Three out of ten women in Switzerland cannot finance their own life. Most of these women think that will never change, according to a survey by payment service provider Mastercard.
Accordingly, 29 percent of women in Germany feel dependent on others for financial matters. And 62 percent think they will never be economically independent. Almost half of those surveyed cited low income as the reason. A quarter of financially dependent women earn no money at all, according to the survey released Wednesday.
Missing role models
“Perceptions of financial independence are greatly influenced by growing up in role models that are often outdated,” write the study’s authors. In more than half of the households where respondents grew up, the father was primarily responsible for the financial situation. In just over a quarter, financial matters were shared between parents, and in only 16 percent of households, the mother was responsible for financial matters.
Also, only 22 percent of respondents said they could remember their mother making a major purchase, such as buying a car. According to the authors, it is essential for mothers to set an example for their daughters to be financially independent.
Young women also have problems.
It is the uncertainty in financial matters that further increases financial dependency. Because only one in six women in Switzerland feel good about financial matters. It is also worrying that financial literacy is even lower among young women aged 25 to 39, according to the authors.
In fact, 43 percent of women stated that they did not have any financial knowledge or basic knowledge at most. They especially have a hard time understanding issues such as investments, mortgages, and taxes. Also, one in four women has trouble with new digital banking apps or technologies. Some even have trouble understanding their own payrolls.
Swiss women are far ahead in digital banking
“We observe a higher risk of financial bottleneck and poverty in old age among women. Mastercard Switzerland boss Daniela Massaro said in the message that this situation needs to change. Mastercard has one of the keys, namely technologies. Massaro said the results of the study will show that the technology contributes greatly to financial independence.
Because new technologies create transparency in the financial system and shape younger generations in terms of financial independence. And indeed Switzerland is at the forefront when it comes to the use of digital banking, at least in Europe.
While 83 percent of survey respondents use such apps, the average in other countries is slightly lower at 76 percent. For nearly half, banking apps are even the most important digital tool for keeping their finances in check. This value is higher only in Austria.
For the research, 1,000 women aged 25 to 75 in twelve European countries were interviewed. (SDA/sfa)