It is no secret that there is a financial gender gap that has been around for decades. While in some areas that gap is closing, others are not seeing much of a change at all, and it seems that the change it is seeing is going in the wrong way. The financial gender gap will hopefully be gone someday, but until then women need to work at closing it for themselves.
Financial Finesse has put out a survey that shows that women seem to be falling behind men when it comes to financial literacy. It shows that women need to take charge and become financially literate. Financial literacy is not the only place that women seem to be falling behind in.
In most areas of financial planning in general women seem to be falling behind. The gaps are growing in the areas of paying off debt; having basic stock, bond, and mutual fund knowledge, and even in building emergency funds. It is not hopeless for women though, they can still become financially educated.
There is one area where women are not falling behind men in. When it comes to planning for long term care women are keeping up with men. This is the one area that women seem to understand and are not falling behind.
Women want to have peace of mind; they do not want to have to worry about what is going on with their money. If it is in a safe place then they feel better. One reason that the survey shows that women are behind is that they like to gather information from a large variety of sources before they make any decisions whereas a man will make that same decision much faster and with less research.
When it comes to a financial planner women do not want someone who comes across as a bossy know it all. They want someone who is going to be an ally for them in the financial world and who will look out for their best interests. The financial planner must make it comfortable for the women to ask any questions that she has and they cannot be an overly harsh person. Men are less likely to go see a financial advisor and when they do, they do not mind those financial planners that some women seem to have problems with.
Women you need to take responsibility for your own financial education. It does not matter if you get your information from an online source, a financial advisor, or even from a financial class. The important part is that you become educated in some way so that you can make better financial decisions.
There is still a financial gender gap out there. It is up to women to work at closing that gap. We have the ability to make sure that we are in charge of our own finances. So ladies, get out there and get educated, make the financial gender gap disappear for good.