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The lower levels of wealth in women are not completely explained by women earning less than men. It’s better explained by dramatically lower returns women earn on their earnings. Many peer reviewed articles have identified lower overall levels of financial literacy in women. As an example, a recent survey showed that 35% of men were able to answer a basic compound interest question, compared to only 20% of women. Improving the levels of financial literacy in women is crucial to improving the prosperity of women and reducing the gender wealth gap.
The low levels of financial literacy in women is happening in a time when women are making more financial choices, due to drastically improved gender equality (which is awesome!), increasing levels of divorced and never-married women, and increasing numbers of financial products and services (superannuation, insurance products, etc.). Research identifies that women are less confident in their ability to manage money, less comfortable with their financial situation, and more conservative in their approach to investing. The good news is that women are generally more interested in learning how to more effectively handle money, and are confident in their ability to budget and manage debt.
Here is a list of great books to improve your financial literacy, with a specific focus on investing:
The intelligent Investor – Benjamin Graham
Rich Dad Poor Dad – Robert T Kiyosaki
Why Smart People Make Big Money Mistakes – Gary Belsky
The Millionaire Next Door – Thomas Stanley
Your Money or Your Life - Vicki Robin
Nice Girls Don’t Get Rich – Lois P Frankel
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