I recently came across an article on money management that discussed who better manages money: men or women.
Upon entering college, men tend to gravitate toward fields such as engineering, physics, and computer science. Women are underrepresented in math and science fields and often end up in careers such as social work, healthcare administration, anthropology, nursing, and human resources. So, are math and finances not priorities for women?
I can’t elaborate, and won’t even try.
Glassdoor (a job recruitment company) found that nine of the 10 highest-paying majors were male-dominated. By contrast, six of the 10 lowest-paying majors were female-dominated.
“Gender reveal parties, children's toys, sports rules, and targeted advertising all reinforce the age-old narrative that girls are different... less than...”
To me, it’s a useless discussion as there are different girls, women, and even on a domestic level, different situations in each family. For instance, I handle investments, but my wife takes care of all the bills, banking, and mortgages. So, who is better in this case?
Slightly more than half of the women who contribute half or more of the household income are responsible for managing the money.
I have already addressed part of this issue in one of my articles in the Social category.
If we look at the financial industry and men’s participation versus women's, less than 10% of mutual fund portfolio managers are female. It is an impressive difference, but frankly, I don’t intend to discuss this issue further. I want to tell you one thing: if the girl is ambitious enough, she will be in the financial industry. One example is my daughter-in-law. She has earned a Master's Degree in Finance and is working for one of the significant financial institutions in the United States.
I would like, however, to provide you with some information and a fascinating, helpful table from that article for those who are in the process of choosing or changing a profession.
If you are a young adult, in many cases, the decision about your future profession is influenced by your parents. As the T. Rowe Price survey found, parents treat their children differently, believing that boys are better with money (80%), but not girls (only 69%).
Again, as I have discussed earlier (see my other posts), we face a problem in educating teenagers on the basics of finances and money management. Until the schools change their curriculum, we will have many young adults who will have high debt from credit cards and education loans.
All of it is because they have no clue about the outcome of their own wrong choices.
When considering your future profession, could you consider researching to determine your expected compensation immediately after college graduation, as well as after five years of work?
Calculate whether you will have enough money for living expenses and to pay your debts. Without this due diligence, you may face mounting debt that could impact the quality of your life.
Yes, girls and boys, it’s not a joke. If your parents are not qualified to help you with your research, do it on your own, or find the mentors or professionals (every country offers different choices) who may help you.
Take your time and effort. It will pay back handsomely. Please consider not only what you would enjoy doing in your life, but also whether the chosen field of trade will support your lifestyle.
To help you, look at the following table:
(click on image to zoom in, 2020 data)
Your Money, Your Future
Women, it's not that they can't. It's that no one taught them how.
That's why couples must manage their finances together...
For parents to teach their children about managing finances...
For friends to share their cost-saving hacks...
For women to negotiate better salaries...
And for everyone to seek out the answers to their financial questions.
Please fill out the short form below to receive notifications about new articles—100% spam-free.