What if the famous New Year’s resolutions were also gendered? According to the study by the online savings management group Yomoni*, 82% of women surveyed have made a good financial resolution for the coming year, compared to only 74% of men. And the gap is widening on the single question of savings: 69% of women have decided to schedule automatic and recurring payments into their savings accounts while only 53% of men will make this choice.
Results that do not surprise Hélène Gherbi, founder of Femca, a training platform for personal finance and investment for women and author of Develop your financial superpowers! (Hachette Pratique, 2023). First elephant in the room: lower income. According to INSEE, in 2021, a woman in the private sector received on average a salary 24% lower than that of a man. “Less money means less ability to invest and more reason to save – or pay attention to your finances – to maintain security,” recalls the expert.
Mental load and caution education
Added to this low salary is a greater mental load, continues Fabienne Dupuij, founder of the Ecole de l’Argent, which offers personalized support on income management. “The woman is more responsible for managing resources within the household, such as food shopping, getting children back to school, etc. This pushes her to have a long-term vision, but also to opt for security, since her money is not just for herself. »
According to a study by the Cercle des Epargnants in 2022**, 18% of women save to financially help their children, grandchildren, or even parents, compared to barely 14% of men. In all areas of saving “for oneself” – such as becoming a homeowner or buying a car, men are, on the contrary, more likely to save.
And as long as we’re talking about cultural reasons… “Women are educated to be cautious and afraid of risks, particularly financial ones. As a result, they are often afraid of investing, which leaves only savings as their investment choice. This fear also explains why women make more financial resolutions. They feel less strong, and therefore want to “improve” in this area,” explains Hélène Gherbi.
And it is (still) not society that will help them become eco-friendly superheroes. Proof of this is this study from the British online bank Starling Bank dating from 2022. We learn that 90% of articles talking to women about money focus on tips for saving money or good deals during sales. On the other hand, 70% of economic articles aimed at men deal with investment and risky investments.
Positive and a notable evolution
And yet, Fabienne Dupuij reminds us: “all studies show that women invest better than men. Their results are less staggering than some men, but on average, they are more often beneficiaries. » Life being only a shade of gray, the prudence that is so limiting at times is this time the reason for success. “Their investments are safer, more carefully considered and also more diversified. Men sometimes like to put everything into a single investment, a risky one at that, which is something a woman will rarely do,” the expert further deciphers.
And since in 2024, another good resolution is to be more optimistic, Hélène Gherbi concludes on a positive note: “in this study, the gap is not so significant between men and women, and it is reducing over the decades. Even in the press, we finally find women’s articles on investment. Mentalities are changing and moving in the right direction, even if there is still a long way to go. »