Why Women Are Getting Wealthier

Once a week, I’ll be writing a series of article to encourage women who are struggling with their finances and are seeking for simpler ways to save money thereby achieving financial freedom at an earlier age. When I sent this article to a couple of friends seeking their reactions, the answers I got were quite revealing.

70% of my male friends believed that women were wealthier than their male counterparts due to the following reasons:

  • Men are responsible for the welfare of the home, thereby reducing their ability to save regularly.
  • Men have financial responsibilities towards their extended family whereas a woman has none.
  • A man foots the bills and school fees for his children.
  • A man is also expected to splurge occasionally on an expensive item for the spouse.
  • Since our men like to wear the pant at all times, it’s only natual to allow them pick up the tabs.

 However, 30% of my female friends agreed they were wealthier than their husbands or intended spouses. About 15% agreed that they rarely seek financial advice when making important financial decisions while 15% agreed that they needed to be more proactive regarding investments. Now, back to my article…

Gone are the days when all a woman required to be rich was getting hooked to a sugar daddy or aristo. Now the Nigerian girls have fortunes of their own. More Nigerian women are getting richer with 50% having a personal stash of N5mn and above. Recent research conducted indicates a growing number of women have 40% of their liquid assets in stocks, 30% in the money market and 30% in mutual funds and bonds.

The increase in wealth has been attributed to better education for girls, leading to better qualifications, and this has translated to a higher number of women occupying senior managerial posts at the workplace. However, the downside is women are less likely than men to make long term financial plans or take more than a passive interest in their contributory pension scheme. Women are also less likely to plan for the future such as taking more than a cursory interest in the performance of their pension funds, writing a will, setting up a financial plan for the kids. Come on girls think about the future.

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