World Women’s Day is coming up – and there are stubbornly certain prejudices against women and their handling of money. A good opportunity to take a closer look at women and finances .
3 common prejudices on the test bench
Prejudice 1: Women leave the financial side to the men
Men have long since gone out of fashion not only as a sole provider of the family, but also as head of finance. This is proven by a study by Prudential from last year. In it, it was found that in most cases the female part of the household keeps her hand protecting the common finances. Not only do women manage 70% of the household budget, they also make 80% of their purchasing decisions.
Prejudice 2: For women, the credit cards glow
That may be true, but one thing is certain: they glow no more than the men. The results of a survey conducted by the Targobank showed that men pay around € 500 per month by credit card, while women spend only around € 200 per month on their Visa or Mastercard. There are not only differences in the amount of expenditure. Men use the credit card mainly for refueling and for leisure time, while women mainly for shopping.
Prejudice 3: Men are the better entrepreneurs
Since the women can be really proud of themselves, because even this prejudice could not be confirmed against all expectations. Although women are less likely to take the step of starting a business, they often have a bumpy start to the “start-up life”. However, if you have taken the first step for the first time, long-term success will not be enough in most cases! A study by HypoVereinsbank in 2014 shows that every 10th woman a company builds is a top founder. This means that, on the one hand, the profitable enterprise grows steadily, and on the other hand, both the regular expenses and the cost of living are financed solely through self-employment. Incidentally, women are preferably involved in healthcare, education and entertainment.
Loans for women: What financing offers are there?
A credit for women can carry a variety of names: promotional loans, housewife credit, single parent loans or simply women’s loans.
The promotional loans for women are aimed primarily at the already mentioned company founders. These are intended to encourage women to fulfill their dreams and implement their business idea. Various loan companies have an annual budget that can be awarded to future female entrepreneurs. However, this is rarely used, as about 12% of women who want to start their own business do not know that such funding is available.
Housewife credit in the original sense is barely existent today. Housewives who have no regular income without a second borrower basically have no chance to get a loan approved. If funding is offered – without a credit check or a Schufa inquiry – the borrowers can count on extremely high interest rates, as the banks take on a high risk in the granting of the loan. In addition, the seriousness of the provider should be examined urgently in such offers, read more on the subject in the blog article credit comparison without Schufa – what are the risks ?.
Credit for single parents
For single mothers, the process is somewhat different: Since single parents are not basically housewives, the chances of getting a loan here are significantly higher. First and foremost, it is not the marital status or number of children that matters, but income. If this is regular and reaches the required minimum amount of the respective credit institution, then a loan for single mothers is an ordinary installment loan. You want to know more? Perhaps our thematic article “Single parent loan for childcare” will help. Anyone who is interested in a loan for single mothers as start-up capital can use a loan calculator to calculate the monthly financial burden and find a cheap offer.
Women and Finance: Keyword investment
When it comes to investing, you should first think carefully about how much and, above all, where you invest. Here, interested people should ask themselves in advance various questions: What are the risks and how high are they? What do I invest in the long run? How exactly does the product that I use work in? And this is where the sticking point lies: most men act more intuitively, while women act much more deliberately. They inform themselves about possible risks and, above all, want to achieve success in the long term.