Do Women Need Special Help With Money?
After reading my article on new efforts that financial companies are taking to woo women, one of my colleagues told me that she finds it condescending. She says she doesn't feel intimidated by financial information and is perfectly capable of managing her own 401(k) without any special hand-holding.
Another reader said Arika Larson, owner of Women Be Wise, a financial planning company based in San Jose, Calif., "needs to get a grip and a better idea of what some women care about," because it's not necessarily marriage and babies, as Larson suggested.
I've also found myself offended by some female-oriented financial tips in the past, although I still enjoy reading about women and money, because I do think we face different kinds of issues. What do you think? Do women and men need separate financial advice, or is it offensive?
Tags: money | gender bias | financial literacy
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Reader Comments
I think people, particularly people whose parents were not comfortable with 401Ks, need a special kind of tailored advice.
Also, I feel that sometimes women do need separate financial advice. Particularly 20-something women who might be carrying a lot of educational debt but also like to entertain the notion that someday they might get married and want children.
Finally, since women are more than likely to outlive their male partners by 5 years or so AND generally make less money throughout their lives, tailored advice may not be a bad thing. Women more often than men take time off of work to either care for children or their parents at the other end.
Are we different
As a man, I am glad to see that you wrote that women face different financial issues than men. Since men are usually the breadwinner, it's up to the women to make sure that she and her children are taken care of in case of divorce or death. In many households, there is a division of labor, with the man taking care of the finances. The wife, then, stays ignorant, usually by choice. Imagine her surprise when the unthinkable happens and the wife has to fend for herself.
It goes both ways
I'm not so sure if the man takes care of the finances in all households. I have friends who are married, and the wife (who is also a stay-at-home mom) controls the purse strings. My friend likes it because it means he NEVER has to open a bill and his credit rating is oodles better because the bills are paid on time. Additionally, my aunt (also a stay-at-home mom) controls the purse strings and puts my uncle on an allowance. If she didn't do so, all his money would go to golf and things he doesn't need.
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