The financial industry is discovering women as a target group, but still often uses age-old clichés. Women have long been confident in their finances.
This text comes from the stern archive and first appeared in October 2022.
Some sentences really hurt: “Women and investments? For some people, they don’t belong together at first glance.” With this sentence, a large bank is seriously advertising for female customers. Marketing slogans and cleverness – there is apparently a larger gap in between. And an even bigger one than between women, men and their respective finances.
But even if women have far less reservations about investing than is generally assumed, the money gap between the sexes does exist. In more recent years it is called the gender pay gap and refers to the average 18 percent gap between the genders in hourly wages.
In later years, the so-called gender pension gap between the pensions of men and women becomes apparent. And this often amounts to up to 40 percent of the pension entitlements. Especially because women not only earn less on average, but also because, thanks to children and families, they often miss several years of work compared to men. This means they end up collecting lower pension entitlements.
What is undisputed is that in order not to fall into this pension gap, women have to save privately – especially since they also live longer. But they are already doing that. Around half of German citizens save for old age, and almost half of them are female. This is exactly what needs to be encouraged instead of continuing to perpetuate the old clichés about clueless women. Because they’re nonsense, as this reality check for three persistent myths about women and money shows:
Source: Stern
