Our Secret Numbers: Women, Men, and the Taboo Nature of Financial Health<\/em><\/a>, people were asked about their \u201ctaboo\u201d numbers\u2014age, salary, weight, credit score, financial savings, debt, romantic partners, prescription medications, and spending.<\/p>\nWhen looking specifically at men vs. women, the data showed similarities in talking about age and romantic partners but showed disappointing\u2014and sadly not shocking\u2014differences when it comes to finances. This divide has very real, long-lasting effects on both genders\u2019 mental wellness and financial potential.<\/p>\n
The data exposed that men and women have different comfort levels talking about money and finances over the course of their careers. In fact, entry-level employed men are more comfortable talking about their financial health (66%), even when compared to senior-level-employed women (57%).<\/p>\n
Men at every level reported being more comfortable discussing their financial health (66% entry-level, 67% mid-level, and 70% senior-level) than women (54% entry-level, 55% mid-level, and 57% senior-level). The same disparities between men (57% entry-level, 61% mid-level, and 67% senior-level) and women (50% entry-level, 52% mid-level, and 46% senior-level) applied to discussing debt.<\/p>\n
The study also found that men are overwhelmingly happier and more confident in their financial abilities, despite financial health being equally important to both genders. Nearly half of all women say they do not feel confident managing their finances (49%), while only 35% of men agree. And while 58% of women are unhappy with their financial situation, only 42% of men are unhappy with theirs.<\/p>\n
What\u2019s more, treating money as a taboo topic is cyclical. You feel awkward mentioning your salary or your debt so you don\u2019t talk about it, which means you don\u2019t hear what other people are saying or recommending, and that leads to missed opportunities that could make you more money and build your confidence. So, while other people are growing their money, paying off debt, or talking to financial advisors and planners, they are also likely building up their financial confidence. And since men are statistically more comfortable talking about money, this cycle disproportionately affects women\u2014restricting their financial growth, investment opportunities, and earning potential.<\/p>\n
A likely reason to why women are more likely to feel this way can be traced back to our childhoods. From a young age, both boys and girls are keenly receptive to societal conditioning. Our society tells women and girls to be cautious with their money while telling men and boys to be smart, inherently creating very different connotations about finances and our respective roles in managing them.<\/p>\n
Our research also revealed that in married or partnered households, men were more likely to take ownership of their responsibility to make the financial decisions while women were more likely to say they share the responsibility with their partners.<\/p>\n
We need to change the conversation about finances. We can start by talking to our children about finances openly and positively being mindful about how we talk to young girls. When we don\u2019t, this conditioning can have serious effects on the way girls grow up to view money, so we all need to pay close attention to our words and make sure we aren\u2019t empowering boys and scaring girls.<\/p>\n
We also need to remember that if you never raise your hand, your questions never get answered. Women are conditioned to believe that talking about money is rude. But the best way to learn about anything is to talk about it\u2014and we aren\u2019t talking about money enough.<\/p>\n
Let\u2019s take back our power and make sure that future generations know that \u201cgirl talk\u201d is defined by the things that matter to us most like our day-to-day lives: feelings, careers, hopes, dreams\u2014and <\/em>money.<\/p>\n
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