Mansplaining risks undermining women’s confidence around money matters, a new report from Moneyfarm has found.
Six in 10 (59%) women say that they have been ‘mansplained’ to about money matters, with a further 62% saying they had been interrupted and talked over by a man who assumed that they wouldn’t have an understanding of a personal finance issue.
The research from the digital wealth manager found 30% of women say they have been lectured on how investing works, while 29% have had the opposite sex explain inflation and the same number have been given tips by men on how to save better. Just over a quarter (27%) said that a man had informed them how best to invest their earnings.
One in four (26%) women have also been told how to budget by a man, while 24% have had the workings of their pension explained to them in detail.
Moneyfarm said almost half (45%) of men admit to feeling that they legitimately have a better understanding of money, investing and personal finance, leaving 64% of women with the impression that their opinion on financial matters is not taken as seriously as men’s.
On average, men mansplain money and personal finance to women 11 times a month, with 48% of women stating that they have been belittled by a man when giving their opinion on finance and investments.
Husbands and partners (33%) are the biggest culprits, but the research also showed that male colleagues, fathers and male friends have all been found guilty of doing the same.
More than two thirds (68%) of the 2,000 women interviewed said they have confronted mansplaining, with a quarter (27%) noting it had not happened again as a result. However, 20% of women said their pushback was ignored, 18% were told they were wrong and 16% carried on offering advice.
As a result, Moneyfarm said 61% of women actively avoid talking about money and finance around men, with 20% admitting they don’t feel confident asserting their financial knowledge in a conversation with a man.
Carina Chambers, financial expert at Moneyfarm, said it was “deeply concerning” that women continue to face the ingrained assumption they lack the same competence in financial matters as men.
Chambers said: “We clearly see from our research that when this happens, it can unnecessarily undermine their confidence. When women are mansplained, it implies their knowledge and opinions are less valid, which is patronising and damaging.
“These outdated notions must be challenged and an environment fostered where women’s voices are respected, valued and where they feel comfortable asking questions in all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. After all, it is estimated that 60% of the wealth in the UK will be held and controlled by women by the end of this year.”
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