Women don’t talk about money, and it’s hurting us. According to one study, eight in 10 women refrain from discussing money with family and friends, and according to a Wells Fargo study, the gender gap between women and men’s willingness to discuss financial information increases as they move up in senior leadership.
I spoke with Tori Dunlap, founder and CEO of her first $100,000 bestseller, Financial Feminist: Overcoming the of Patriarchy to Master Your Money and Build a Life You Love, to explore why women are hesitant to talk about cash and what it means to us. .
One of the Dunlap Tackle myths in his ebook is that communicating about cash is rude. She believes this narrative helps keep women underpaid, overworked, and in the dark. Dunlap explains that women’s reluctance to communicate about cash begins in the early formative years when we are conditioned to be nurturing and put others first.
As we age, conversations about money and private finance are encouraged in men, and “the pursuit of wealth for men is actively revered,” but when we need cash, we are told that we are impolite, greedy, or worse. Dunlap shares.
Krista Phillips, Executive Vice President, Head of Customer Care and Marketing at Wells Fargo, agrees. “As women, we are conditioned that communicating about cash is rude, but the most productive way to be informed is to communicate about it, and we don’t communicate enough. “This mentality ends up restricting women’s monetary growth, investment opportunities and the source of income potential.
It’s vital to fight this cultural norm and inspire women to talk about cash because it has a major effect on women’s careers: 1) by offering them more career roles and 2) by combating the pay gap.
The concept that the cash provides characteristics for women is one of the drivers of the Dunlap project to build women’s monetary literacy. It activates its own history of directing the corporate ladder with the dream of Vice President of Marketing at the age of 30.
“One incident happened for about a year, when it’s clear that I had to leave, but I didn’t have enough money,” Stocks Dunlap. Realizing that this encouraged her to save her first $100,000 and sparked the entry of a new career to help women do the same.
Dunlap Stocks that cash provides women with freedom of choice, whether it’s leaving a poisonous job, an abusive date, or any other scenario that works. This can also give us monetary freedom to take advantage of an opportunity that we believe benefits our career.
The gender pay gap has remained largely unchanged over the last two decades, with women earning roughly 80% of what men earn. This gap persists even for women at executive levels, with one Canadian study stating that women executives earned, on average, 40.6% less in total compensation than male executives. Morningstar data shared by Chief reported women in the C-suite earned, on average, just $0.75 for every dollar earned by their male counterparts, which was the biggest pay gap since 2012 and was largely driven by unequal distribution of equity-based pay.
Research shows that greater pay transparency reduces the gender gap between the sexes, which means talking about cash, at a specific salary, can fill this hole.
Historically, women’s reluctance to talk about what we earn keeps us in the dark, but when women are unaware of pay discrepancies, we are also less equipped to negotiate for equal pay.
One of the key concepts Dunlap communicates is that we should avoid telling women that it’s their fault if they’re not rich; Personal finance presents 20% of possible private solutions and 80% of systemic problems. Even if greater monetary literacy were to affect that 20%, there is still work to be done at the systemic level.
We can establish parallels with the gender gap in leadership, which is also a mixture of systemic problems such as subconscious prejudices and possible non -public options that women can take to get ahead, such as their status or their negotiation skills.
This parallel moves the space for me in a non-public way, whereas paintings with women to navigate the non-public selection aspect of leadership, whereas there are many paintings to be done on a systemic level.
As advocates, we can empower women by providing them with greater leadership education and funding; However, we know that genuine replacement will only occur once the formula is replaced.
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