Given a choice, would you rather sort out the dishes in the kitchen or your monthly bills? It’s a very demoralising thought, but apparently many women still prefer handling dishes to bills. A survey by Money.co.uk shows that at least half of British women defer to their husbands when it comes to bills. We are guessing that the figure is far higher in India, probably more than 75 per cent. It’s ironic that we women have invaded every professional sphere, made giant career leaps, gotten entry into boardrooms and Fortune 500 lists, yet we are still unable to get over this financial inequality – whether it be gender pay gap at the workplace or allowing men to continue handling the bills at home.
Many women work today, we handle salaries, savings and household expenses, yet we aren’t able to make that step towards investing in our futures. Why? The good part here is that the only difference between a woman who invests and a woman who doesn’t is lack of confidence, according to this survey. That’s the only thing stopping us, because science has proven that women are actually better financial planners and investors than men. Don’t believe us? Read on to find out why:
1. Women make for better investors than men because women eye long term sustained gains over short term profits, say experts.
2. Women are less prone to taking risks with their money. You won’t for example, trade away your entire fortune on a one-time rash decision at the stock exchange. Men have done that before.
3. Women are more practical in their approach and that translates to financial matters. We will instinctively zero in upon the right plan for our situation with good gains and easy installments.
4. We don’t hesitate to ask for help. That means if you are not sure about any aspect of your plan, you will surely seek advice. On the other hand, it boils down to ego for many men who don’t want to be seen as somebody who doesn’t know their numbers. So they are more likely to make mistakes that erode into their savings.
5. Give us a target and a budget and we’ll perfectly manage. How often have you organised events, even your wedding under a strict budget, cutting corners here and there, juggling balance sheets and bargains under situations that would give men a cardiac arrest? Probably too often to count. But that’s a point in your favour, more proof that women are pretty decent financial planners.
6. Women generally do handle money well. Your dads may have been doing all the investing earlier, but it was your moms who ensured that there is enough money set aside to pay up the premiums and installments every month. My mother lacked confidence, and always deferred to my father for every decision. Or so she thought all her life. Fact is that my father was at home for exactly one waking hour each day and since mobile phones were absent, my mom actually handled everything without even realising. It only takes a little bit of confidence to take over the reins fully.
7. The whole issue about men being better with finances is utter nonsense, at least today when we all have equal education. Both men and women start on same slate when it comes to math. In fact many women have even proven to be better at mathematics – just look at the school and college toppers history. The only reason why only men invest all the time is because everybody, including we women, presume they are better. Not true, lady.
8. We don’t procrastinate. We make sure all bills are paid on time and we almost never ever miss out on payments of installments, thus incurring late fees, policy lapse etc. That’s because we are wired like that – we are natural caretakers and we don’t forget chores, errands and responsibilities.
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