Even though we’re living in the 21th century, women still lag behind men when it comes to finances and money. One of the main reasons is women still earn less income than men.
According to PEW Research Center women work approximately 60 extra days to earn what men earn.
According to the White House, full-time working women earn 77% of what their male counterparts earn. This means that women have to work approximately 60 extra days, or about three months, to earn what men did by the end of the previous year.
However, our own estimate, which is based on hourly earnings of both full- and part-time workers, finds women earn 84 percent of what men earn. Based on our estimate, it would take approximately 40 days, or until the end of February, for women to earn what men had by the end of last year.
You can read the full article by going to: PEW Research “On Equal PayDay, key facts about the gender pay gap”.
The other big reason for the differences between men and women when it comes to money… and I hate to say this, many women don’t take an active interest in money.
We all need money to live, to do the things we enjoy and support the things that are near and dear to us.
But why is it that so money women don’t want to deal with money? I know from first hand experience most women talk about and worry about money, while at the same time ignoring to deal with money. It’s a strange thing!
Frequently women defer to their husband or partner to deal with money, investing and retirement. But that’s a big mistake catching many by surprise in their later years. Too many women discover their financial situation is not what they thought is would be after having lost their spouse and being forced to deal with finances.
In a recent article published on CNBC, financial advisor Stacy Francis refers to this phenomenon as “ostrich effect”…
The studies did get me thinking, and they helped me understand why women have what I call the “ostrich effect” when it comes to money. Women, overall, refuse to accept reality, preferring to ignore the truth that we need to know about money. Instead, we bury our head in the sand.
We don’t get in the money game, because we do not want to get messy, and money can be a little intimidating. You could make a mistake or two, and you probably will. Heck, I would say that I have made at least that many mistakes. This is coming from a woman who thinks, breathes and lives her life learning as much as she can about money.
And while I will admit that I have made many mistakes along the way, I have made many more fantastic money decisions. The goal is to take action and take control of your financial life.
You can read the entire article at “CNBC – Too Many Women Bury Their Head About Money Matters“.
How about you? Do you act like an ostrich and bury your head in the sand? Or do you take an active role in managing your money and finances?
If we women want things to change we have to take an interest and active role when it comes to money and stop deferring decisions to our partners.
This means we have to learn about money and learn to deal with money. And yes, that may include getting a bit uncomfortable and making mistakes along the way.
