Why are Women More Stressed About Money Than Men?

Studies show that 93% of women are stressed about money and that while 80% of men die married, 80% of women will die single.  This means we need to find ways to better cope with financial stress, clear debt, and build financial independence. The great news is that women who invest regularly tend to outperform men in their financial portfolios. So even with the gender pay gap, learning smart money habits will improve your financial outlook and help you build a wealthier future. 

Why are women likely to stress about money? 

Many women find themselves at a financial disadvantage as compared to men. That is because we typically make less money, have to take time off work to care for children, which impacts wages, and live longer, so we need to make our retirement funds go further. 

In addition, many women still take on the majority of household chores and errands, are responsible for balancing their children’s schedules and making family appointments, and also support other family members, like aging parents, which only increases their stress levels further. 

Stress affects us physically and takes a mental toll as well. It’s important that we all understand that HIGH EMOTION = LOW INTELLIGENCE. 

When we are in fight or flight mode, highly stressed, and/or dealing with a flood of emotion, the critical thinking part of our brain gets shut down, which impacts our ability to make sound decisions—financial or otherwise. Therefore, to get positive results, we need to reduce the stress. Finding ways to create better balance in our lives is critical, as is making time for self-care. Even small changes can have a big impact on our mental health and stress levels. 

How can a woman be financially free?

Many women delegate their financial security to their spouses, however, to ensure a wealthy future, we need to take charge of our financial destiny. That way, if there is a divorce or the death of a spouse, we can be confident in our financial abilities and resources. 

As you educate yourself financially, you will find that money works for women differently than it does for men. This is because men and women relate differently to money and have differing money philosophies. As a result, the financial strategies we use must be tailored to our specific needs as women when investing and building wealth.

Knowing this, it follows that as individuals, we need to better understand our relationship with money, our money mindset, and the specific strategy we each need to take to start building wealth. 

As you explore this relationship, limiting beliefs and fear about money will show up. In Think and Grow Rich for Women, I share the Six Ghosts of Fear that were revealed to Napoleon Hill during his study of more than 500 of the most successful men of all time, as well as thousands of people who considered themselves failures. From this, he learned that Fear of Poverty is one of the “…most destructive of the six basic fears. It is also the most difficult to master.”

To conquer those limiting beliefs and master our fears, we must face them. Here is how you can do that and develop smart money habits too:

1. Educate yourself and build your financial literacy. The more you know the less fear you will have, helping you move forward with confidence. 
2. Get to know your numbers. To build a wealthy future, you must know where you are now and where you want to go. That will help you build a financial strategy designed for your specific needs. 
3. Set up a spending plan. This will help you focus on getting out of debt and spending less than you earn, so you can start investing and building your wealth. 

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1. Build an emergency fund. It will give you a financial safety net for any unexpected or difficult financial challenges.  TO LEARN HOW CLICK HERE.
2. Start investing. Even small amounts will increase over time. You just have to get started. 
3. Regularly check your numbers. The more you know about your money and how it is working for you, the easier it will be to adapt when it is necessary. 
4. Learn from your money mistakes. We all make mistakes. What you do with the knowledge you gain from the mistake makes a difference to your future outcomes. Learn from them and you will benefit in more ways than you can anticipate. 
5. Talk about money. The more we normalize financial discussions with family and friends, the easier it will be to reduce feelings of fear, get new perspectives, and open new financial opportunities for even greater wealth. 

A dedicated focus on your finances will help you get ahead and stay there! As you consistently invest in your future, you will defeat financial insecurity as you economically empower yourself. Before you know it, you will kick financial stress to the curb and build the future you dream about. 

I suggest two books to develop your financial education:

• Think and Grow Rich for Women
• How Money Works for Women

Both will give you practical advice and guidance to build your smart money habits and your financial independence. The more you empower yourself with knowledge the easier it will be to cope with financial stress and take the action steps that will increase your wealth, securing a financially stable future.