Women’s financial independence in France: a journey complete?
Today, a majority of French people believe that women’s financial independence is on a positive trajectory, either progressing (according to 50% of them) or even achieved (according to 37%), while the situation around the world seems more mixed (54% believe women’s financial independence is on a positive trajectory and 46% believe it is in danger or declining).
When asked about the very definition of financial independence, French people associate it with two main ideas: earning enough money to live comfortably (43% cite this first) and not being financially dependent on one’s spouse or relatives (42% cite this first).
It should be noted that these egalitarian scores mask marked gender differences: men primarily associate financial independence with earning enough money to live comfortably (48%, +10 points vs. women), while women primarily favor not being dependent on a spouse or loved ones (48%, +12 points vs. men), indicating a stronger association with the notion of autonomy.
Financial education: gender differences
Nearly 9 out of 10 French people consider themselves to have a good understanding of budget management (87%), and nearly 8 out of 10 consider themselves to have a good understanding of how credit works (78%) or the principles of saving (77%). However, only half consider themselves to understand the principles of financial investment (51%).
While men and women rate their budget management skills equally, the gap widens as the complexity of the areas tested increases, with women less confident in their knowledge of how credit works (-4 points vs. men), the principles of saving (-5 points), and the principles of financial investment (-13 points). .
This financial knowledge was primarily acquired independently (for 72% of French people), then through their personal environment for 56% of them, through their bank for 34%, and finally through education for 18% of French people. These contexts for acquiring knowledge are relatively similar between men and women, with the notable exception of the importance of the personal sphere: 33% of women and 23% of men say they acquired their knowledge through their loved ones, particularly their family (26% for women, 19% for men).
Investment behavior: gender-specific strategies
Eight out of ten French people have at least one investment, with 72% owning at least one regulated savings account, and this figure is identical for both men and women. For all other investments, fewer women than men report owning them: this is particularly the case for life insurance (31%, -7 points vs. men), PEA savings plans (10%, -9 points vs. men) and securities accounts (8%, -6 points). Women’s financial investments are therefore less diversified.
While investments differ between men and women, the motivations for investing money are similar: nearly three out of four French people cite the intention to protect themselves in case of hardship as their primary motivation. This is followed by the desire to improve their standard of living (33%), pass on wealth (29%), prepare for retirement (28%) or prepare for a personal project (25%).
For French people who do not have any financial investments, the main reason given is that they do not have enough money to invest. This reason is particularly cited by women (76%, +19 points vs. men), while men who do not have investments are slightly more likely than women to cite the fact that they prefer to spend the money they have (26%, +15 points vs. women). The still significant wage gap between men and women in France (around 14% in full-time equivalent terms) helps explain why more women cite low income as a reason for not investing.
