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Challenging the Myths - Women and Money

Welcome back to this space!

While we are still celebrating the resilience and awesomeness of women all over the world, we want to discuss also personal finance and how women handle this part of their lives. So once again, we say Happy International Women’s Day to women world over.

The world currently is agog with the Corona Virus issue, it knows neither kin nor creed, and one of the things we have learnt over time at PFDN is how vital the role of women are in every aspect either in business, the economy, family, corporate world and how it is absolutely imperative for us all to be intentional especially as women. The woman as the first go-to-person in care-giving has had to learn how to be savvy with their finances over time and contrary to a lot of myth flying around about the frivolity of women especially regarding their finances, it is worthy of mention that quite a lot of women are becoming bread winners and have had to learn about money the smart way in order to deal with consistent financial issues that seems to never end.

Let’s take a look at some of these myths: a school of thought believes that women being thrift spenders need help in managing money more than men! Here is what we have to say concerning that, research has shown that because women are natural caregivers, they wear dual caps and have learnt varying ways of managing monies to meet the various needs and sometimes wants that plague us each day. However we feel that this myth only holds true because women have been conditioned to think they do not know enough about money to make smart financial decisions. At Proshare Foundation, in light of the work we do across various demographics, we find that as the world evolves, more and more women are getting more financially savvy and while we may still need to propagate the financial literacy message and make financial inclusion a thing of priority, we are proud of how smart women have been and continue to be with regards to their finances.

Another myth we will look at is Women being averse to taking risks! Well, in pushing the #EachForEqual message for #IWD2020 one of the core messages is giving women equal opportunities in all spheres of life and without a doubt, it is safe to say women have risen to become captains of industries, making decisions that have direct impact on the growth and sustainability of organizations as we know today. Women all over the world are learning to not only be smart on money matters but are making the tough calls everyday and interestingly make for shrewd entrepreneurs and decision makers! Our summation is this, women are cautious but certainly no chickens!

The third is one we feel almost all women have been accused of… and in retrospect is a huge myth. There is a saying that women spend more on shoes and bags and frivolities, while this may be true, in the grand scheme of things, men have more expensive toys and do not get labeled as frivolous! A man will spend heavily on gadgets, electronics, autos, liquor and in comparison to the total spend of the man, this may not make for a balanced one.

The world is changing, more and more people are losing their jobs to machines, professions are evolving and what we spend on our daily needs keep changing. At PFDN, what we strive to do is bring into our consciousness what Personal Finance means, share with us the building blocks on how to make finance truly personal to fit into your own unique lifestyle. There is no one size that fits all and that’s why the conversation on making smart money decisions is very critical to our survival not only as a Nigerian but as person living in this time and season.

Lets keep the conversation going about these myths with the women and men in our lives. Which ones have you believed? Don’t forget you can click on the button below to write to us and share your thoughts or register on our platform to be a part of the tribe making smart money decisions..

Regards, Your Personal Finance Coach

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