Unlock Editor’s Digest Lock for Free
FT editor Roula Khalaf will select your favorite stories in this weekly newsletter.
Almost 60% of UK women say they are “mansplaned” on financial issues, and many say they have actively avoided talking about money around men and chose to limit the likelihood that it will happen, digital wealth managers have found.
A new study commissioned by Platform MoneyFarm found that women still faced a “splitting assumption” that they lacked the same level of financial knowledge as men, but nearly two-thirds said they were interrupted or discussed by men who thought they didn’t understand personal financial issues.
Of the 2,000 women interviewed, over 25% were taught how to budget by men, while the third was lectured on “the investment mechanism,” and many women were irritated when it happened.
“I am deeply concerned that women continue to face the rooted assumption that they lack the same level of competence as men,” says Carina Chambers, financial expert at MoneyFarm.
“Mansplane for women about finances is a deep concern not only about loyal users, but also about the issues that create legitimate barriers to equality,” she added, acknowledging the “harmful stereotypes” it perpetuates.
British men “manspray” their personal finances on women 11 times a month, according to a survey, and are most likely to do so by their husbands and partners, with male colleagues closely following them.
As a result, 40% of “Mansplane” incidents occur at work or at home, but some reported receiving unsolicited advice from strangers such as male bank managers and taxi drivers.
Holly Mackay, founder and CEO of Boring Money, a consumer investment website. “It is clear that society still believes it is investing as a human business. Men usually report a higher level of confidence.
People need to be aware of who they will receive advice, she added.
The survey found that 60% of women avoid talking about money to avoid the “mansplane” situation, but nearly 70% were facing the man in question when they found themselves receiving unnecessary advice.
Chambers added: “If women are discouraged by a conversation about money, they can even miss out on important financial opportunities. … Women can feel comfortable taking investment risks, especially when they are being talked about finance.
“These outdated concepts have to be challenged, and it has fostered an environment in which women’s voices are respected and cherished and felt comfortable asking questions in every financial discussion,” she concluded.
