Despite growing financial independence, women’s relationship with money continues to be framed through a lens of irrationality. From media tropes to everyday language, we’re still battling the stereotype that women are emotional spenders who can’t be trusted with financial decisions.
The reality is much more nuanced, and far more empowering.
The double standard starts early
From a young age, girls and boys are socialised to think about money differently. In many households, boys are encouraged to take risks, manage money, and pursue financial independence. Girls, on the other hand, are often taught to be careful, to save quietly, and to prioritise others’ needs over their own. Even small things, like the types of chores assigned, reinforce this divide.
A recent Westpac and Heritage Bank study found a 27 percent gender pay gap in pocket money, linked to parents assigning higher-value tasks to boys more often than girls. These early patterns shape lifelong behaviours and contribute to the idea that women are less competent with money.
The irrationality myth
Cultural narratives only deepen this gap. Think of the “shopaholic” stereotype. It is overwhelmingly gendered. Women are often portrayed as impulsive or frivolous when it comes to spending, while similar behaviours in men are not scrutinised the same way.
The truth is, women have long managed household finances. Many are the CFOs of their families. They plan, budget, save, and invest with insight and skill, often juggling these tasks alongside unpaid care responsibilities.
Gendered spending and what we consider wasteful
There is also a double standard in how we judge spending. Women’s purchases, like beauty treatments or fashion, are often dismissed as wasteful. Men’s spending on sport, gaming, or tech rarely attracts the same criticism.
This framing extends to labour. Female-dominated professions such as teaching, nursing, and caregiving are often undervalued and underpaid. If society devalues the work women do, it is no surprise that their financial decisions are also seen through a critical lens.
Language matters more than we think
Phrases like “girl math” may seem like harmless jokes, but they reinforce the idea that women are not serious or capable with money. They suggest financial illiteracy, even when data shows otherwise.
In fact, research from Fidelity and Forbes shows that women consistently outperform men in long-term investing. In Australia, single women are purchasing homes at higher rates than single men. The idea that women are irrational with money does not match reality.
Personal experience and the assumptions that persist
Since I began sharing my financial journey online, I have always been open about my salary, net worth, and savings goals. But even with full transparency, people still assume my partner must have contributed more. In truth, I was responsible for a significant share of our net worth. The automatic assumption that a man must be behind a woman’s financial success speaks volumes.
These experiences show how deeply rooted our cultural assumptions still are.
Rewriting the narrative
It is time to change the conversation. That means challenging financial stereotypes, calling out double standards, and celebrating the women who are growing wealth on their own terms. It means supporting each other, sharing knowledge, and normalising financial confidence.
Young women deserve to see money as a source of freedom, not fear. Our financial decisions are not irrational. They are shaped by generations of inequality, resilience, and strategy. And when we shift the narrative, we not only empower ourselves, we change the game for those who follow.
Become a Women’s Agenda Foundation member and support our work! We are 100% independent and women-owned. Every day, we cover the news from a women’s perspective, advocating for women’s safety, economic security, health and opportunities. Foundation memberships are currently just $5 a month.
Bonus: you’ll receive our weekly editor’s wrap of the key stories to know every Saturday.