Many women feel a lack of confidence when it comes to their financial knowledge
Sara Glaz- Aloni
NOlonger fresh out of seminary, Leah had been working for a few years and acquired a tidy sum in her bank account. Malky, a friend from high school, invited her to coffee. After small talk, Malky got to the point. “Yes, you still might be single, but now’s the best time to do financial planning. It’s silly to keep cash in a checking account. You need to put it to work! You’re losing money because of inflation! Have you ever thought of insurance? What about your retirement? Yes, it’s decades away but you need to start saving now! Turns out, I’m a financial planner and I can help you.”
As Malky rambled on and on, Leah didn’t have the heart to tell her that she had no clue what Malky was talking about. Finally, Malky took a breath and finished with, “So, what about getting started with a full financial makeover… TODAY!”
Leah didn’t grow up talking about money, nor was it ever a topic of conversation among her friends. Whether stocks went up or down — it was all the same gobbledygook to her. However, now that she was “in the real world,” she knew she had to start figuring out how to manage her finances. But should she follow Malky blindly? Should she try to figure out what Malky was talking about? How? Should she just call Ephraim, her older, money-savvy brother and ask him for help? The problem was that Leah didn’t even know what questions to ask. She was too embarrassed and felt like the most ignorant girl in the world.
Leah isn’t alone. Many women feel a lack of confidence when it comes to their financial knowledge. In fact, in a March 2021 research study entitled Fearless Woman: Financial Literacy and Stock Market Participation, women disproportionately answered “do not know” to financial questions relative to men. Yet, interestingly enough, when that option wasn’t available, women often answered the question correctly!
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