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Despite low interest rates and inflation, long-term wealth accumulation is often not our top priority for us women. Unfortunately, says financial expert Monika Maximilian. Because they are still most at risk of old-age poverty.
The women's financial divide runs through life. It starts as a child, because girls get 17 percent less pocket money than boys (source: finanzheldinnen.de). Gender-specific differences in hourly wages still follow later. The average earnings of women are 20 percent below that of men. The gap continues in the pension. For women, it is on average 21 percent lower.
Financial expert Monika Maximilian argues that women absolutely have to invest in their independence in order to be able to live carefree later on.
Only I am responsible for my financial well-being
Do women save differently than men?
Maximilian: Yes, unfortunately! Men are much more consistent and focused more on themselves and their financial independence. Men have clear ideas about how much money they want, for example, in addition to the state old-age pension. Only in the rarest of cases does a man stop or dissolve his forms of savings. Unfortunately, women often take changes in life as a reason to suspend or cancel their savings plans entirely. On the one hand, the stated reason is the new partnership and the associated shared apartment that has to be set up. The second reason is usually the birth of a child and the women’s mostly self-chosen part-time work. Then I keep hearing reasons like: “I'd rather live now.” Unfortunately, there are an infinite number of excuses.
It makes me very sad that the pension strategy that has been stopped is often never resumed and continued. In order to achieve your savings goals, your financial security and independence, you need consistency and discipline. It's like running a marathon. If I stop after 17 kilometers, I won't get there. Women are also much more risk averse than men in their financial strategy. The classic savings account and the building society loan agreement are still used as a form of savings, but unfortunately this does not even preserve the capital given the interest rate landscape. Many do not even know that.
»“Money makes you free. It means being able to act independently. "- Monika Maximilian, Investment Advisor"
Why do we so often lack the weakness when it comes to the issue of increasing money?
Maximilian: Women are often not interested in the topic of money, capital preservation, wealth accumulation, wealth diversification and therefore unfortunately do not take time for financial education. They often assume that they have too little capital to save. Unfortunately, some also have other priorities in their monetary behavior. Cash is invested in the children, and a designer bag or a visit to the hairdresser is often more important than putting something aside. I really recommend to every woman - no matter what age, no matter what economic background - not to rely on their partner, on an inheritance or on alimentation and maintenance payments. Unfortunately, this rarely went well. No one else is responsible for my financial well-being. Just myself. And that should count as a daily mantra.
Why is financial security so essential for us?
Maximilian: Quite simply because money makes you free. It means being able to act independently. A good financial cushion also means being autonomous from the state system. If I don't have to rely on the state pension because I've managed to build up adequate investment protection myself, I don't need to be afraid of cuts and reforms - which have never turned out for the better up to now.
What kind of disposition do you recommend for women on low incomes?
Maximilian: I don't believe in general recommendations. Every woman has a different current situation, everyone has a different willingness to take risks, and each has a different investment horizon. There is actually a lot to consider here. But every woman deserves to have a tailor-made solution in terms of investment, provision and security - flexibly adapted to the life situation. There are enough forms of assessment if a woman is willing to find out more and then rigorously and disciplinedly to tackle and persevere with the solutions that are right for her.
