Here are a few quotes from executives who despite earning north of six figures, struggle to manage their finances:
- “I became so driven by my work, I lost sight of my finances.” (Exec)
- “Finance just doesn’t interest me, it’s boring.” (Business consultant)
- “I truly believed someone else would take care of it all while I busy making it.” (Snr Vice President)
Quotes taken from Stanny’s Secrets of Six-Figure Women.
If you cannot relate to financial mis-management as a personal shortcoming, you’re probably thinking Senior Vice President of what? The local communal garden?
But no – these are corporate high-flyers.
And aside from being Ostriches like me, what else do these people have in common? They’re all women.
The stats on women & money are pretty shocking but here’s the only number you really need to grasp – over half of American woman alive today will die on the poverty line. A hundred years ago this might have been explainable. Today it’s criminal.
While this fact and more like it are littered throughout financial self-help books written especially for women, I came across this particular reality-check in a book that is devoted to physical health. 73% per cent of the book is concerned with exercise and nutrition, the remaining pages talk about broader lifestyle elements. And the shortest chapter in the book, at only 6 pages or 1.6% of the content, focuses on women and money. Short and sweet, the opening line is hard to ignore:
“Here’s a dreary chapter [inner comment: in case I was thinking that the proceeding 217 pages of exercise and nutritional info were not] about personal economy that you may be tempted to skip, but I am begging you to read it.” Crowley & Lodge (2004)
There are a myriad of reasons why men and women differ in the financial prowess but one factor is that women are more likely to associate money with security than men who link money to status. The reasons for that are logical. Irrespective of the recent revolution in female earning power, women are still likely to outlive their husbands/the father of their children, more likely to live to old age, more likely to have worked part time, more likely to bear the brunt of child-rearing costs and for this and other reasons women value security. Evolution has wired our peacock brothers, on the other hand, to go for status.
Another concept that is routinely dragged into the assessments of our psycho-financial tendencies is whether our motivations are positive or negative, are opportunity- or fear-focused, gravitate around “abundance” or “scarcity” mentalities. Again, there seems to be a male-female divide to these likelihoods.
Scarity and abundancy ushers in a special cosmic lens and so tomorrow we turn to whether there’s any truth at all to the No. 1 best selling new age book The Secret.