSaver balance is lower than the average man’s, but men aren’t necessarily better savers than women. Men on average get paid more, and KiwiSaver is tied directly to pay.
Men may also be more consistent with their savings as women are far more likely to be in part time or casual work while they care for children and thus earning less.
In fact, ASB research suggests that if all things were equal, women would be 2% better off than men because they tend to spend less and save more.
Women aren't interested in shares
Over a quarter of women surveyed by the Financial Services Council (FSC) had New Zealand shares, compared to over one third of men. There are a lot of reasons for this gap - one of which is that men tend to be more confident when investing so they may take the lead in the household.
However, the research also tells us that women are brilliant investors - A study by Warwick Business School in the UK found women outperform men at investing by 1.8%.
Talking about money is arrogant
Money is seen as a measure of status and success, so it can be difficult to talk about openly, and it may even feel arrogant. But the fact is, money is just another part of life and talking about it can help women (and everyone) get help when they need to, reduce anxiety and learn new things.
Talking about money with colleagues can help women find out if they’re being underpaid for their work, and help your kids develop strong financial literacy later in life.
Most women rely on their partners
Men used to predominantly be the sole income earners, but today things have changed.
In fact, almost 40% of women say they have moderate or advanced knowledge and experience of investment (compared to 58.2% of men), and almost half of women have also received financial advice at some stage, indicating a clear desire to learn and improve.
An increasing amount of women are financially empowered, involved in financial decision making and have independent financial plans.
Click here to see more resources around the financial confidence and wellbeing of New Zealand women.
Disclaimer:
This 'Busting five myths about women and money’ blog is general information only. The views and opinions expressed do not necessarily reflect those of the FSC. It is not intended to constitute legal or financial advice and does not take your individual circumstances and financial situation into account. We encourage you to seek assistance from a trusted registered financial adviser, legal or other professional advice.
The names of any third parties are additional resources that you access at your own risk and the FSC takes no responsibility for any third-party content.
The FSC and its employees make no express or implied representations or give any warranties regarding this blog, and we accept no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in this blog.
January 2024.
