We all know millennials have a pretty shit time of it when it comes to money thanks to a much more competitive job market, slower rises in wages, ridiculous property prices, our old friend the credit crunch and our new friend Brexit. We are the first generation to be worse off than our parents and it’s a total bummer. However, according to research, millennial women are less financially confident than millennial men. Some of the numbers initially make it appear that way, but I don’t think it’s the full picture. It’s not that millennial women are less confident, it’s that we’re more realistic; no-one’s out here rolling in cash so we’re just being sensible with what we’ve got.

“It’s not that millennial women are less confident, it’s that we’re more realistic”

The Pensions and Lifetime Savings Association went out amongst the people and from 1001 millennials, their results showed that women are less optimistic about career progression (at 55% compared to 61% of men), women are less optimistic about buying a house (at 26% versus 35% of men), and women feeling pressure to save for the future had increased (at 51% versus 36% of men).

READ: A Beginner’s Guide To Budgeting: 7 Tips To Help You Save

Ok so according to this, we’re not feeling super pumped about money. But a study from BlackRock shows that women are actually smarter when it comes to managing everyday finances. They are better at budgeting and sticking to it, and more savvy about clearing debt – not as many women turn to quick fix or payday loans as men. Women even want less when it comes to an annual retirement income.

Where we don’t stack up is longer-term investment; more men feel knowledgeable about investing, they feel they have control over their finances and they feel more confident that they’ll achieve their retirement plans. Yes, in an ideal world we’d be squirreling away money for the future left, right and centre – we’d have a pension pot and a mortgage fund and a savings account all getting topped up monthly. But in the real world, we’re just trying to make our money work for us right now, with some left over so we can enjoy the weekend too.

“It might just have something to do with the disparity between what men and women see when they open their paycheck.”

 

On top of that, the Allianz International Pension Papers indicated that there isn’t as big a gap in financial knowledge amongst the genders when it comes to millennials, so it’s not like women don’t know what the hell they’re doing when it comes to money. So what gives? Well it might just have something to do with the disparity between what men and women see when they open their paycheck.

Yes it’s gender pay gap time kids! Although the gap is at its smallest in the millennial bracket at around 5% – though the fact that we’re supposed to be pleased that it’s small for our generation is frankly ridiculous – this is still a big issue when it comes to women and money. Women generally have to put up with way more shit than men, like sexism in the workplace, coming back to work after taking time off to have a family and so on- for less money- so it’s not really that surprising that we approach money and finances in a different way to men. Most of us millennials, men and women, are living month to month but it sure must be nice to open your paycheck and see some more numbers on it.

These financial bodies can throw as many statistics out there as they want but it looks to me like we’re just being smart with our hard-earned dollar. We grew up listening to Destiny’s Child after all.

‘Can you pay my bills? Can you pay my telephone bills? Can you pay my automo-bills?’ No, probably not. But Loot can help you budget and put money aside so you can be more confident with you finances. Check out how here.