5 Myths About Women and Money

If you think the realm of money is a man's world, think again. The stereotypes you have about women and money are all wrong.

5 Myths About Women and Money Photo (cc) by Freddycat1

With only 23 percent of Certified Financial Planners being women, you might think the fairer sex isn’t all that interested in money matters.

You’d be wrong.

The idea that women either aren’t interested in (or capable of) managing money is a myth that seems to be burbling under the surface of our consciousness. The politically correct don’t want to say it out loud, but it’s there. It’s a bit like when Barbie blurted out that math class is tough! Everyone was collectively offended by the comment and yet secretly thought, “But math is hard for girls.”

In reality, some women – like some men – really don’t care about money management, or they think it’s too hard to understand. However, there are plenty of women who are actively involved in charting their financial future. A 2012 survey by Allianz Life Insurance Company found half of women surveyed say they have a great deal of responsibility for major financial decisions, and 62 percent expressed a strong interest in learning more about finances and retirement planning.

Watch the video below to see Money Talks News finance expert Stacy Johnson debunk more myths about women and money, and then keep reading as we further unpack this issue.

Myth No. 1: Entrepreneurs are overwhelmingly men

When you think of an entrepreneur, who do you picture? A millennial male in Silicon Valley with a tech start-up? Certainly, if your idea of entrepreneurship is limited to tech start-ups, then you’d be forgiven for thinking small business is a man’s world. After all, only 3 percent of technology companies are founded by women.

However, women entrepreneurs can easily be found elsewhere, whether it’s starting a business from the ground up or signing on for a direct sales company. American Express reports women are starting 1,288 new businesses every day in the United States.

The 2013 United States Report from Global Entrepreneurship Monitor finds men are more likely than women to be entrepreneurs but overwhelmingly so? Nah.

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