Gender Distinctions

Gender distinctions in finances is not something one thinks about often.  I never have considered the way women are different with money, which now seems obvious as males and females have very different money habits as they are driven by different things. Upon researching gender distinctions in finance, I was shocked to learn the gender wage gap can start being prevalent as early as 4 years old. It was interesting to also learn the different statistics of men and women and money, such as how men buy more food, alcohol, and transportation while women buy more clothes, use more coupons, and take more time off for child care. I have never heard of women having a different approach to money and was never taught how to save and invest money as a woman. However, learning how women act with money makes perfect sense. Women have better long term investments as they do more homework and ask for help when they need it whereas men are more risky with money. It was also interesting to learn women are only slightly more charitable than men. I was surprised to learn that millennials are more charitable than gen x or boomers. One concept I enjoyed learning was that richness and wealth are subjective based on someone's opinions. Along with that, being money smart is a state of mind. This was a nice affirmation to hear as I am someone who isn’t extremely knowledgeable about finances, but this gave me hope that I can start early and learn. It was beneficial to identify the type of money personality I am, which is the social work personality. I think this will help me begin to start budgeting and tracking expenses in a more helpful way. Learning and identifying gender distinctions is important in making a more educated budget and aiding with spending overall. 

 

Tactics I learned:

Negotiate a better salary to address the income gap. 

Ensure a diverse, balanced portfolio mix to address longer lifespans. 

Writing everything down helps keep track of expenses. 

Making a retirement plan and adjusting it as needed. 

When it comes to budgeting- keep it simple, make it personal, and be positive! 

Determine current financial situation as the first step into making a budget. 

It’s okay to ask for help- do homework on investments. 

Take note of and keep record of: bank records, tax records, credit card statements, utility receipts, mutual fund and brokerage statements, as well as home-improvement records. 

Save as much as you can. 

As a woman, account for gender specific finances like childbearing.