Ladies, let’s talk about the stories we grew up hearing—the ones about money that were whispered (or shouted) in our homes, schools, and society. Many of these stories were just that: stories. And… spoiler alert, they’re fiction!
Here are the top money myths Gen X women were raised with—and why it’s time to retire them once and for all.
Myth #1: Money Is a Man’s World
Growing up, we often heard that men “naturally” excel in the financial sphere while women’s talents lay elsewhere. Whether it was dad handling the family budget or the media portraying men as Wall Street titans, this myth created a divide. And we believed it!
The Truth: Women control 85% of consumer spending and are starting businesses at twice the rate of men. Managing money isn’t a gendered skill—it’s a life skill, and women are ROCKING it.
👉 Action Tip: Start by tracking your finances. I say this all the time, so if you’ve been following me it will sound like a broken record – Knowing where your money is going is the first step toward financial confidence. (Check out these tools to tracking your spending for help.)
Myth #2: Women Are Bad at Math
How many times did we hear “girls just aren’t good at math”? For some, this belief became a lifelong barrier to financial empowerment. I know many women who are wizards at math. And, for the record – you don’t have to be good with math to get good with money.
The Truth: Math skills have nothing to do with gender. Women excel in data-driven, detail-oriented fields every day. Plus, modern tools like budgeting apps and calculators make money management accessible for everyone.
👉 Action Tip: Start small. Use an app like Mint or YNAB to practice financial math, like budgeting or calculating savings growth.
Myth #3: Men Are the Primary Breadwinners
Traditionally, men were seen as the family’s financial providers, while women were caregivers. Remember Leave It To Beaver? June Cleavor was a stay at home mom, like most all of the women of that era. This narrative suggested women shouldn’t need to handle “big money decisions.”
The Truth: Many Gen X women are the primary breadwinners today. Even if you’re not, financial literacy is vital for independence, security, and freedom.
👉 Action Tip: Take control of your financial future by contributing to or maxing out your retirement savings. If your employer offers a match, that’s free money—don’t leave it on the table!
Myth #4: Women Should Let Men Handle the Money
“Don’t worry your pretty little head about it.” Sound familiar? Many of us were encouraged to leave the heavy financial lifting to the men in our lives.
The Truth: Women who take charge of their finances feel more empowered and less stressed. Who likes to live in the dark? Plus, women tend to be more cautious investors, which often leads to better long-term returns.
👉 Action Tip: If you’re new to investing, start by opening a simple index fund. (Need guidance? Check out this Beginner’s Guide to Investing.)
Myth #5: Women Don’t Understand Complicated Financial Vehicles
Pensions, 401(k)s, mutual funds, and life insurance? “Too complicated,” they said.
The Truth: There’s no such thing as a “complicated” financial vehicle when you break it down. Women are perfectly capable of understanding—and mastering—any aspect of personal finance.
👉 Action Tip: Educate yourself on one new financial concept each month. For example, learn about compound interest this month and life insurance next month. (Bonus: you can use our free Financial Empowerment Toolkit to get started.)
Myth #6: Talking About Money Is Tacky
As girls, we were told not to discuss money. “It’s rude,” they said, and we took that to heart. Shhhh!
The Truth: Open conversations about money empower everyone. Sharing lessons, wins, and even mistakes can inspire and educate others.
👉 Action Tip: Join a community like our Facebook group Sisters in Success (SIS) to find support, share ideas, and learn from other women taking control of their finances.
Myth #7: It’s Too Late to Learn or Change
If you didn’t learn financial literacy in your 20s or 30s, you might feel like you missed the boat. Too often I hear women say, “it’s too late.” Time to shake that thought off.
The Truth: It’s never too late to start taking control of your finances. Every small step forward—like paying off a credit card or starting an emergency fund—gets you closer to financial freedom.
👉 Action Tip: Take the first step today. Whether it’s creating a spending plan, setting a savings goal, or investing $10, starting is what matters.
The Bottom Line
Gen X women have been handed some heavy myths about money, but it’s time to rewrite the narrative. You’re not just capable—you’re powerful. By breaking free from these outdated beliefs, you can take control of your finances and build the life you deserve. Ready to ditch these myths for good? Download our 6 Steps to Flourish Financially guide and start owning your finances today!
Ready to ditch these myths for good? Download our 6 Steps to Flourish Financially guide and start owning your finances today!