Six in ten (59 percent) women say that they have been ‘mansplained’ to about money matters, with a further 62 percent being interrupted and talked over by a man who assumed that they wouldn’t have an understanding of a personal finance issue.
According to the new research by digital wealth manager, Moneyfarm, a third of women (30 percent) say they have been lectured on ‘how investing works’, 29 percent have had the opposite sex explain inflation, 29 percent said that they have even had a conversation with a man giving them tips on how to save better and 27 percent said that a man had informed them how best to invest their earnings.
One in four (26 percent) women have also been told how to budget by a man, while 24 percent have had the workings of their pension and mortgage (20 percent) explained to them in detail.
How share prices work (19 percent), how credit scores work (18 percent) and retirement planning (15 percent), have also been ‘mansplained’ to women up and down the country.
Shockingly, almost half (45 percent) of men freely admit to feeling that they legitimately have a better understanding of money, investing and personal finance, leaving 64 percent of women with the clear impression that their opinion on financial topics isn’t taken as seriously as men’s.
In fact, the survey found that British men ‘mansplain’ money and personal finance to women an average of 11 times a month, leaving half (50 percent) of the female population feeling patronised, annoyed (37 percent) and irritated (26 percent). One in six (16 percent) feel sad that men make the assumption that they don’t understand.
Almost half (48 percent) of women say they have been belittled by a man when giving their opinion on finance and investments, and 54 percent have been made to feel like they are only interested in spending money on non-essential, frivolous items.
Husbands and partners (33 percent) are the biggest culprits, along with male colleagues (31 percent), dads (23 percent) and male friends (22 percent).
Outrageously, 20 percent of women have had patronising, unsolicited financial advice from male strangers – and even male bank managers (14 percent) as well as from a male taxi driver (6 percent).
As a result, work (40 percent), home (40 percent), social events (29 percent) and the pub (18 percent) are the top locations for money mansplaining, along with the bank (17 percent).
Sixty-eight percent of the 2,000 women interviewed say that when they have been ‘mansplained’ to about money and finances they have had the courage to confront the man in question. A quarter (27 percent) say as a result it hasn’t happened again, while 26 percent admit they both ended up laughing it off, whilst 23 percent said the man was embarrassed.
In contrast, 20 percent said their push back was ignored, 18 percent were told that they were wrong and the man was right, 16 percent carried on offering up advice and 11 percent even stormed off.
It’s no surprise then that two thirds (61 percent) of women actively avoid talking about money and finance around men to limit the chance of being ‘mansplained’ to, with 20 percent admitting that they don’t feel confident talking about, or asserting their financial knowledge in a conversation with men involved.
Carina Chambers, financial expert at Moneyfarm who commissioned the research says, “It is deeply concerning that women continue to face the ingrained assumption that they lack the same levels of competence in financial matters as men. And we clearly see from our research that when this happens, it can unnecessarily undermine their confidence.
“When women are ‘mansplained’ to about money, it implies their knowledge and opinions are less valid, which is patronising and damaging. These outdated notions must be challenged, and an environment fostered where women’s voices are respected, valued, and where they feel comfortable asking questions in all financial discussions. After all, it is estimated that 60% of the wealth in the UK will be held and controlled by women by the end of this year*.”
Despite all this, the research found that women actually save more (57 percent) than their male counterparts (46 percent), with the savviest female savers living in Norwich (64 percent), Newcastle (63 percent), Plymouth (63 percent) and Abeerdeen (59 percent).
MONEY AND FINANCIAL MATTERS THAT ARE ‘MANSPLAINED’ TO WOMEN:
1. How investing works – 30%
2. Inflation – 29%
3. How to save better – 29%
4. How to best save your own earnings – 27%
5. How to budget – 26%
6. How pensions work – 24%
7. Mortgages – 29%
8. How share prices work – 19%
9. How credit scores work – 18%
10. Retirement planning – 15%
11. Which stocks to buy – 15%
12. Crypto currency and bitcoin – 14%
13. How interest rates work – 14%
14. What you should be paying into your pension – 13%
15. How to improve your credit score – 12%
16. How to set financial goals – 12%
17. The FTSE index – 7%
18. How to file a tax return – 7%
19. How to get a better mortgage rate – 6%
20. How the exchange rate works – 5%
