Women ‘are less comfortable talking about money than men’

Women are more likely to stay quiet when it comes to money than men, new research has found.

According to the Money and Pensions Service (MaPS), just 39% of women feel comfortable talking about financial matters.

That compares with 50% of men.

Older people were also found to be more likely to stay quiet on the subject of money.

Just 37% of over-55s were found to feel comfortable discussing it, compared with 56% of 18 to 34-year-olds.

Why are people reluctant to talk about money?

When asked why they were uncomfortable to discuss financial matters, people gave many different reasons, such as:

• embarrassment
• fear of judgement
• a feeling of failure

But Jackie Spencer of MaPS believes being open about the issue can help them get on the front foot.

“Money conversations don’t need to be polished or perfect,” she said.

“They just need to happen. 

“Taking control of money, talking openly about it and sharing the burden that money worries can cause often helps people feel less stressed or anxious and more in control. 

“It also helps people make better, more informed financial decisions.” 

Is mansplaining part of the problem?

Another reason why women in particular are more likely to avoid discussing money is that many are sick of getting unwanted financial advice from men.

A recent study by Moneyfarm found that men “mansplain” personal finance to women 11 times a month.

Nearly two-thirds of women say they’ve had unsolicited tips from men on financial matters, such as budgeting and investing.

And a similar number said they’ve been talked over or interrupted by a man who assumed they wouldn’t understand a personal finance issue.

As a result, 60% of women are actively avoiding talking about money because they’re wary about being given unsolicited tips.

Carina Chambers, financial expert at Moneyfarm, warned that mansplaining “isn’t just patronising”, but also creating a “legitimate barrier to equality”.