7 Things That Make Women Financial Needs Different From Men
Nov 02, 2017This might come as a surprise, but the reality is that women have different financial needs than men. Why? Because we are different, we are treated differently, and our lives are different than men.
So today we are going to review 7 things that make women financial needs different from men.
- The Pay Gap- As women, till this date, we are still getting paid less in the workforce. This is due to various reasons. One of them is that when a woman looks for a job, if she doesn't have at least 90% of the requirements for the job, she will not apply, and if she does, she will feel that she doesn't "deserve" to negotiate because she didn't have all the qualifications. As for men, if they have at least 60% of the requirements, they will apply as they say to themselves, I can figure out the rest. Plus they will negotiate their salary as well. The other thing that causes the pay gap, comes directly from the employers, a lot of them still think that women are less capable and therefore, they offer a lower salary. Sad to say that this is still true until this day. Because of this pay gap, as women, we cannot separate as much money as men do for savings, for retirement, emergency funds, and/or long-term care.
- We are low-risk takers- We are definitely more conservative when it comes to finances and money. We rather spend it emotionally on things right now, than on things that we think we can lose the money down the road. Therefore, we don't invest in the market, and if we do, we put it in low-risk investment that in the end, will make us get a lower return on investment. So we not only invest less, but also, we don't protect our assets correctly, which makes up more vulnerable to taxes, lawsuits, accidents, divorce, and other financial risks.
- We get pregnant- Therefore, as our body changes, we have to endure the physical changes that come with pregnancy along with the symptoms, this will affect our paycheck and our time in our jobs or business. That is without counting the time that you will be on maternity leave from your job once you have the baby and if you own a business, how much is that going to affect your business. This will means loss of income if you are going to be the caretaker after that etc... Therefore, we need to think about having a good healthcare coverage, and insurance that will cover our income while on Maternity Leave if your employer doesn't provide you with it.
- Women live longer than men- On average, women live close to 5 years longer than men and this alone can bring financial challenges. We either have to work longer, because we have become the head of the household. And if we earn less than men, that could mean that we might encounter financial strain later on in life. That is without counting health issues as well. So again, we need to think about Long-Term Care, death benefits from the husbands, estate planning, and retirement benefits among others.
- Divorce is different for women- Because of most of the time, women are the primary caretaker of the kids, it becomes more challenging balancing work and family life. This also affects any promotions within their companies and you are self-employed, it can create a lot more stress.
- We don't think about money like men do- Obviously, I am generalizing, but for the most part, women, dream about a man taking care of them not the other way around. We are also not that involved in the financial matters if we are with a significant other. The majority of the controlling of the money, and managing the debt, belongs to the man in the household and for the most part. The conversation about money can be a sore topic, therefore, it might be avoided altogether. However, you must be part of it, you need to be 100% involved in the process. You need to know what is going on in your household and what to do in case of emergency or in case there is an absence of the man of the house.
- Our mindset about money is different from men- As women, we have certain limiting beliefs that are different from men. We think that we cannot create empires like men do. We think that everything that I have mentioned above is limitations to get us to where we want to be. However, if we get financially educated if we become knowledgeable investors, and at least learn the basic concepts on money and finances, we will open the doors to many opportunities. Our confidence is going to increase immensely.
Remember that "Financial Education Is The Path To Freedom"
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