The salary transparency movement is on the rise, but on average women have a harder time talking about personal finances than men.
Wells Fargo, in partnership with Female Quotient, a company that aims to increase the visibility of women, surveyed a representative sample of 3,200 American adults to understand how these taboos operate across genders. Here’s what they found:
Women are more reluctant to share their financial information. On average, 52% of women were comfortable talking about their financial health, while 62% of men were comfortable. Additionally, 48% of women and 57% of men can talk freely about their debts.
As the seniority of employees increases, the gender gap also increases. Only 57% of senior women feel comfortable talking about their financial health, compared to 70% of senior men, and only 46% of senior women feel comfortable talking about debt, compared to 67% of senior men. .
This gap also persists in the way we manage money. 60% of men say they are responsible for making financial decisions at home, while 28% say it is equal responsibility with their partner. By comparison, 39% of women say financial decisions are their responsibility, while 42% say the responsibility is shared equally.
Men feel happier with their financial situation and skills. 65% of men and 51% of women say they are confident in their financial management, and on average men rate their financial health at 7.3 out of 10 (10 is best) while women rate their financial health at 6.3.
One senior man in the study commented, “I wish I could be as open about my feelings as I am about my money.”
Krista Phillips, Wells Fargo’s executive vice president, consumer credit cards and head of marketing, provided additional analysis in a statement. “As women, we’re conditioned to believe that it’s rude to talk about money, but the best way to learn about anything is to talk about it, and we don’t talk about it enough,” she said. “This mindset limits women’s financial growth, investment opportunities and earning potential.”