It is often said that men are from Mars and women are from Venus when it comes to the differences in our thoughts and behaviours.
But are men and women worlds apart with our understanding of personal finances?
According to a recent web article by Retirement Essentials, women are at a distinct disadvantage when it comes to retirement income. Not only are women likely to be earning less than their male counterparts throughout their careers, but research also suggests men are more likely to have the “financial knowledge, skills, attitudes and behaviours necessary to make sound financial decisions”.
“Australian men and women’s financial literacy has been measured in a survey conducted by Household, Income and Labour Dynamics in Australia (HILDA) as part of a longitudinal survey covering 17,500 people across 9,500 households since 2001.
“The survey asked five questions related to financial literacy. Nationally, 50% of men answered all five questions correctly, whilst just 35% of women did so.”
Retirement Essentials go on to say:
“If money is a sore point in your relationship, it is worth considering having a ‘money date’ on a regular basis, where you speak frankly, check shared budgets and goals, and the ways you might support each other to reach these goals. It beats simmering tension or arguments any day. Sometimes one partner is more able to absorb financial information than another.”
Read the full article on the Retirement Essentials website.
Baldwin Financial Services is based in the northeastern suburbs of Adelaide.
Contact us to find out how we may be able to help you.