In the past, I have written about the myths about women and money and how it is important to bust these myths wide open. In honor of Father’s Day, I want to share with you the top five myths about men and money.
Myth #1: Men are financially savvy.
The societal expectation is for men to be viewed as the financially savvy one in the relationship. However, many men prefer to let their wives or girlfriends handle the money. The reasons vary from “She is really good with money” to “I really prefer to not think about it.” Sound familiar? Yes, many of the same reasons women don’t learn more about finances also apply to men. So don’t make an assumption that just because a client sitting in front of you is a man, he is financially savvy. Instead ask.
Myth #2: Men like to control the family finances.
In the traditional 1950s home, the husband made and managed the money and the woman stayed at home with the children. Nowadays, this societal expectation is no longer true. Many modern couples manage money together and prefer to share responsibilities. Unfortunately, there is still pressure for men to act as if they prefer to be in control but many prefer to share the financial responsibilities. Some men even let go of their control to a fault and need to be pulled back into the advisory meetings to make sure they are up to date on the family financial plan.
Myth #3: Men are money motivated.
The truth is some men are money motivated and some are not — and that is okay. Men who are profit motivated tend to select careers that reinforce this trait such as finance, business, and sales. However, many men select careers based on their interest in helping others and/or solving a problem. These guys end up in counseling, healthcare, engineering, or academia.
Myth #4: Men don’t like economically powerful women.
Some men feel threatened by women who make more than they do; however, many more love the idea of a smart, intelligent woman who is empowered to earn her worth. These men tend to have high self-esteem and high regard for women in general. Unfortunately, too many women still fear this myth is true and downplay their accomplishments when dating or out in public with their spouses.
Myth #5: Men make better advisors.
Gender does not determine an advisor’s effectiveness with clients. The ability to be empathetic, competent, and credible is. Although the industry is still male dominated, this is not because men make better advisors. It is simply because women have not been encouraged to enter this field.
As someone who loves working with and hanging out with both men and women, I encourage you to bust some of these myths wide open by not making assumptions about your clients and your colleagues. Instead, ask curious questions and find out what makes the men in your advisory practice and in your life tick. You may be pleasantly surprised what you learn.