Women and money don’t mix.
Money is a man’s game, women are not programmed to manage money effectively.
The definition of a successful man is one who can earn more than his wife can spend.
Hang on, what? Did I really just write that? It’s very unlike me to make such misogynistic statements isn’t it? Lucky I don’t believe them. Not for a moment. Tear up that hymn sheet choirgirls and boys, because it’s just not the altar to worship at any more.
Whilst the jokes about women and money occasionally raise a smile, they’re fuel to the fire of unconscious bias, which is a raging topic right here and now, and for good reason.
I don’t think that anything has changed lately, do you? Do you suppose that incidences of rape, murder and domestic violence against women have suddenly spiked; that women are suddenly being treated more poorly than before? No, it’s just more obvious because it’s more visible. We’ve reached a tipping point, and the strong amongst us are stepping forward to defend the not so strong. We’ve had enough.
Let’s get this clear, negative stereotypes like those silly statements above predispose both women and men to unconscious bias. It starts at an early age leaving plenty of time for the rot to set in.
I’ve had enough conversations with women about money over my twenty-six year financial career to be able to tell you unequivocally, that a huge part of what’s holding women back financially is a lack of confidence brought about by a perfect storm combination of unconscious bias and confirmation bias. More about confirmation bias in a post to come.
Last week, my fourteen year old stepson asked for help with his commerce project. “Do you know much about managed funds?’ He asks me, “well, yes, I suppose you could say I do, what do you need?”
“When the Fund Manager is managing his fund what would be his greatest concern?”
Hang on there Sam, did you just say “he?”
Yes he did, and it’s true, he just assumed. He wont do it again, but to his credit he took the serve well, he’s a good kid.
So let’s just all stop assuming and break the mould here shall we? Women make great money managers. We are sensible with risk, we know how to control costs, we can see the bigger picture and we can create wealth beyond that which we can earn. Everyone wins.
Unconscious bias. If you see it, call it.
That is all.
This information is of general nature only and is not intended as a personal advice. It does not take into account your particular investment objectives, financial situation and needs. Before making a financial decision you should assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. We recommend you consult a professional financial adviser who will assist you. As at the date of this article, Sara Lucas was a licensed professional financial adviser, an Authorised Representative of Fitzpatricks Dealer Group Pty Limited ABN 33 093 667 595 AFSL 247429 .