Money can buy women
But a look at current surveys and experiences of men and women paints an ambivalent picture. Women want to be financially independent, but don't do enough. The old role model says: men bring the money home, women take care of the household.
Fact 1: The gender pay gap is 16 percent
On average, women in the EU earn around 16% less than men. This difference is called the gender pay gap. In 2015 the difference was still 21%. So women are catching up. The key figure results from the average across all career levels and age groups. It is noticeable that the difference increases with increasing age. Women are less represented in management positions and their professional experience is shorter on average. When these factors are adjusted, the difference increases by one percent to 17%.
However, if you set your sights on Germany, the numbers are sobering. Together with Estonia and the Czech Republic, this is where the largest difference between the salaries of men and women can be found. A full 21% on average speak volumes. A look at page 5 of the IAB short report visualizes the differences in the wage gap at district level in Germany. In Saxony, as in most of the new federal states, it is far below the national average, namely between 6.9 and 16.9%. This article takes a closer look at the IAB short report with regard to its importance for Saxony.
The difference in wages decreases steadily over the years. This is also due to the fact that more and more women take care of their own finances, work despite having children and strive for management positions. They have at least become a little more assertive, self-confident and financially independent.
Fact 2: The more money women make, the more confident they are with their finances
The Saxons save and try to keep their money together. However, differences between the sexes can also be found here. In March 2020, the finance portal Joonko published the results of a survey entitled “Do women save differently than men?”. This resulted in these differences:
- Women save more than men
- As incomes grow, women are more confident with their money
- Low-income men are more optimistic than women in the same situation
- Women like to save on goals (for example vacation or car), men prefer to save than women with the aspect of increasing their money
Men and women have a few things in common:
- only 30% ask your bank when it comes to questions of money
- Women and men over 30 prefer to research money matters themselves
- the younger generation turns to family and friends on questions of money
Fact 3: Women are less interested in business and finance than men
The banking association dealt with the gender aspects of financial investments and summarized the results in August 2019. Four aspects were highlighted:
1. Financial security and retirement planning
2. Financial affinity and knowledge
3. Savings and investment behavior
4. Customer-bank relationship.
The representative opinion poll on gender aspects of financial investments revealed the following:
Financial security and retirement planning
When it comes to old-age provision, women start their old age with less money due to their lower employment and lower income, but they are still optimistic about their security. 70% are of the opinion that they are well prepared for retirement, whereas men only expect it with a rate of 54%.
Financial affinity and knowledge
When it comes to self-confidence when dealing with money, women have caught up. However, there are differences in terms of interests in economic and financial topics. Women are less interested in it than men. This is also reflected in an interim survey in which women do noticeably worse than men on questions of financial literacy. In addition, women rate the complexity of banking and financial investments significantly higher than men. You find financial products very complicated and don't want to bother with them.
Despite these different attitudes, both genders spend roughly the same amount of time on their financial planning and on retirement planning, whereby ignorance is likely to lead to worse results. Precisely because women have to cope with less money, their financial knowledge should be more pronounced in order to make the most of their opportunities.
Savings and investment behavior
There are also differences in terms of savings and investment behavior. Due to their financial situation, women generally save less and their commitment to stocks and shares is lower than that of men. Security plays a much bigger role for them. Women prefer safe investment products and avoid risky alternatives.
Although mobile banking has long since found its way and men and women use digital products to do their banking with roughly the same frequency, a good two thirds of women value good personal advice in their bank. For men, the value is only 56%. This personal advice has no gender-specific characteristics. The overwhelming proportion of 95% of women and 94% of men do not care whether they are advised by a man or a woman. For them it is fundamentally about quality and not about gender.
Fact 4: Women want financial independence, but the framework conditions make implementation difficult
Around three quarters of single women consider financial independence to be important in a relationship. Women in a partnership also see it that way, but their share is only 64%. If you take a closer look at reality, you will find that it differs greatly from what you imagined.
- In fact, around 35% of all men co-finance their partners; they are the main breadwinners.
- Only 13% of women have taken on the role of providing care in their relationship.
- The longer a relationship lasts, the more pronounced the weighting becomes.
Once a family is started, there are structural guard rails that make it more difficult for women to achieve and maintain financial independence. In practice, this means that men bring the money home, while women raise the children and work at most by the hour or part-time - with corresponding consequences for pensions and old-age provision.
Conclusion: Women strive for financial independence, which is more important for single women than for lovers. As soon as children are born it becomes more and more difficult to remain financially independent because women are still the ones taking care of upbringing and household chores. Nevertheless, women have succeeded in advancing into management positions and reducing the gender pay gap somewhat. It remains to be seen what influence future generations will have in this regard.
This article was written in collaboration with the external editorK. Meissner.
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