SHE does so many things with ease: with love she melts hardened hearts, with a smile she gives wings to her children, with the skills of a top manager she manages to keep both family and professional matters in order… The list could go on for a long time.

But life places one more requirement on women—to be financially literate, and to an even greater extent than their “stronger” halves. It may sound strange, after all finance is traditionally seen as a male domain. Well—think again! It is precisely women who face serious financial challenges and therefore need to be “armed” with the right knowledge and skills to handle them. Here are at least four reasons why.

Women often take on the role of “finance ministers” in the family

Many studies show that women are at the core of financial order and discipline in the household. Yes, sometimes they may console themselves with a new pair of shoes outside the plan, but overall they handle micro-budgeting—shopping, bills, and both smaller and larger purchases. Men usually take part mainly in planning major family expenses. Of course, this does not apply to every family—models vary widely. Still, it is important for women to be able to budget with confidence and ease.

Women live longer than men

Statistics show that women have a longer life expectancy than men. What does this have to do with finances? In fact, it is fundamental. A longer life means a longer retirement period. We all know that pensions are insufficient for a comfortable life, and there are no objective reasons to believe the situation will dramatically improve in the future. In other words, women need to start securing this stage of life from the very beginning of their careers by building personal funds to rely on later. Most importantly, their savings generally need to be larger than those of men—simply because they will need them for more years. To achieve this, women must first be aware of this reality and second, be financially literate enough to take smart and timely actions that work in their favor.

Women often receive lower pay than men

Of course, there are many exceptions, and the pay gap between men and women is narrowing—both in Bulgaria and worldwide. But we should not forget that women usually devote part of their most active working years to raising children. During this time, they rely on their partner’s income. In addition, this has an impact on the size of their future pension—and no, it doesn’t increase it, quite the opposite. Can measures be taken? Yes—but here again, as in the previous point, a solid level of financial literacy is required.

Women usually take primary responsibility for children after a family separation

Nothing can replace a mother’s care, love, and smile. That is why, in cases of divorce or separation, children most often remain with their mother. There is no need to explain the challenges faced by a single parent—and the financial ones are particularly serious. With one source of income (usually), mothers must provide a decent life for their children, be prepared for emergencies, know where to seek help, and even be able to afford leisure activities from time to time. This is a high-difficulty task—even for financial professionals.

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Author: Rossitza Wartonick