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Nearly 60 per cent of British women say they have been “mansplained” on financial matters, leaving many to choose to actively avoid talking about money around men to limit chances of it happening, a digital wealth manager has found.
New research commissioned by platform Moneyfarm found that women still face the “ingrained assumption” that they lack the same level of financial knowledge as men, while nearly two-thirds said they had been interrupted or talked over by a man who assumed they would not understand a personal finance issue.
Of the 2,000 women interviewed, more than 25 per cent had been told how to budget by a man, while a third had been lectured to on “how investing works”, leaving many women feeling patronised and annoyed when it occurs.
“It is deeply concerning that women continue to face the ingrained assumption that they lack the same levels of competence in financial matters as men,” said Carina Chambers, financial expert at Moneyfarm.
“Mansplaining to women about finance isn’t just patronising, it is a deeply concerning issue which creates a legitimate barrier to equality,” she added, acknowledging the “harmful stereotypes” it perpetuates.
British men “mansplain” personal finance to women an average of 11 times a month according to the research, with husbands and partners being most likely to do so, closely followed by male colleagues.
As a result, 40 per cent of incidents of “mansplaining” occur at work and at home, but others reported receiving unsolicited advice from strangers, such as male bank managers and taxi drivers, as well as when at social events or in the pub.
Holly Mackay, founder and chief executive of Boring Money, a consumer investment website. said: “It’s clear that society still sees investing as a man’s business. Men will also typically report a higher level of confidence — which may not always be accompanied by higher knowledge.”
People need to be careful about who they take advice from, she added, as “sometimes the best investment advice is to put in your earplugs and do nothing”.
The survey found that 60 per cent of women avoid talking about money to avoid a “mansplaining” situation, however when finding themselves receiving unwanted advice, nearly 70 per cent confronted the man in question.
Chambers added: “When women are discouraged in conversations about money, they may even miss out on vital financial opportunities . . . women can feel less comfortable taking investment risks, especially if they are being talked down to about finance — which then exacerbates the savings gender gap.”
“These outdated notions must be challenged, and an environment fostered where women’s voices are respected, valued, and where they feel comfortable asking questions in all financial discussions,” she concluded.
