Today, Sara Lucas reminds us of the results of the last Financial Literacy Survey by ANZ which brands ‘females’ as a group with “low financial literacy” – along with under 25s and people with no formal post-secondary education, as having low financial literacy.
Sara finds the survey results depressing. Unfortunately, they’re not all that surprising.
I know plenty of female friends and colleagues who are at the top of their game in the workplace, often in key decision-making roles at multi-national companies, but rely on their partners to make financial decisions at home. This includes decisions regarding significant, life-changing investments — decisions that may ultimately outlast their relationships.
So what’s the problem? Why do women fall so far behind men when it comes to the elements of financial literacy that matter like planning ahead, staying informed, taking control and choosing financial products?
Confidence appears to be a major issue, and one that may ultimately perpetuate a cycle of relying on others to assist with key decisions. Indeed, the ANZ survey found that men (36%) were more likely than women (23%) to consider their own financial ability above average.
Another issue could be, as Sara pointed at last week, a reluctance between women to openly talk about money.
But that’s not to say this is how it has to be, nor how women want it to be. According to our online survey of around 1200 women in the lead up to the Women’s Agenda launch, more than 70% of you are looking for more information on wealth management.
So we’ll be continually addressing wealth management under the banner of ‘personal freedom’ on Women’s Agenda, with Sara and other authors sharing their insights, experiences and tips.
In the meantime, how about sharing your story over at Sara’s post today? What do you do (or don’t do) to stay ahead and keep control of your money?