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Women & money

Found this info about women & money:

"Women and money
Compared with their grandmothers, Australian women are generally better educated, better paid and have many more career opportunities. This financial independence means women today must also make financial decisions their mothers and grandmothers could never have imagined.

Many women also take time out of the workforce at some stage to meet caring responsibilities. This affects not only their income-earning capacity and career options, but also the amount of super they will accumulate over a lifetime. Most Australian women can now expect to outlive men, and need to think about how to support themselves in their senior years.

The different lives women lead and decisions they make can have a big impact on everyday money management, not to mention how much they'll have to support themselves in retirement.

Recent research also shows some differences between the way men and women manage and think about money. For example, women are generally confident about everyday money management issues like budgeting, but less confident than men when it comes to investing, understanding financial language and ensuring they have enough money for retirement.

What research tells us about women and money

A 2008 Financial Literacy Foundation research report found that women are generally highly confident in their ability with money, especially when it comes to everyday money management issues like budgeting, saving, dealing with credit and managing debt.

But they’re less confident when it comes to investing, understanding financial language and ensuring they have enough money for retirement.

Among other findings were that women think it’s important to learn more about money management issues such as planning for the financial future, understanding rights and responsibilities when dealing with money and ensuring enough money for retirement.

However, many women were found to hold attitudes and beliefs that can get in the way of them managing their money better – from thinking it doesn’t matter to finding it stressful, uncomfortable or boring.

For instance, 52% said that dealing with money is stressful and overwhelming (men 43%), 42% reported that thinking too much about their long-term financial future makes them uncomfortable (men 37%) and 34% found dealing with money boring (men 29%)."

I'd really like to know what the women on this forum think about this. Is it true for you? Men can chime in too, but I want to hear it from a female's perspective.

Tags: money, women

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Replies to This Discussion

Permalink Reply by Warren on July 31, 2008 at 7:51pm

The last stats there show very little difference between men & women, which is likely the case:

- 52% said that dealing with money is stressful and overwhelming (men 43%)
- 42% reported that thinking too much about their long-term financial future makes them uncomfortable (men 37%) and
- 34% found dealing with money boring (men 29%).

(sorry, not female, but I couldn't help myself...)

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Permalink Reply by Bytta on July 31, 2008 at 8:14pm

I love dealing with money! It's just like any other hobbies. if you enjoy doing it, you'll get better.
I come from family full of of dominant, tenacious and influential female entrepreneurs and investors. We like making money, and yes, we like spending it too.

My mum with her high school degree has built and managed multi-million dollars property portfolio and jewelry business.I can call my mum anytime and she'll offer me with business and investment opportunities. So far it has been fruitful.
My grandma was a merchant and you should see how this 78 yo woman still invests in property.

I think i am quite aggressive in my approach (thanks to my upbringing) and as a result i've had my finger burnt as well as make good money.

But i'd rather be out there experiencing all the goods and the sh*ts rather than staying put in fear.

I dont find this in many women, at least the ones that i know.

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Permalink Reply by skippi_oz on August 3, 2008 at 1:22am

Hi LS
I am the one in our family who deals with the money issues.
I was the one who organised the family budget and any time we have had to go for a loan (house/extensions etc) I have researched it and organised most of it. I am also the only one who has not forgotten the internet access or telephone security codes. :?
I am generally confident in how things are progressing daily but fit the above statistics- except for the last statement that is. [I've always been interested in money - I actually asked for Noel Whitaker's MONEY book for my 15th birthday.]
I feel that it’s really important to learn more about planning for the financial future, I do want to understand my rights and responsibilities when dealing with money, and I'm currently obsessing about ensuring that there is enough money for retirement.
I do find dealing with money stressful - probably because I don't know where to get the information that I want and I also don't want to miss important information just because I had no idea that i needed to know it. I also worry that I hyper-focus on long-term financial future and that I'm not getting anywhere fast.
I've found that a few things I had not planned for in the past few years have made me more concerned about all this. The main two things that have started me thinking like this - I think - are having a son who has been sick (admitted to hospital a few times) and a husband in a blue collar, non-union, job who is now getting to the age where injuries are happening. I'm also heading into my 40s and we're not as well off as I had hoped to be by this stage of my life.
I don't know if this is the sort of feedback you wanted but I hope it helps.
Lisa (skippi_oz)

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Permalink Reply by Lisa on August 3, 2008 at 10:39am

I'm unreservedly comfortable with finances, budgeting and investing - it's my job and luckily I love my job enough, that I play the game at home, as well... I definately don't find dealing with money too stressful, thinking about my long-term financial future actually makes me feel comfortable and for me, dealing with money is far from boring.

I've been single for some time, and until a few years ago, I didn't have the financial confidence to take the plunge into the property market. I guess I wanted the security of another salary to fall back on just in case anything happened. After turning 30, something clicked, and I realised I didn't need a man for many things including property investing. I knew I could read the numbers. My first purchase was a unit I was living in, in a fairly 'trendy' beach suburb - may sound strange but it was a private rental and I bought it when I moved inter-state. That gave me the well-scorned emotional element which gave me the confidence to embrace the financial burden.

Until then, I'd been terrible at saving and managing debt. I've been on a decent salary, with no-one to support financially... but just spent it, if I wanted it I bought it.... if I wanted to travel there, I travelled there - probably wouldn't change that part in my life as I've had some great experiences. In relationships, I've always remained financially independent but have always found myself paying my partners way for a lot of things (sponges, they were!).

I now have 3 investment properties, and if I keep doing what I'm doing I will have plenty of coin for an early retirement... and if I ever do get married you can bet your sweet bippy there'll be a pre-nup!!

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Permalink Reply by Bytta on August 4, 2008 at 2:18pm

Hi Lisa,

You should be proud of yourself. you have done so well financially and investment-wise while reaping heaps of experiences life can offer.
At this stage of my life, i have to forgo lots of extras in favour for wealth building plan.
I think we're women are better at long-term investment goals :D because on average we have higher risk aversion level.
That being said, lots of men are good with long-term goals as well.

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Permalink Reply by Lisa on August 5, 2008 at 9:08pm

Thanks, Bytta! There are also a lot of things that I haven't experienced where I feel like I'm missing out sometimes - ie. marraige & children.

We had a discussion at work the other day about how males and females 'fit' into the workplace. Our workplace is run very much like a household - at the head of the company (ie. CEO's and directors, operation department heads etc) are the men with all the big ideas leading and directing turning the wheels in motion, and the women are the systematic, administrative and and general (including financial) control of the situation.... walking behind these men (who gloss over the finer details) and doing the housekeeping for them.

When was the last time you saw a man in an administrative job??? It's not because it's beneath them - it's that whole organised, systematic, multi-tasking gene that they lack!

I guess it add's to the glass ceiling. When you step back, men need women in the workforce just like they need us in the home (2 words "bachelor pad"!! yuk!). Can you imagine the state of modern day work-places in the fast-paced information age without women to keep the guys information organised!!

Most of my friends who are a part of a couple share financial goals, but it is the female in the relationship who takes care of the nuts and bolts and break the vision in to smaller goals, right down to alloting pocket (or play) money for each of them.

I am by no means a man-hater - after hitting the glass ceiling in a management position, I've stripped the situation back to a (somewhat) primal reasoning... since the dawn of time, men have been the hunters and women gather and keep the cave in good order. This is something that cannot change in 50-odd years of feminism.

Hope I haven't hi-jacked the thread! It's all related - women in a historically masculine environment.

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Permalink Reply by Pete McMurphy on August 6, 2008 at 3:41pm

Hi Lisa, men not being in administrative jobs is probably more a function of sexism than capabilities. Administratively I far outstrip my partner, who is hopeless at anything admin-related. In fact, many women I've met can't multi-task at all.

The glass ceiling is well and truly there and is exacerbated by men refusing to do administrative tasks. It's simply not socially acceptable for a man to have a job as a secretary, so until that changes, women will be doing the majority of the admin roles. It used to be that way for nursing, but things re slowly changing. Not sure if men will let things change, as admin ain't fun...

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Permalink Reply by Bandwidth on August 6, 2008 at 4:26pm

I think a lot of this type of Sexism is Aussie culture based, as the same biases are less prevelant in europe

The image of the true blue Aussie male is still alive and kicking.

I think as we grow as a nation things will change

BTW I am the multi tasker in the partnership and now I am semi retired, share trading from home, I do the cooking. I am making Honey Soy Chicken drumsticks to be ready when my wife gets home from work :-) as well as some Rum Sables (french shortbread) for treats

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Permalink Reply by Lisa on August 6, 2008 at 8:39pm

Truth be known, I would probably be classed as a sexist myself. I had a great up-bringing with a completely functional, nuclear family... Mum gave up teaching to raise a family and went back to it when we were becoming a little more independent.

Mum would do all the cooking, cleaning and look after the finances and Dad would build and fix things, look after the yard (like every true blue Aussie male should be able to do!). I have always planned to emulate this.

Actually, that would be another reason that the glass ceiling will probably always remain there - women are societies nurturers and generally the primary care-givers. Career women tend to reach the pivotal point in their career when their biological clock is ticking quite loudly (I need to put a silencer on mine! :-)).

The nation is already trying to change things - starting with the economic/political, paid maternity leave - I understand this is something the rest of the world embraced some time ago and we are only just starting to talk about it. This is okay for larger organisations and those who are of a female 'nature', but for companies with smaller employee base cannot afford to have a key person away for 12 months, even with a replacement.

It's not only the disruption, but the dynamics of a small (especially growing) business can change quite a bit in 12 months which requires a change to the organisational structure to the point that the position description changes dramatically. Legally, you must leave the exact position open for 12 months.

Bandwith - I recall you saying you've moved around the world a bit - do you know much about paid maternity leave in other nations?

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Permalink Reply by Bandwidth on August 6, 2008 at 9:01pm

Most of my travel in later years is through the Asian countries and it is generally not part of their culture, which is more extended family based.

I believe that most of the OECD countries have a form of paid maternity leave

OECD countries

Founding members (1961):
Austria*
Belgium*
Canada*
Denmark*
France*
Germany*
Greece*
Iceland*
Ireland*
Italy* Luxembourg*
Netherlands*
Norway*
Portugal*
Spain*
Sweden*
Switzerland*
Turkey
United Kingdom*
United States*
Joined later (listed chronologically with year of admission):
Japan* (1964)
Finland* (1969)
Australia* (1971)
New Zealand* (1973)
Mexico (1994) Czech Republic* (1995)
South Korea* (1996)
Hungary* (1996)
Poland (1996)
Slovakia* (2000)

What level of paid leave they have I have no idea.

Some articles

http://au.lifestyle.yahoo.com/b/marie-claire/1721/paid-maternity-le...

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Permalink Reply by Lisa on August 6, 2008 at 8:09pm

Okay, so I made a generalisation! :-) On the flip-side of the non-multi-tasking women, I do know a number of multi-tasking men but aim for higher reaching positions.

I agree, there is a huge element of sexism (ie. a woman running behind them, cleaniing up after them... again a generalisation!) women entered the work-force in an era where sexism was the socially accepted norm.

Take my profession, accounting and finance - not that long ago it was a male dominated area, but now it is a completely acceptable profession for a woman... I dare say because it is a part of the administrative function of a business.

May I suggest *cheeky grin!*that men refuse to do administrative tasks because they do not understand the requirement for them. Again, not true for all men, but from (frustrating) experience it is very prevelant.