1 00:00:04,080 --> 00:00:07,120 Speaker 1: Welcome to Stuff Mom Never Told You from house stuff 2 00:00:07,120 --> 00:00:14,080 Speaker 1: Works dot Com. Hello, and welcome to the podcast. I'm 3 00:00:14,120 --> 00:00:16,759 Speaker 1: Caroline and I'm Kristin krist and I wanted to talk 4 00:00:16,760 --> 00:00:21,000 Speaker 1: about women in financial literacy today because recently my friend 5 00:00:21,040 --> 00:00:23,560 Speaker 1: was telling me, uh, kind of an unfortunate story about 6 00:00:23,600 --> 00:00:27,520 Speaker 1: her mother in law who was divorced recently and after 7 00:00:27,560 --> 00:00:31,120 Speaker 1: the divorce was left in kind of a precarious financial situation. 8 00:00:31,720 --> 00:00:34,080 Speaker 1: She and her husband gotten married very young, and she 9 00:00:34,159 --> 00:00:38,559 Speaker 1: had actually never worked before or during their marriage. You know, 10 00:00:38,640 --> 00:00:41,680 Speaker 1: she was completely supported by her husband, and once their 11 00:00:41,800 --> 00:00:44,879 Speaker 1: marriage fell apart, she was sort of left out. McCole like, 12 00:00:44,960 --> 00:00:47,360 Speaker 1: you know, not only did she not know how to 13 00:00:47,400 --> 00:00:51,159 Speaker 1: pull a credit report, but she needed to build credit. 14 00:00:51,240 --> 00:00:53,760 Speaker 1: She needed to get credit cards, build these accounts up. 15 00:00:54,240 --> 00:00:58,720 Speaker 1: And so I wanted to look into why she's not 16 00:00:58,800 --> 00:01:03,120 Speaker 1: the only one who has been a victim of financial illiteracy. 17 00:01:03,200 --> 00:01:05,480 Speaker 1: Why this seems to be something that a lot of 18 00:01:05,480 --> 00:01:10,640 Speaker 1: women suffer from, not just during divorce, but during marriage too. 19 00:01:10,680 --> 00:01:14,520 Speaker 1: It seems like women lag behind men in financial literacy. Yeah, 20 00:01:14,600 --> 00:01:18,319 Speaker 1: and no matter your marital status, I mean, the fact 21 00:01:18,319 --> 00:01:21,680 Speaker 1: of the matter is looking into financial literacy is so 22 00:01:21,800 --> 00:01:24,840 Speaker 1: important for women for you know, the reasons that often 23 00:01:25,120 --> 00:01:27,720 Speaker 1: come up the most is the fact that women live 24 00:01:27,800 --> 00:01:31,959 Speaker 1: on average, five years longer than men. And on top 25 00:01:32,000 --> 00:01:35,319 Speaker 1: of that, we're earning less due to gender wage gaps, 26 00:01:35,319 --> 00:01:38,520 Speaker 1: so we have less money to work with, and we're 27 00:01:38,520 --> 00:01:41,720 Speaker 1: more likely to take breaks from the workplace to care 28 00:01:41,800 --> 00:01:45,880 Speaker 1: for children or elderly parents. So I got a lot 29 00:01:45,920 --> 00:01:48,920 Speaker 1: of stuff going on. And while we're juggling all of 30 00:01:48,920 --> 00:01:51,480 Speaker 1: these things and trying to make ends meet and trying 31 00:01:51,520 --> 00:01:55,520 Speaker 1: to you know, care for different people, financial literacy sometimes 32 00:01:55,680 --> 00:01:59,120 Speaker 1: slips through the cracks. And as we'll talk about more, 33 00:01:59,520 --> 00:02:03,400 Speaker 1: there is a socialization factor that goes into this gender 34 00:02:03,440 --> 00:02:07,880 Speaker 1: gap as well. Yeah. According to a RAND American Life 35 00:02:07,880 --> 00:02:12,440 Speaker 1: Panel study, financial literacy is pretty widespread and many women 36 00:02:12,600 --> 00:02:15,960 Speaker 1: are unfamiliar with even the most basic economic concepts needed 37 00:02:16,000 --> 00:02:19,320 Speaker 1: to make saving and investment decisions. And I know, I mean, 38 00:02:19,400 --> 00:02:25,560 Speaker 1: I have a retirement account. Um do I understand fully 39 00:02:25,720 --> 00:02:29,560 Speaker 1: the investments that I am making. No, my father helped 40 00:02:29,600 --> 00:02:33,239 Speaker 1: me invest. I can see that I am part of 41 00:02:33,280 --> 00:02:36,679 Speaker 1: the problem. Yeah, as I was reading all of these 42 00:02:36,800 --> 00:02:42,399 Speaker 1: articles for this episode, it was a startling or reminder 43 00:02:42,480 --> 00:02:46,320 Speaker 1: to me that I need to get my financial literacy 44 00:02:46,320 --> 00:02:49,240 Speaker 1: in check because I'm similar to you. I have I 45 00:02:49,280 --> 00:02:53,880 Speaker 1: have my things set up, but I'm not exactly invested 46 00:02:54,000 --> 00:02:58,200 Speaker 1: in my investments. And there was a two thousand seven 47 00:02:58,280 --> 00:03:01,160 Speaker 1: study out of Ohio State Universe see an Iowa State 48 00:03:01,440 --> 00:03:03,079 Speaker 1: University that speaks to a lot of this, and it 49 00:03:03,200 --> 00:03:07,040 Speaker 1: found that women are less socialized in money matters and 50 00:03:07,080 --> 00:03:12,200 Speaker 1: find investment decisions stressful, difficult, and time consuming compared to guys. 51 00:03:12,400 --> 00:03:15,040 Speaker 1: But the funny thing about it is a lot of 52 00:03:15,080 --> 00:03:18,160 Speaker 1: studies will say that even though we might approach it 53 00:03:18,160 --> 00:03:21,680 Speaker 1: with more fear in trepidation, there are you know, there's 54 00:03:21,720 --> 00:03:27,040 Speaker 1: some evidence that we might be naturally better investors because 55 00:03:27,080 --> 00:03:29,560 Speaker 1: we are a little bit more cautious with our money 56 00:03:29,600 --> 00:03:34,240 Speaker 1: compared to men. Um and often for women, it takes 57 00:03:34,280 --> 00:03:38,400 Speaker 1: a life event like marriage, divorce, death obviously a death 58 00:03:38,440 --> 00:03:42,000 Speaker 1: of someone else not your own, to prompt women to 59 00:03:42,360 --> 00:03:45,680 Speaker 1: save and invest, whereas men are more likely to start 60 00:03:45,720 --> 00:03:50,160 Speaker 1: doing this gradually. Yeah, well, so what's up at the gap? I? 61 00:03:50,160 --> 00:03:54,280 Speaker 1: I wanted to understand why women lie behind, And according 62 00:03:54,320 --> 00:03:57,840 Speaker 1: to Rand, the gap is not explained by the differences 63 00:03:57,920 --> 00:04:01,400 Speaker 1: between men and women necessarily, but more the ways in 64 00:04:01,440 --> 00:04:04,400 Speaker 1: which literacy are produced. So like Kristen said, how men 65 00:04:04,440 --> 00:04:08,240 Speaker 1: go about gradually gathering that information, but also the social 66 00:04:08,280 --> 00:04:11,200 Speaker 1: aspect of how they're kind of expected to. So Ram 67 00:04:11,240 --> 00:04:14,720 Speaker 1: looked into that and found that the things that really 68 00:04:14,760 --> 00:04:19,840 Speaker 1: affect the gap are education, income, and current and past 69 00:04:20,080 --> 00:04:25,400 Speaker 1: marital status. These coefficients reduced the gap by twenty five 70 00:04:26,040 --> 00:04:29,279 Speaker 1: per cent. So looking at education in particular, they found 71 00:04:29,279 --> 00:04:33,200 Speaker 1: that financial decision making within couples is sensitive to the 72 00:04:33,480 --> 00:04:38,280 Speaker 1: relative education levels of spouses for both women and men, 73 00:04:38,760 --> 00:04:40,960 Speaker 1: And they found that both men and women are responsible 74 00:04:41,000 --> 00:04:44,760 Speaker 1: for more financial activities within the couple as their education 75 00:04:44,800 --> 00:04:48,920 Speaker 1: increases relative to their partner. So but if you look 76 00:04:48,960 --> 00:04:53,880 Speaker 1: at education in absolute terms, that relationship changes a little 77 00:04:53,880 --> 00:04:57,680 Speaker 1: bit much because men will benefit from education more than 78 00:04:58,120 --> 00:05:00,800 Speaker 1: women will. In other words, as men become more and 79 00:05:00,800 --> 00:05:03,880 Speaker 1: more educated, they take on more and more financial responsibility. 80 00:05:03,920 --> 00:05:07,160 Speaker 1: But the same is not necessarily the case for women 81 00:05:07,720 --> 00:05:10,760 Speaker 1: in those absolute terms. But once you get into a 82 00:05:10,880 --> 00:05:14,479 Speaker 1: couple of relationships, obviously like heterosexual couple of relationships, then 83 00:05:15,000 --> 00:05:20,560 Speaker 1: that relative relationship starts where um, the more if you are, 84 00:05:20,640 --> 00:05:24,000 Speaker 1: say a woman Mary to a man, then the more 85 00:05:24,520 --> 00:05:28,640 Speaker 1: education that you get, usually relative to the guy, will 86 00:05:28,720 --> 00:05:33,680 Speaker 1: increase your financial responsibility so it's I mean already it's 87 00:05:33,680 --> 00:05:37,760 Speaker 1: a little bit of a tangled relationship there, right, And 88 00:05:37,800 --> 00:05:40,880 Speaker 1: even female college graduate struggles. So, I mean, we we 89 00:05:41,000 --> 00:05:43,479 Speaker 1: found out just a second ago that the more educated 90 00:05:43,520 --> 00:05:47,080 Speaker 1: you are a man or woman, the better you are financially. However, 91 00:05:47,839 --> 00:05:51,320 Speaker 1: Time magazine in June had an article that found that, yeah, 92 00:05:51,400 --> 00:05:55,120 Speaker 1: college grads do struggle. Uh. Manasma Davi, who's the director 93 00:05:55,120 --> 00:05:58,039 Speaker 1: of Smith College is Center for Women in Financial Independence, 94 00:05:58,080 --> 00:06:02,560 Speaker 1: a very specific center, found that the mean financial literacy 95 00:06:02,600 --> 00:06:05,120 Speaker 1: test score for women with just a bachelor's degree is 96 00:06:05,160 --> 00:06:09,080 Speaker 1: only forty seven percent. Now, women with a master's degree 97 00:06:09,080 --> 00:06:11,479 Speaker 1: in business scored very well, as you might imagine, but 98 00:06:11,600 --> 00:06:16,039 Speaker 1: at all other levels of scholastic achievement, the scores were failing. Yeah, 99 00:06:16,080 --> 00:06:20,000 Speaker 1: we're talking women with pH d s who still couldn't answer, 100 00:06:20,120 --> 00:06:24,040 Speaker 1: you know, basic questions about compound interests and stuff like that. Right. Uh. 101 00:06:24,200 --> 00:06:27,400 Speaker 1: They did find that the scores of financial literacy rose 102 00:06:27,480 --> 00:06:30,960 Speaker 1: with age and household income, but the median score peaked 103 00:06:31,000 --> 00:06:33,880 Speaker 1: at just fifty seven percent for college educated women in 104 00:06:33,920 --> 00:06:36,800 Speaker 1: their sixties. Yeah, and uh, I have a feeling that 105 00:06:36,839 --> 00:06:39,840 Speaker 1: the rising scores with age and household income might be 106 00:06:39,920 --> 00:06:44,240 Speaker 1: related to marital status because a lot of this kind 107 00:06:44,240 --> 00:06:47,680 Speaker 1: of financial data will show that married women will be 108 00:06:47,720 --> 00:06:52,839 Speaker 1: significantly more financially literate than unmarried women and married men. 109 00:06:53,080 --> 00:06:55,159 Speaker 1: So it's like once we you know, like I said, 110 00:06:55,320 --> 00:06:59,160 Speaker 1: once a life event prompts us to start really taking 111 00:06:59,360 --> 00:07:01,760 Speaker 1: a good look at what's going on, and the fact 112 00:07:01,760 --> 00:07:05,800 Speaker 1: that women tend to be more in control of household finances. 113 00:07:05,920 --> 00:07:08,919 Speaker 1: Then we're like, oh, but you know, with the rising 114 00:07:09,000 --> 00:07:12,680 Speaker 1: age of marriage, we're waiting longer to get married. And 115 00:07:12,960 --> 00:07:18,280 Speaker 1: uh so even a single women like ourselves Caroline's attention, Like, 116 00:07:18,400 --> 00:07:20,480 Speaker 1: I would think, just you know, if I had not 117 00:07:20,560 --> 00:07:23,680 Speaker 1: read any of this stuff, I would think that, you know, 118 00:07:23,840 --> 00:07:27,360 Speaker 1: single women would be very well educated just from having 119 00:07:27,440 --> 00:07:30,360 Speaker 1: to take care of everything for themselves. But I guess 120 00:07:30,400 --> 00:07:31,840 Speaker 1: I did give myself away at the top of the 121 00:07:31,880 --> 00:07:34,400 Speaker 1: podcast when I said that my daddy made my four 122 00:07:34,400 --> 00:07:36,840 Speaker 1: O one K investments for me. Hey, but at least 123 00:07:36,880 --> 00:07:39,360 Speaker 1: you've got those four O one k investments, Caroline. At 124 00:07:39,400 --> 00:07:42,720 Speaker 1: least I do. I can retire at least by like 125 00:07:43,000 --> 00:07:47,160 Speaker 1: seventy or something. So um. Two thousand and eight study 126 00:07:47,240 --> 00:07:51,400 Speaker 1: found that fewer than of middle aged college educated women 127 00:07:51,440 --> 00:07:54,559 Speaker 1: were able to answer a basic compound interest question first 128 00:07:54,880 --> 00:07:58,840 Speaker 1: versus college educated men of the same age. That ties 129 00:07:58,880 --> 00:08:04,360 Speaker 1: into that whole like age education gap, right, And just 130 00:08:04,520 --> 00:08:09,240 Speaker 1: to continue hammering home the evidence of this financial literacy 131 00:08:09,520 --> 00:08:13,920 Speaker 1: gender gap, going back to that RAND report that you mentioned, Caroline, 132 00:08:14,160 --> 00:08:18,640 Speaker 1: women performed almost point seven standard deviations lower than men 133 00:08:18,720 --> 00:08:24,600 Speaker 1: on their financial literacy index and oh point seven standard deviation. 134 00:08:24,720 --> 00:08:27,320 Speaker 1: So what what does that mean? Well, basically it's a 135 00:08:27,720 --> 00:08:31,200 Speaker 1: that's the variation from the average in point seven is 136 00:08:31,240 --> 00:08:35,880 Speaker 1: a highly significant difference. In other words, in Layman's terms, women, 137 00:08:36,320 --> 00:08:39,360 Speaker 1: we're not doing too great. Yeah, And where we really 138 00:08:39,480 --> 00:08:44,439 Speaker 1: lag is in financial planning. This is financial finessees gender 139 00:08:44,480 --> 00:08:48,719 Speaker 1: gap and financial literacy report. It found that just of 140 00:08:48,760 --> 00:08:51,959 Speaker 1: women have an emergency fund versus sixty three percent of men. 141 00:08:53,720 --> 00:08:56,400 Speaker 1: Of women are comfortable with their non mortgage debt versus 142 00:08:56,520 --> 00:08:59,920 Speaker 1: seventy one percent of men, and only thirty seven percent 143 00:09:00,040 --> 00:09:02,920 Speaker 1: of women have assessed their risk tolerance and are aware 144 00:09:03,000 --> 00:09:05,840 Speaker 1: of their investment strategy versus fifty seven percent of men. 145 00:09:06,280 --> 00:09:09,480 Speaker 1: For instance, and my last job, I enrolled in the 146 00:09:09,559 --> 00:09:14,040 Speaker 1: retirement account, but never bothered to go back in and 147 00:09:14,160 --> 00:09:17,240 Speaker 1: look at my risk assessment, and I was actually having 148 00:09:17,320 --> 00:09:23,199 Speaker 1: a very conservative investment thingy, whatever you call it. I'm 149 00:09:23,240 --> 00:09:26,079 Speaker 1: illustrating my literacy right now. And my my manager kept 150 00:09:26,120 --> 00:09:27,920 Speaker 1: saying like emailing me, like, hey, you know you need 151 00:09:27,960 --> 00:09:30,160 Speaker 1: You're young, you have a lot of working years ahead 152 00:09:30,200 --> 00:09:31,640 Speaker 1: of you. You need to go in there and make 153 00:09:31,679 --> 00:09:36,000 Speaker 1: it more risky, less conservative. And I was like, my 154 00:09:36,280 --> 00:09:38,920 Speaker 1: heart rate is going up right now. I have never 155 00:09:39,080 --> 00:09:43,320 Speaker 1: assessed my own risk. Oh well, I need to stop 156 00:09:43,400 --> 00:09:48,040 Speaker 1: podcasting right now and go log into my all of 157 00:09:48,120 --> 00:09:52,439 Speaker 1: my accounts. Yeah, and going going further in this just 158 00:09:53,440 --> 00:09:56,520 Speaker 1: of women rebalance their investment accounts to keep their asset 159 00:09:56,559 --> 00:10:01,640 Speaker 1: allocation on track compared to cent of men, I'm failing. 160 00:10:01,679 --> 00:10:04,040 Speaker 1: I think I would have a like a financial literacy 161 00:10:04,280 --> 00:10:07,800 Speaker 1: literacy score at this point of negative two. Yeah. Well, 162 00:10:07,880 --> 00:10:11,120 Speaker 1: my luckily, my dad I mean kind of tells me 163 00:10:11,320 --> 00:10:13,280 Speaker 1: what's happening when he helps me. You know, when I 164 00:10:13,440 --> 00:10:15,360 Speaker 1: when I started any job and I've I've enrolled in 165 00:10:15,440 --> 00:10:18,040 Speaker 1: retirement accounts, he kind of explains like, no, you want 166 00:10:18,080 --> 00:10:19,800 Speaker 1: to do this because you're young, or no, you don't 167 00:10:19,800 --> 00:10:21,520 Speaker 1: want to do this because this is bad over here. 168 00:10:21,640 --> 00:10:24,640 Speaker 1: But but see, okay, but let's take a minute though 169 00:10:24,679 --> 00:10:27,319 Speaker 1: and talk about that issue. Like you you going to 170 00:10:28,240 --> 00:10:31,520 Speaker 1: your father specifically for financial advice. And I know your 171 00:10:31,600 --> 00:10:35,000 Speaker 1: mom is a very savvy gal as well, but you 172 00:10:35,080 --> 00:10:37,800 Speaker 1: know the fact that we and I'm the same way. 173 00:10:37,920 --> 00:10:41,160 Speaker 1: Usually if I have money matters, um, I'll talk to 174 00:10:41,679 --> 00:10:46,080 Speaker 1: my dad before I talked to my mom. And it's, uh, 175 00:10:46,640 --> 00:10:50,319 Speaker 1: it does tie into maybe this like bigger issue of 176 00:10:51,280 --> 00:10:55,439 Speaker 1: why maybe we're in a generational shift from you know, 177 00:10:55,720 --> 00:10:59,560 Speaker 1: men just being assumed to be the breadwinners and therefore 178 00:10:59,760 --> 00:11:02,880 Speaker 1: we kind of knee jerk assume that they'll take care 179 00:11:02,960 --> 00:11:07,040 Speaker 1: of all all those funny money numbers and such. Well 180 00:11:07,360 --> 00:11:10,760 Speaker 1: for me, for me personally, I mean, my father is 181 00:11:11,160 --> 00:11:13,959 Speaker 1: is so good with money and investments. He's he's a 182 00:11:14,040 --> 00:11:16,560 Speaker 1: genius when it comes to that stuff. Whereas my mother 183 00:11:16,840 --> 00:11:20,760 Speaker 1: does things like on a trip to Germany or Italy 184 00:11:21,800 --> 00:11:25,880 Speaker 1: maybe forget how euros convert to dollars and vice versa, 185 00:11:26,000 --> 00:11:28,959 Speaker 1: and walk into a store and accidentally buy a purse 186 00:11:29,080 --> 00:11:32,480 Speaker 1: that's a squillion dollars because she doesn't understand the conversion rates. 187 00:11:33,800 --> 00:11:35,800 Speaker 1: So for me personally, my father would probably be a 188 00:11:35,880 --> 00:11:39,440 Speaker 1: wiser option to go to for financial advice. But don't 189 00:11:39,480 --> 00:11:43,439 Speaker 1: you think though that the concept of the breadwinner and 190 00:11:43,480 --> 00:11:45,439 Speaker 1: I do think that this ties into kind of the 191 00:11:45,559 --> 00:11:51,560 Speaker 1: legacy of female financial illiteracy, is that the breadwinner concept 192 00:11:51,720 --> 00:11:56,319 Speaker 1: is more of a we associate more with men. It's 193 00:11:56,320 --> 00:11:59,280 Speaker 1: more of a male's for sure, and it always has been, basically, 194 00:11:59,400 --> 00:12:02,800 Speaker 1: I mean, especially since the industrial Revolution. Yeah, well, that's right, 195 00:12:02,840 --> 00:12:07,000 Speaker 1: because up until industrialization, this idea of being the bread 196 00:12:07,240 --> 00:12:11,520 Speaker 1: winner wasn't in existence because everybody was having to pitch 197 00:12:11,559 --> 00:12:15,199 Speaker 1: in to even make the bread literally and figuratively exactly, 198 00:12:15,360 --> 00:12:17,520 Speaker 1: someone was out in the field, the other person was 199 00:12:17,960 --> 00:12:22,719 Speaker 1: maybe inside the home milling the wheat. I'm testing my 200 00:12:22,840 --> 00:12:27,840 Speaker 1: knowledge about bread works, and it wasn't really thought about, 201 00:12:27,960 --> 00:12:32,320 Speaker 1: you know. But then once industrialization happens, men screwed out 202 00:12:32,840 --> 00:12:35,640 Speaker 1: and take two factories and such, and then we have 203 00:12:35,920 --> 00:12:42,120 Speaker 1: this major division of labor. And sociologist Jesse Bernard says 204 00:12:42,240 --> 00:12:47,840 Speaker 1: that in the eighteen thirties, breadwinning becomes a distinctively male 205 00:12:47,960 --> 00:12:53,040 Speaker 1: responsibility in the United States. Yeah, in who supports the 206 00:12:53,080 --> 00:12:55,920 Speaker 1: family gender and breadwinning and dual earner marriages, they found 207 00:12:55,960 --> 00:12:57,839 Speaker 1: that men, you know, went to work in factories and 208 00:12:57,920 --> 00:13:00,480 Speaker 1: women's work was defined as housework. And I don't care. 209 00:13:00,880 --> 00:13:04,760 Speaker 1: The idea of breadwinner was born with the special male 210 00:13:04,840 --> 00:13:09,080 Speaker 1: responsibility then of providing that income, not necessarily going out 211 00:13:09,080 --> 00:13:11,040 Speaker 1: into the fields and milking the cow and making your 212 00:13:11,080 --> 00:13:14,160 Speaker 1: income that way, but actually leaving the home going and 213 00:13:14,280 --> 00:13:17,280 Speaker 1: making that cash money while your wife stayed at home 214 00:13:17,320 --> 00:13:19,520 Speaker 1: and took care of the kids. Which you know, even 215 00:13:19,600 --> 00:13:22,480 Speaker 1: though that you're not getting paid necessarily for taking care 216 00:13:22,520 --> 00:13:24,559 Speaker 1: of the kids, you know that's it's still a very 217 00:13:25,280 --> 00:13:29,559 Speaker 1: valuable and important form of work for anyone who's had 218 00:13:29,600 --> 00:13:32,960 Speaker 1: to pay for takecare. But Jane Podoceeck, who is an 219 00:13:32,960 --> 00:13:37,000 Speaker 1: associate professor of sociology and coordinator of Women's Studies at 220 00:13:37,000 --> 00:13:42,040 Speaker 1: Gettysburg College, was inspired by her students to look into 221 00:13:42,800 --> 00:13:47,880 Speaker 1: students expectations for marriage, like essentially wanting to find out 222 00:13:47,960 --> 00:13:51,520 Speaker 1: more about why based on this research that her students 223 00:13:51,559 --> 00:13:54,600 Speaker 1: had done why male students were like, Yeah, it would 224 00:13:54,600 --> 00:13:57,160 Speaker 1: be totally fine if my wife didn't want to work 225 00:13:57,200 --> 00:14:01,360 Speaker 1: for a little while, whereas for female it's overwhelmingly they 226 00:14:01,400 --> 00:14:04,800 Speaker 1: were like, at no, my husband's gonna be working right 227 00:14:04,880 --> 00:14:08,720 Speaker 1: YEA of the women who responded in this student run 228 00:14:08,840 --> 00:14:12,280 Speaker 1: survey said no, the the husband is going to keep 229 00:14:12,320 --> 00:14:15,360 Speaker 1: working after we get married, and both men and women 230 00:14:15,679 --> 00:14:19,040 Speaker 1: that her PoTA check students looked at assume that the 231 00:14:19,120 --> 00:14:22,800 Speaker 1: husband would continue to bear the breadwinner's responsibilities after marriage. 232 00:14:22,880 --> 00:14:26,120 Speaker 1: So this just jives with other attitude surveys that have 233 00:14:26,200 --> 00:14:29,400 Speaker 1: shown that men and women both generally attribute greater responsibility 234 00:14:29,560 --> 00:14:32,160 Speaker 1: of the family family income to men. And it makes 235 00:14:32,200 --> 00:14:35,000 Speaker 1: total sense because oh, well, you know, we would assume 236 00:14:35,080 --> 00:14:36,680 Speaker 1: that at some point, you know, wife's gonna take a 237 00:14:36,680 --> 00:14:40,520 Speaker 1: little bit of an off ramp for baby having, and that's, 238 00:14:40,640 --> 00:14:42,680 Speaker 1: you know, and that's totally fine. But today, with so 239 00:14:42,800 --> 00:14:46,320 Speaker 1: many dual earner households and with more and more women 240 00:14:47,280 --> 00:14:51,840 Speaker 1: making actually more money than their spouses, and we are 241 00:14:51,880 --> 00:14:56,400 Speaker 1: speaking very heteronormative terms, still, the idea that men are 242 00:14:56,520 --> 00:15:00,320 Speaker 1: should be expected to be in control of the finances 243 00:15:00,360 --> 00:15:04,920 Speaker 1: because they're making more isn't really jiving with reality. Well, also, 244 00:15:05,040 --> 00:15:07,080 Speaker 1: in a in a lot of the articles we read, uh, 245 00:15:07,200 --> 00:15:10,400 Speaker 1: it was mentioned that even when women are making a 246 00:15:10,480 --> 00:15:13,480 Speaker 1: lot of money in the relationship, men are still sort 247 00:15:13,480 --> 00:15:16,000 Speaker 1: of seen as the breadwinner. They're still sort of seen 248 00:15:16,040 --> 00:15:19,920 Speaker 1: as the one who's in control of finances. Right, But 249 00:15:20,240 --> 00:15:24,560 Speaker 1: speaking of women making more, an article in USA Today 250 00:15:24,600 --> 00:15:26,760 Speaker 1: in March of this year found that more wives are 251 00:15:26,880 --> 00:15:30,000 Speaker 1: earning more than their husbands. But there's a twist, and 252 00:15:30,040 --> 00:15:32,600 Speaker 1: I'll get to it. So an analysis of census data 253 00:15:32,640 --> 00:15:35,400 Speaker 1: from the American Community Survey found that wives and dual 254 00:15:35,520 --> 00:15:38,600 Speaker 1: earner couples are contributing a greater share of the couple's 255 00:15:38,680 --> 00:15:42,720 Speaker 1: total earnings in twenty eleven versus thirty eight percent in 256 00:15:42,800 --> 00:15:45,760 Speaker 1: two thousand and six. Wives are also earning a greater 257 00:15:45,840 --> 00:15:49,640 Speaker 1: share of income, increased from thirteen percent to six percent. 258 00:15:49,720 --> 00:15:53,560 Speaker 1: But the twist which I promised you was that maybe 259 00:15:53,600 --> 00:15:56,400 Speaker 1: they're not necessarily maybe this is not in absolute terms, 260 00:15:56,760 --> 00:15:58,480 Speaker 1: some of this has to do with men losing their 261 00:15:58,600 --> 00:16:02,120 Speaker 1: jobs or getting less well paying jobs, not necessarily that 262 00:16:02,240 --> 00:16:04,760 Speaker 1: women are making more money. Yeah, And I mean, I 263 00:16:05,040 --> 00:16:06,800 Speaker 1: do want to emphasize to that the point of all 264 00:16:06,880 --> 00:16:10,400 Speaker 1: this is not some kind of race for women to 265 00:16:11,200 --> 00:16:13,320 Speaker 1: make more money than men. You know, that's that's not 266 00:16:13,560 --> 00:16:15,880 Speaker 1: the moral of the story. The moral of the story is, 267 00:16:16,320 --> 00:16:21,280 Speaker 1: you know that it's important for everybody to have some 268 00:16:21,440 --> 00:16:24,480 Speaker 1: financial know how to you know, take care of themselves, 269 00:16:24,720 --> 00:16:27,520 Speaker 1: take care of their households, and you know, hopefully have 270 00:16:27,720 --> 00:16:31,560 Speaker 1: a a safe and secure future. Um and more women. 271 00:16:31,600 --> 00:16:34,960 Speaker 1: The thing is, more women are taking control of their finances. 272 00:16:35,000 --> 00:16:38,080 Speaker 1: It's not all bad news, even though if you just 273 00:16:38,240 --> 00:16:41,840 Speaker 1: search around for information on just just Google, for instance, 274 00:16:42,000 --> 00:16:46,240 Speaker 1: women financial illiteracy, and you will have a wealth of 275 00:16:46,520 --> 00:16:50,000 Speaker 1: headlines to confirm the gap. But there is some good news. 276 00:16:50,080 --> 00:16:52,560 Speaker 1: This is coming out of Virginia Tech from February two 277 00:16:52,600 --> 00:16:56,280 Speaker 1: thousand twelve, which found that women now hold six of 278 00:16:56,360 --> 00:17:00,960 Speaker 1: all personal wealth what what and of all stocks in 279 00:17:01,160 --> 00:17:03,440 Speaker 1: the US. But I wonder though, with the management of 280 00:17:03,520 --> 00:17:08,160 Speaker 1: that personal wealth, who's actually moving that money around um 281 00:17:08,280 --> 00:17:13,680 Speaker 1: and at home? Not surprisingly, women control the families purse strings, 282 00:17:13,800 --> 00:17:16,800 Speaker 1: and women over fifty have a combined net worth of 283 00:17:16,920 --> 00:17:20,800 Speaker 1: nineteen trillion dollars, So we we have access to a 284 00:17:21,200 --> 00:17:25,920 Speaker 1: ton of money, right And it's that control of the 285 00:17:26,000 --> 00:17:28,240 Speaker 1: family's purse strings. And you know, we've mentioned before in 286 00:17:28,280 --> 00:17:31,160 Speaker 1: the podcast that women are the you know, the purchasers 287 00:17:31,400 --> 00:17:34,399 Speaker 1: in the home typically, But it's that control of the 288 00:17:34,480 --> 00:17:37,080 Speaker 1: family's purse strings, the woman being the quote unquote you know, 289 00:17:37,320 --> 00:17:41,399 Speaker 1: purchaser for the family that accountant Richard Barrington says is 290 00:17:41,480 --> 00:17:46,119 Speaker 1: why mother should exert more control over family finances. He 291 00:17:46,240 --> 00:17:49,560 Speaker 1: says that, you know, if we know so much about 292 00:17:49,880 --> 00:17:53,480 Speaker 1: where our money is going, how it's budgeted, then we 293 00:17:53,520 --> 00:17:55,639 Speaker 1: should be able to have more of a sage. It 294 00:17:55,640 --> 00:17:58,520 Speaker 1: should be a partnership, not so much just maybe the 295 00:17:58,640 --> 00:18:01,719 Speaker 1: husband's controlling it. And he cites the money rates dot 296 00:18:01,800 --> 00:18:04,600 Speaker 1: com poll that found that a households for financial decision 297 00:18:04,680 --> 00:18:08,840 Speaker 1: making wasn't split fifty between husband and wives, the husband 298 00:18:08,920 --> 00:18:12,200 Speaker 1: assumes control more than two thirds of the time, despite 299 00:18:12,240 --> 00:18:15,320 Speaker 1: the fact he says that of the women survey felt 300 00:18:15,320 --> 00:18:18,600 Speaker 1: they were equally or better qualified to handle these decisions. Yeah, 301 00:18:18,640 --> 00:18:21,639 Speaker 1: I mean, this whole thing kind of splits down to 302 00:18:21,720 --> 00:18:25,520 Speaker 1: a difference between women being socialized to spend and men 303 00:18:25,640 --> 00:18:29,560 Speaker 1: being socialized to save. And whereas women need to learn 304 00:18:29,600 --> 00:18:32,479 Speaker 1: more about that saving spit, men need to learn more 305 00:18:32,600 --> 00:18:36,040 Speaker 1: about the spending bit because they do tend to make 306 00:18:36,400 --> 00:18:42,560 Speaker 1: you know, larger and risk here kinds of purchases or investments. So, 307 00:18:42,880 --> 00:18:46,439 Speaker 1: tying in with this at Janu Daily Worth Survey found 308 00:18:46,560 --> 00:18:50,200 Speaker 1: a disconnect between women's view of themselves as the financial 309 00:18:50,240 --> 00:18:52,720 Speaker 1: decision makers and the holder of the purse strings and 310 00:18:52,800 --> 00:18:54,960 Speaker 1: their lack of financial confidence. So, you know, we mentioned 311 00:18:55,000 --> 00:19:00,879 Speaker 1: that of women control the purse strings, and women in 312 00:19:01,119 --> 00:19:03,880 Speaker 1: this Daily Worst survey identify themselves as the chief bill 313 00:19:03,960 --> 00:19:08,600 Speaker 1: pair say they're the primary retirement planner. But despite all this, 314 00:19:09,480 --> 00:19:13,440 Speaker 1: admit they're investing and planning skills are below average, and 315 00:19:13,600 --> 00:19:17,200 Speaker 1: less than half actively seek out financial resources for assistance. 316 00:19:17,280 --> 00:19:19,400 Speaker 1: So while a lot of women are making these decisions 317 00:19:19,440 --> 00:19:22,320 Speaker 1: and controlling some finances here and there, they're not really 318 00:19:22,359 --> 00:19:26,560 Speaker 1: feeling good about it. And here's where the real kicker 319 00:19:26,600 --> 00:19:29,880 Speaker 1: comes in, because we've been talking a lot about women 320 00:19:29,960 --> 00:19:34,119 Speaker 1: in marriage letting husbands take care of the checkbooks, and 321 00:19:34,160 --> 00:19:36,359 Speaker 1: we can go ahead and just go gender neutral at 322 00:19:36,400 --> 00:19:38,240 Speaker 1: this point, just saying like, if you're in a couple 323 00:19:38,320 --> 00:19:42,000 Speaker 1: and you are relying on one person, one of the 324 00:19:42,080 --> 00:19:49,760 Speaker 1: people to control everything, then if splits bill happens, you're 325 00:19:49,760 --> 00:19:52,520 Speaker 1: gonna be up a creek without any money. There is 326 00:19:52,680 --> 00:19:56,199 Speaker 1: so much that happens in a divorce. Yeah, oh my gosh, 327 00:19:56,400 --> 00:19:58,560 Speaker 1: Like I know, I sound like totally naive right now, 328 00:19:59,240 --> 00:20:03,160 Speaker 1: but this there's there are reasons to stay married exactly well, 329 00:20:03,240 --> 00:20:06,000 Speaker 1: and your and your friend's mother in law that you 330 00:20:06,040 --> 00:20:08,760 Speaker 1: talked about at the top of the podcast is the 331 00:20:08,880 --> 00:20:12,360 Speaker 1: worst case scenario for all of this, where you don't 332 00:20:12,400 --> 00:20:15,200 Speaker 1: have a work history, you don't have credit, you don't 333 00:20:15,320 --> 00:20:18,960 Speaker 1: have any kind of financial know how whatsoever, and depending 334 00:20:19,040 --> 00:20:21,359 Speaker 1: on the kind of divorce in the state that you're in, 335 00:20:21,960 --> 00:20:25,199 Speaker 1: you can be left with absolutely nothing. And there are 336 00:20:25,240 --> 00:20:30,200 Speaker 1: also situations where one spouse will get real mean and 337 00:20:30,480 --> 00:20:34,080 Speaker 1: clean out joint checking accounts, run up credit cards, all 338 00:20:34,160 --> 00:20:38,399 Speaker 1: sorts of stuff can happen. Not to be alarmist or anything, No, 339 00:20:38,640 --> 00:20:41,399 Speaker 1: but Jeff Landers over at Forbes, who covers a lot 340 00:20:41,440 --> 00:20:45,119 Speaker 1: of financial advice for divorcing women, says, maybe you should 341 00:20:45,240 --> 00:20:47,200 Speaker 1: keep a secret fund if you're if you're a woman 342 00:20:47,240 --> 00:20:49,960 Speaker 1: in a marriage, he says, you know, having money that 343 00:20:50,000 --> 00:20:53,040 Speaker 1: your husband doesn't know about can be emotionally and financially empowering. 344 00:20:53,119 --> 00:20:54,879 Speaker 1: He can't clear it out, he can't control how the 345 00:20:54,920 --> 00:20:58,960 Speaker 1: funds are used. But this is a big butt. Keeping 346 00:20:59,040 --> 00:21:01,480 Speaker 1: secrets in your marriage be a problem. It can a 347 00:21:01,560 --> 00:21:03,919 Speaker 1: road trust, but it could also be a legal problem 348 00:21:04,280 --> 00:21:06,920 Speaker 1: because you could be accused of hiding assets and you 349 00:21:07,040 --> 00:21:11,280 Speaker 1: may be charged with dissipation of marital assets if you're 350 00:21:11,400 --> 00:21:14,840 Speaker 1: using that secret fund to go on vacations, to buy 351 00:21:14,920 --> 00:21:17,560 Speaker 1: expensive jewelry and dinner and oh, I don't know, fund 352 00:21:17,560 --> 00:21:21,280 Speaker 1: and affair or something. Yeah. To me, the much sounder 353 00:21:21,440 --> 00:21:27,119 Speaker 1: advice is, let's start educating ourselves about our finances correct 354 00:21:27,240 --> 00:21:31,919 Speaker 1: and have everything, you know, solid when we enter into 355 00:21:32,200 --> 00:21:36,720 Speaker 1: perhaps one of these legal unions with someone else, so 356 00:21:36,760 --> 00:21:38,280 Speaker 1: that we don't have to keep a secret fund. That 357 00:21:38,320 --> 00:21:42,760 Speaker 1: would uh to me. If you're going into a marriage 358 00:21:43,200 --> 00:21:47,119 Speaker 1: with a secret bank account, right, you might not you 359 00:21:47,240 --> 00:21:48,959 Speaker 1: might you might want to think two, it's not a marriage. 360 00:21:49,119 --> 00:21:52,080 Speaker 1: I mean, you should absolutely have discussions with your partner 361 00:21:52,200 --> 00:21:54,800 Speaker 1: about you know, are we gonna have a joint account? 362 00:21:54,840 --> 00:21:56,399 Speaker 1: Are we gonna have separate accounts? Are we're gonna have 363 00:21:56,400 --> 00:21:59,359 Speaker 1: a joint account and some separate accounts? Um? Because there 364 00:21:59,480 --> 00:22:00,960 Speaker 1: is you know, I think there's something to be said 365 00:22:01,000 --> 00:22:04,520 Speaker 1: for financial independence and being prepared for the worst. Um. 366 00:22:05,800 --> 00:22:09,760 Speaker 1: But yeah, keeping a secret fund that that can get 367 00:22:09,800 --> 00:22:12,359 Speaker 1: people into a lot of trouble. And he even UM 368 00:22:12,600 --> 00:22:16,560 Speaker 1: encourages people to women women really to keep an eye 369 00:22:16,600 --> 00:22:19,879 Speaker 1: on case your husband has a secret account that he 370 00:22:20,000 --> 00:22:21,760 Speaker 1: just doesn't want to give you any money in the divorce. 371 00:22:22,359 --> 00:22:24,800 Speaker 1: So it's okay, can you keep the secret account? Right 372 00:22:24,880 --> 00:22:28,080 Speaker 1: your partner has a secret account? Not okay? But also 373 00:22:28,119 --> 00:22:30,520 Speaker 1: though going though even more into the worst case scenario 374 00:22:30,680 --> 00:22:35,159 Speaker 1: to let's say your your partner dies and UM, women 375 00:22:35,359 --> 00:22:38,280 Speaker 1: are getting better with the state planning, but it's still 376 00:22:38,320 --> 00:22:41,680 Speaker 1: not where it needs to be, because the fact of 377 00:22:41,760 --> 00:22:45,479 Speaker 1: the matter is nine out of ten women will end 378 00:22:45,560 --> 00:22:49,159 Speaker 1: up at some point being the sole person responsible for 379 00:22:49,840 --> 00:22:54,680 Speaker 1: their finances because far more women end up widowed compared 380 00:22:54,760 --> 00:22:57,080 Speaker 1: to men because of the whole thing where we tend 381 00:22:57,160 --> 00:23:01,040 Speaker 1: to live longer and very older guys. And so this 382 00:23:01,240 --> 00:23:04,400 Speaker 1: is another reason why not just in terms of say 383 00:23:04,600 --> 00:23:10,120 Speaker 1: your retirement planning or savings count or whatever else kind 384 00:23:10,160 --> 00:23:12,760 Speaker 1: of assets you might have, you also need to look 385 00:23:12,840 --> 00:23:17,359 Speaker 1: into a state planning. That's something that personal finance advisors 386 00:23:17,480 --> 00:23:21,200 Speaker 1: will strongly urge women to do. Yeah, because if you 387 00:23:21,320 --> 00:23:25,119 Speaker 1: are left alone after your husband passes, it's going to 388 00:23:25,200 --> 00:23:27,239 Speaker 1: be up to you to decide what happens to all 389 00:23:27,280 --> 00:23:31,240 Speaker 1: those assets after you kick the bucket, right, and Forbes 390 00:23:31,720 --> 00:23:35,680 Speaker 1: warned that quote the lingering tradition of paternalistic tools and 391 00:23:35,800 --> 00:23:39,359 Speaker 1: techniques such as locking up inheritances and trust for widows 392 00:23:39,400 --> 00:23:42,880 Speaker 1: who presumably can't even balance a checkbook, can leave women 393 00:23:42,920 --> 00:23:48,160 Speaker 1: in the poorhouse. This is of such a depressing topic. Yeah, 394 00:23:48,200 --> 00:23:49,600 Speaker 1: But I think the moral of the story that we're 395 00:23:49,640 --> 00:23:51,600 Speaker 1: trying to get to really is that the smarter you 396 00:23:51,680 --> 00:23:54,480 Speaker 1: are about your finances, the more you'll be protected and 397 00:23:55,280 --> 00:23:58,440 Speaker 1: I don't mean to joke, but the financial knowledge comes 398 00:23:58,520 --> 00:24:02,440 Speaker 1: especially in handy if you are very wealthy. UM A 399 00:24:02,520 --> 00:24:06,119 Speaker 1: spectrum group survey and July twelve found that wealthy women 400 00:24:06,160 --> 00:24:10,720 Speaker 1: are even wealthier after divorced. They found that sixty of 401 00:24:10,840 --> 00:24:13,520 Speaker 1: divorced women with at least one million dollars in net 402 00:24:13,600 --> 00:24:17,000 Speaker 1: worth say they're better off financially since they're divorce and 403 00:24:17,040 --> 00:24:19,680 Speaker 1: this is a sharp difference from your quote unquote average 404 00:24:20,200 --> 00:24:22,560 Speaker 1: divorced women, who are twice as likely to live in 405 00:24:22,720 --> 00:24:26,840 Speaker 1: poverty as recently divorced men are. They found that high 406 00:24:26,960 --> 00:24:30,359 Speaker 1: levels of wealth and financial acumen insulate these affluent women 407 00:24:30,440 --> 00:24:37,720 Speaker 1: from divorce related financial hardships. Of the divorced millionaire women 408 00:24:37,760 --> 00:24:40,360 Speaker 1: they talked to say they are knowledgeable or very knowledgeable 409 00:24:40,359 --> 00:24:43,680 Speaker 1: about investments, and seventy seven percent say they are much 410 00:24:43,760 --> 00:24:48,639 Speaker 1: better off emotionally since the divorce. But it is changing 411 00:24:48,760 --> 00:24:52,639 Speaker 1: in general too, and a few economic mobility projects study 412 00:24:52,760 --> 00:24:58,200 Speaker 1: looked in January at average people, average couples who are 413 00:24:58,359 --> 00:25:01,520 Speaker 1: divorcing and found that twenty percent of women are going 414 00:25:01,600 --> 00:25:05,320 Speaker 1: to see gains of more than twenty and income after 415 00:25:05,440 --> 00:25:08,680 Speaker 1: a divorce, a figure that's doubled nearly in twenty years 416 00:25:09,320 --> 00:25:13,040 Speaker 1: and for just average women in general, regardless again of 417 00:25:13,680 --> 00:25:17,920 Speaker 1: your marital status. There are a ton of resources out 418 00:25:18,000 --> 00:25:24,960 Speaker 1: there geared towards financial literacy for women. Funnily enough or 419 00:25:25,080 --> 00:25:27,440 Speaker 1: not so funnily enough. A lot of them are you know, 420 00:25:27,480 --> 00:25:30,920 Speaker 1: you kind of have to I don't know, uh, deal 421 00:25:31,000 --> 00:25:34,200 Speaker 1: with a lot of a pink and feminine pun. There's 422 00:25:34,240 --> 00:25:38,000 Speaker 1: some cringeworthy names like sitting pretty dot org girls just 423 00:25:38,119 --> 00:25:43,240 Speaker 1: want to have funds dot com, Go girl Finance. Lots 424 00:25:43,280 --> 00:25:45,920 Speaker 1: of spunky, sassy things. There was also an article in 425 00:25:46,000 --> 00:25:48,639 Speaker 1: the New York Times by Sarah Siegil Bernard, who's a 426 00:25:48,680 --> 00:25:51,520 Speaker 1: personal finance writer ever there, and she was looking at 427 00:25:52,119 --> 00:25:55,240 Speaker 1: this kind of newer brand of financial advice by women 428 00:25:55,359 --> 00:25:57,920 Speaker 1: for women, and some of the titles the books that 429 00:25:58,080 --> 00:26:02,399 Speaker 1: she tossed out where she Jimmy Chew, hotbroke mess, a 430 00:26:02,480 --> 00:26:04,720 Speaker 1: purse of your own. But she looked at them and 431 00:26:04,800 --> 00:26:06,520 Speaker 1: she was like, listen that you know, you kind of 432 00:26:06,600 --> 00:26:09,760 Speaker 1: have to endure some really bad puns and some comparisons 433 00:26:09,840 --> 00:26:12,320 Speaker 1: of you know, bank accounts to little black dresses. I 434 00:26:12,400 --> 00:26:15,920 Speaker 1: don't know, but there are some, you know, they have 435 00:26:16,240 --> 00:26:19,240 Speaker 1: good advice for women, but there are also arguments that 436 00:26:19,800 --> 00:26:23,959 Speaker 1: you know, we don't we don't need gendered financial advice, right, 437 00:26:24,240 --> 00:26:26,560 Speaker 1: we just need to we just need to do it. Well, 438 00:26:26,600 --> 00:26:28,800 Speaker 1: there are some like I know here in Atlanta, UM, 439 00:26:29,080 --> 00:26:34,240 Speaker 1: there are some colleges and universities that offer continuing education 440 00:26:34,320 --> 00:26:36,760 Speaker 1: courses or professional development courses that have a lot to 441 00:26:36,800 --> 00:26:41,080 Speaker 1: do with financial literacy and things like that. So I mean, yes, 442 00:26:41,119 --> 00:26:42,920 Speaker 1: you could read a book that has a terrible title, 443 00:26:43,080 --> 00:26:45,359 Speaker 1: or you could go take a continuing education class, or 444 00:26:45,520 --> 00:26:48,440 Speaker 1: you know, talk to a financial planner, financial advisor. So 445 00:26:48,680 --> 00:26:51,560 Speaker 1: your your options are are many. Yeah, and it's um 446 00:26:51,960 --> 00:26:54,520 Speaker 1: just one more porn that. It's interesting that you say, say, 447 00:26:54,600 --> 00:26:59,119 Speaker 1: talk to a financial planner because UM, in sort of 448 00:26:59,160 --> 00:27:03,760 Speaker 1: figuring out how to women more invested in personal finance. UM, 449 00:27:03,920 --> 00:27:08,040 Speaker 1: some experts have said that women want a more personal approach, 450 00:27:08,119 --> 00:27:10,480 Speaker 1: whereas you know, men will walk in and they just 451 00:27:10,520 --> 00:27:13,840 Speaker 1: want to hear numbers, numbers, numbers, whereas women just want 452 00:27:13,880 --> 00:27:16,920 Speaker 1: to talk about you know, what is the four win 453 00:27:17,040 --> 00:27:20,080 Speaker 1: k really made? Yeah, and they were a sweater? What 454 00:27:20,160 --> 00:27:23,639 Speaker 1: would it look like? I mean, I joke. But speaking 455 00:27:23,720 --> 00:27:26,840 Speaker 1: to USA today, Eleanor Blailey, who's the co founder of 456 00:27:26,880 --> 00:27:31,560 Speaker 1: a financial education firm, told USA Today that personal finance 457 00:27:31,640 --> 00:27:34,880 Speaker 1: is quote a male dominated field. The vocabulary, the way 458 00:27:34,920 --> 00:27:37,399 Speaker 1: we measure it presented, it's a language that has always 459 00:27:37,440 --> 00:27:40,440 Speaker 1: been spoken by men and two men, and so it 460 00:27:40,600 --> 00:27:43,439 Speaker 1: misses some fundamental truths about women and the way they 461 00:27:43,560 --> 00:27:48,639 Speaker 1: think and make decisions. And obviously, you know, like firms 462 00:27:48,880 --> 00:27:53,680 Speaker 1: like banks, financial firms of financial advisors, who are writing 463 00:27:53,760 --> 00:27:57,080 Speaker 1: books with titles like Sho Jimi Chu are clearly trying 464 00:27:57,160 --> 00:28:01,400 Speaker 1: to fill this need. I actually, I really I'm thinking 465 00:28:01,400 --> 00:28:03,639 Speaker 1: about taking one of those classes. I think I need 466 00:28:03,680 --> 00:28:07,200 Speaker 1: to join you because I mean, I hate to say 467 00:28:07,240 --> 00:28:10,440 Speaker 1: it because it's you know, but I mean, our parents 468 00:28:10,480 --> 00:28:13,520 Speaker 1: aren't gonna be around forever to answer questions. And while 469 00:28:13,600 --> 00:28:16,480 Speaker 1: my dad's financial advisor is this incredible guy who on 470 00:28:16,680 --> 00:28:20,359 Speaker 1: cold blustery days wears a hat reminiscent of Indiana Jones, 471 00:28:21,240 --> 00:28:23,400 Speaker 1: you know, I need to know some of these things 472 00:28:23,440 --> 00:28:25,400 Speaker 1: on my own. You can buy a hat like that too, 473 00:28:25,680 --> 00:28:28,040 Speaker 1: I can, and I will get looks, and that's fine 474 00:28:28,560 --> 00:28:31,600 Speaker 1: because your checkbook will be balanced, That's right, you know. 475 00:28:31,720 --> 00:28:33,280 Speaker 1: I mean, I feel like I have a good basic 476 00:28:33,359 --> 00:28:37,239 Speaker 1: foundation of financial knowledge, but I certainly do not ever 477 00:28:37,320 --> 00:28:39,800 Speaker 1: want to find myself in a situation where I am 478 00:28:40,120 --> 00:28:43,080 Speaker 1: getting divorced or I'm in some sort of life upheaval, 479 00:28:43,520 --> 00:28:46,320 Speaker 1: and I don't even understand how to handle the finances 480 00:28:46,360 --> 00:28:48,560 Speaker 1: of the situation. And the fact of the matter is, 481 00:28:49,240 --> 00:28:52,680 Speaker 1: you know, if we keep podcasting, we're probably not going 482 00:28:52,720 --> 00:28:54,760 Speaker 1: to have a lot of money to work with, unless 483 00:28:54,800 --> 00:28:57,640 Speaker 1: you want to send us a personal check. Actually don't, 484 00:28:59,040 --> 00:29:01,120 Speaker 1: but yeah, I mean, now now it's time to turn 485 00:29:01,160 --> 00:29:04,080 Speaker 1: it over to listeners. I mean, I feel like a 486 00:29:04,200 --> 00:29:08,040 Speaker 1: lot of this podcast has just been throwing numbers at women, 487 00:29:08,120 --> 00:29:11,360 Speaker 1: saying look at what we're not doing. But I hope 488 00:29:11,400 --> 00:29:16,040 Speaker 1: it is an empowering message to join me and Caroline 489 00:29:16,520 --> 00:29:22,160 Speaker 1: as we educate ourselves about finances because they're I mean, 490 00:29:22,440 --> 00:29:24,200 Speaker 1: when you do think about it, I do think there 491 00:29:24,320 --> 00:29:27,160 Speaker 1: is that gender gap in you know, women's spending versus 492 00:29:27,320 --> 00:29:31,960 Speaker 1: men's saving, and we all need to get better control 493 00:29:32,240 --> 00:29:36,320 Speaker 1: of the money's absolutely, So with that, send us your thoughts, 494 00:29:36,400 --> 00:29:39,000 Speaker 1: mom stuff at Discovery dot com. You can also find 495 00:29:39,160 --> 00:29:42,840 Speaker 1: us on Facebook as well if you want to leave 496 00:29:42,880 --> 00:29:46,080 Speaker 1: a message over there. But Caroline, let's take a quick 497 00:29:46,080 --> 00:29:48,920 Speaker 1: break and then we will get to a couple of 498 00:29:49,000 --> 00:29:53,880 Speaker 1: those messages. Back to our letters. I have one here 499 00:29:53,920 --> 00:29:57,040 Speaker 1: from Candice about our boy band episode, and she has 500 00:29:57,080 --> 00:30:00,600 Speaker 1: super stoked. She says, I almost squeal for joy when 501 00:30:00,640 --> 00:30:02,320 Speaker 1: I saw that you've done a show on boy bands, 502 00:30:02,360 --> 00:30:04,400 Speaker 1: because that's a topic that I was going to suggest 503 00:30:04,480 --> 00:30:06,520 Speaker 1: to you. I grew up listening to Boys to Men 504 00:30:06,600 --> 00:30:09,360 Speaker 1: and All for One, and when I got into middle school, 505 00:30:09,400 --> 00:30:11,720 Speaker 1: the Backstreet Boys and In Sync were pretty much always 506 00:30:11,760 --> 00:30:15,440 Speaker 1: on rotation in my CD players. The CD play the 507 00:30:15,520 --> 00:30:18,120 Speaker 1: Backstreet Boys weren't only my first concert, they were my 508 00:30:18,240 --> 00:30:21,960 Speaker 1: first three. I saw the Wanted perform last summer, and 509 00:30:21,960 --> 00:30:24,080 Speaker 1: I'm currently trying to write a novel about a boy 510 00:30:24,160 --> 00:30:26,239 Speaker 1: band going on a reunion tour, so I don't think 511 00:30:26,280 --> 00:30:30,360 Speaker 1: I've quite left my boy band fan girling behind. She says, 512 00:30:30,400 --> 00:30:32,280 Speaker 1: you did a great job in summarizing the history of 513 00:30:32,320 --> 00:30:34,840 Speaker 1: boy bands and the nuances of them. I even learned 514 00:30:34,880 --> 00:30:37,240 Speaker 1: something that I didn't know before that Ricky Martin beat 515 00:30:37,280 --> 00:30:40,280 Speaker 1: out Howie Duro from BSB for a spot in Minudo. 516 00:30:40,920 --> 00:30:42,840 Speaker 1: Howie is my favorite, and I feel like I should 517 00:30:42,880 --> 00:30:45,360 Speaker 1: have known that fact. Howie is her favorite. That's rare 518 00:30:45,680 --> 00:30:50,560 Speaker 1: that Brian was always the popular one among my girlfriends 519 00:30:50,600 --> 00:30:53,440 Speaker 1: at the time. So thank you, Kandice Um Someone also 520 00:30:53,520 --> 00:30:56,720 Speaker 1: wrote in about boy bands, mentioning how we did not 521 00:30:56,960 --> 00:31:00,320 Speaker 1: give any props to the Beach Boys in our street 522 00:31:00,360 --> 00:31:02,960 Speaker 1: boy bands. Well, props to the Beach Boys. Beach Boys 523 00:31:03,000 --> 00:31:05,160 Speaker 1: are awesome. That's the boy band that I actually do 524 00:31:05,320 --> 00:31:10,360 Speaker 1: listen to regularly, still, says your ninety year old podcaster. 525 00:31:11,200 --> 00:31:13,880 Speaker 1: I've got another one here from Jenny about boy bands, 526 00:31:13,960 --> 00:31:17,160 Speaker 1: and she writes, Hello, I just wanted to say how 527 00:31:17,240 --> 00:31:19,360 Speaker 1: much I enjoyed your boy bands podcast. Where I live 528 00:31:19,400 --> 00:31:22,280 Speaker 1: in Leeds in England, there is a one direction pop 529 00:31:22,400 --> 00:31:24,960 Speaker 1: up shop that opened up about three weeks ago. I 530 00:31:25,040 --> 00:31:27,760 Speaker 1: see a lot of teenage girls running around town carrying 531 00:31:28,400 --> 00:31:31,560 Speaker 1: posters of their favorite band member. I think it's quite funny. 532 00:31:31,800 --> 00:31:33,840 Speaker 1: When I was growing up in the nineties, the big 533 00:31:33,920 --> 00:31:37,080 Speaker 1: band was Take That I really hated them, although I 534 00:31:37,200 --> 00:31:39,360 Speaker 1: now realized I know most of the song lyrics because 535 00:31:39,480 --> 00:31:42,600 Speaker 1: friends played them. I did quite like the Backstreet Boys 536 00:31:42,720 --> 00:31:45,960 Speaker 1: and East seventeen. However, I don't know what you seventeen, 537 00:31:46,120 --> 00:31:48,560 Speaker 1: never heard of it, she said. I also noticed that 538 00:31:48,600 --> 00:31:50,880 Speaker 1: the boy bands songs have very clear words, and maybe 539 00:31:50,920 --> 00:31:53,720 Speaker 1: that's part of the appeal, so that fans can sing along. 540 00:31:54,280 --> 00:31:57,880 Speaker 1: And I'm a feeling that it's probably true, So thanks 541 00:31:57,920 --> 00:32:01,240 Speaker 1: everyone who's written into Mom's Stuff at Discovery dot com. 542 00:32:01,840 --> 00:32:03,960 Speaker 1: You should also head over to our Facebook see what 543 00:32:04,040 --> 00:32:05,760 Speaker 1: we're up to over there, and like it's. While you're 544 00:32:05,760 --> 00:32:08,000 Speaker 1: at you can follow us on Twitter at Mom's Stuff 545 00:32:08,040 --> 00:32:13,200 Speaker 1: podcast and you should absolutely watch us now Stuff I've 546 00:32:13,240 --> 00:32:16,360 Speaker 1: Never Told You was on YouTube. Just go to YouTube 547 00:32:16,440 --> 00:32:19,800 Speaker 1: dot com slash stuff Mom Never Told You, And while 548 00:32:19,840 --> 00:32:21,480 Speaker 1: you're at it, check out with some of our fellow 549 00:32:21,520 --> 00:32:24,720 Speaker 1: podcasters are up to as well on YouTube, such as 550 00:32:25,440 --> 00:32:28,840 Speaker 1: the super popular science podcast Stuff to Blow Your Mind. 551 00:32:29,080 --> 00:32:33,240 Speaker 1: They are at YouTube dot com slash Mind Stuff Show. 552 00:32:34,160 --> 00:32:36,920 Speaker 1: So plenty to do to keep you busy, and in 553 00:32:37,000 --> 00:32:39,520 Speaker 1: the meantime, if you want to read up on what 554 00:32:39,680 --> 00:32:41,360 Speaker 1: else we're doing, you can always go to our website. 555 00:32:41,680 --> 00:32:48,920 Speaker 1: It's how Stuff Works dot com. More on this and 556 00:32:49,040 --> 00:32:51,800 Speaker 1: thousands of other topics. Does it how stuff Works dot com. 557 00:33:00,040 --> 00:33:00,080 Speaker 1: F