What does it mean to be financially content? For some people, it could simply mean having enough money to pay the bills without worrying about debt. For others, it could mean having the leeway to spend freely without having to follow a strict household budget.
But no matter how you define financial happiness, the reality is, you deserve it. Unfortunately, though, Wells Fargo data finds that while 58% of men say they’re happy with their financial situation, only 42% of women say the same. Not only that, but 43% of women struggle with financial anxiety, compared to just 29% of men.
Why is it that men are in such a better place? Here are a couple of reasons — and how to overcome them.
1. Men tend to earn more
Since roughly 2002, women have only earned an average of 82% of what men have earned, according to Pew Research Center data. While money can’t necessarily buy happiness, it can buy financial confidence.
When you earn more, you have more opportunity to put money into savings, steer clear of debt, and pay for conveniences that make your life easier. There’s a value in that.
If you’re certain that you’re underpaid, then it’s important to take action and fight for a more equitable wage. This is something you should do regardless of the gender you identify with.
Start by researching salary data for your role and geographic location using resources like Salary.com and Glassdoor. If you find that you’re paid less than comparably employed people in your area, that’s data to take to your employer.
Also, make a list of the ways you specifically add value to your company. Maybe you have a skill that no one else in your department has. Or maybe actions on your part have saved your employer money in recent months.
Take all of this information and use it to argue your case for higher pay. And if your employer refuses to budge, then it may be time to dust off your resume and seek out a higher-paying job elsewhere.
2. Men are more likely to seek financial help
The aforementioned Wells Fargo survey found that men are more likely than women to talk about their financial health with a professional. Specifically, this is something 29% of men do, as opposed to just 20% of women.
Now, you might think that you don’t need a financial advisor or shouldn’t bother with one because you don’t earn a very high wage and don’t have many assets. But actually, that’s exactly why you should seek out professional help.
A financial advisor can help you work with the income and assets you have to build savings and make progress toward different goals. An advisor can also help you work through your financial concerns and, ideally, help you come up with a plan to alleviate them.
It’s not completely shocking to learn that men are more content financially than women overall. But if you’re not happy with your financial circumstances, don’t just resign yourself to them. Instead, take steps to improve them, whether by fighting for better pay or seeking help from someone who’s in a position to offer useful advice.
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