Generally, men fare well in terms of finance than women. In fact, men lead women by a large margin in terms of advanced financial knowledge. For one, we often see more men in the stock exchange than women do. In terms of income, women only obtain a percentage of what men earn on the same job. However, times are changing, and the gender gap between men and women in terms of finance is getting narrower. Women nowadays acquire the necessary knowledge needed to fare well equally with men, especially when it comes to handling and dealing with money. Such can be seen when it comes to taking pieces of financial advice, and apparently, women dominate in that department than men do.
More women nodding in approval to financial advice
Regardless of gender, every person, or consumer for that matter, wants to make sure that they handle their money the right way. That is, they spend less and save more. In that regard, they often ask for pieces of financial advice every once in a while. In fact, according to a recent study, more and more women are willing to follow tips and other forms of advice from people—financial experts or otherwise—than men do.
A recent survey from the Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF) revealed that nearly 90 percent of women-respondents said they’ve taken pieces of financial advice they have received from people throughout their lives. Such advice include saving more for the future and rearranging their retirement portfolios. Said rate is high above than what men observe; moreover, even with some nagging concerns with their finances, women generally listen to what others say.
Breaking the survey down
The survey was conducted by an independent research firm, with a random sample of more or less 1,000 adult-participants all over the country polled about their perceptions, preferences, and actions with regard receiving financial advice. It found that they face certain challenges when it comes to seeking pieces of advice about their finances. In fact, of the 90 percent who consider other people’s advice, almost half of them think objective advice would be costly they don’t think they can afford it. Meanwhile, a third of all women polled say they don’t actually have the time and effort to seek out other people’s opinions with regard their finances.
Factoring in these, female respondents often seek not the expertise of professional financial advisors, but rather of their friends, family members, and others whom they are close with. Moreover, a considerable number of women who took part in the survey are concerned about their financial futures, with more than half of them thinking that they may not retire fully if they don’t have enough savings.
Struggles notwithstanding, this vital information is just one of the many instances where women stand out when it comes to finance. This only goes to show that women, too, can fare well when it comes to handling and dealing with money just the same as men.
About the Author
Steven Boccone is a well-known and respected economist from the United States. He is widely considered as one of the leading authorities in topics related to traditional marketing, new media marketing, advertising, financial management, and economics.