Money is one of the most emotionally charged topics out there. It’s been my experience to learn that everyone has a money story that is usually defined in our childhood, and we carry that story with us either consciously or subconsciously.
Women and money tends to get a bad rap, as there are many myths out there surrounding women and money.
It’s important to have a positive relationship with money so that you can view money for what it is. Money is a tool that helps you acquire things you need or want.
However, many emotions and conditions are tied to money. Money can elevate your status, money offers security, having money may boost your self-confidence, and the list goes on.
If you’ve been told that you are not good with money, grew up in a home where money was a constant source of stress, or you are in debt and feel hopeless about getting out of debt, these experiences may conjure up negative feelings around money. This negativity around money may cause you to be stuck where you are, whether that’s in debt and mismanaging your finances.
Therefore, mindset plays an important part in your money management skills. When you have a growth mindset, you can move from the current condition of your finances and grow your wealth.
Money management is an essential skill for not just women, but for all of us. It is important to invest time in learning this skill so that you live a financially abundant life.
Here are some money myths that you may have been led to believe, however are completely untrue:
1. Women are not good at managing money
Contrary to popular belief, on average, 89% of women across the world reported controlling or sharing daily shopping needs, compared to only 41% of men. Women are managing the household budgets and the financial burden is on their shoulders.
2. Women spend too much money
Society and advertising lead us to believe that women spend all their money on clothing and shoes, leaving very little left for the essentials. This is false messaging. Women spend more than men on apparel, according to Smartasset, a financial technology company. But men spend more on other things, like takeout, and, according to the Bureau of Labor Statistics, alcohol and cars. Single men spend a bit more but that may also be because they earn more than women on the dollar.
3. Women don’t want to learn about money
There have never been more books geared towards women, written by women, that discuss the importance of women understanding how to manage their money. Women want to learn and there are a growing number of resources online as well that are geared towards educating women about money management, investing money, and building their personal wealth.
The bottom line is that women and money is a vital topic for the growth of the economy. When more women work, the economy grows. The more money women have to reinvest into the economy, the greater the economy is.