For a long time, it was a man’s job to manage the household finances. If it wasn’t the father, it was the husband or big brother or uncle or grandfather. Any man was good enough for the job. However, they didn’t always do a good job.
It was almost taboo for women to be involved in money matters, and even though more women are making money today, fewer women are managing or investing. The dilemma is that most women are happy to let the man manage the finances not because they are incompetent but because they find it overbearing and foreign, like a fish out of water. It seems the more things change the more they stay the same.
Prince charming has been the most paralyzing myth that was ever sold to the female species. However, that’s a story for another day. Here are a few reasons why women need to actively take part in money management and investing.
- Women have more funds available to them today, by way of salaries inheritance gifts, etc., they have perfected the art of making money. So, they will be getting the money before they get the man.
- More women are getting married older. Most will have to manage money for a while before prince charming comes along.
- Some women have decided that marriage isn’t a priority. Therefore, they have to manage money.
- When the prince finally shows up, he may not have a clue on how to manage money. He might even show up in a dress looking for a surrogate mother. Hence, the woman will have to take on that duty.
- Prince charming might be a fraudster, scammer, narcissistic, or con man and steal all the money.
- Divorce is real and some men will be looking forward to alimony payments. ie they want their women to pay them for having married them. There are also a lot of prenups nowadays and some aren’t in the woman’s best interests.
- Death happens and women are notorious for outliving their husbands, even their younger husbands. therefore, it’s not a matter of if the woman will be in charge of the household finances, but, a matter of when. unfortunately, most poor women are widows who were well off financially when their husbands were alive.
- Women are more likely to take on the responsibility of taking care of older parents and other older family members.
- Women tend to have a shorter work life span. due to factors like kids, family, gender discrimination at the workplace, unequal pay, etc
- More women are single mothers and have sole parental responsibility for their children. This calls for financial vigilance.
- Children are no longer a reliable retirement plan. gone are the days when children felt obliged to take care of their parents. they expect to be fund.
The good news is that women make better money managers. mainly because:
⦁They believe they don’t know enough, therefore; they are eager to learn, they are more attentive, they put in the hours and they do their homework.
⦁ They are more likely to seek expert advice whenever they don’t understand something, unlike their male counterparts who believe that asking equals stupid.
You are the best person to take care of your finances not because you are the smartest but because you care the most- by Barbara Stanny, author of Prince Charming Isn’t Coming: How Women Get Smart About Money