Over the last 50 years, we have seen women's equality make great progress, yet managing money still remains a primarily male domain. Why?!
Call us difficult, but we won't stop until genuine, intersectional equality is achieved. To do that, we HAVE to start with female financial independence.
As the impact of the Covid-19 pandemic continues to be felt, closing the global gender gap has increased by a generation from 99.5 years to 135.6 years.
The long-standing stigma surrounding women and money is the main focus of our latest report, 'Your mind, your money'.
We're encouraging readers to think about their earliest memories of money, how women interacted with finances during their childhood, and how hearing phrases such as 'money is the root of all evil' could have influenced our finances today.
At our April Money Rally: money mindset, we spoke with some truly amazing women, including Ruby Wax, Gemma Cairney, and Dr. Leyla Hussein. We learnt so much about what holds us women back from financial confidence, but also how we can help solve those problems with simple money education.
Why is our unequal past still impacting our future?
British culture has always considered money too vulgar a subject for conversation, and this can still be seen in the way we talk about money in both our private and public lives.
Women entered the workforce later than men, and have been striving to make up ground ever since. The first jobs to see a majority-female workforce were very quickly dismissed as 'less important' than more male-dominated roles, and therefore, they also went less rewarded. Not only that, but salary discussions at work have traditionally been discouraged, allowing pay gaps to go unrealised and unchallenged.
What impact has Covid-19 had on women's wealth?
According to OECD, average employment rates in the second quarter of 2020 showed a 7% drop in jobs for men, but a 9.5% for women. Why are women still more expendable?
The way out of this dilemma requires a broad cultural shift in how women think about money.
The good news
The lasting influence of tradition on our money can be disheartening, but our report also found a lot to be hopeful about.
As women become more financially independent, they are using their influence to make a positive change in the world. Women drive 70-80% of all consumer spending, which means that where they spend their money, really matters - a phrase Mary Portas champions.
And, finally, over the last few years, we have seen a huge increase in women recognising the power their spending truly has.
It's no surprise, therefore, that when women choose not to spend, but invest, we are more likely to invest sustainably.
We can make a global difference & use our increasing financial power to invest in the changes we want to see.
This increase in women taking financial control, alongside their tendency to invest in their values, shows the positive impact of both financial confidence, and a healthy money mindset. So even though we might still be haunted by the past, there's a lot to look forward to when it comes to women's future finances.
Women, together let's change our money habits & change the world.
This article has been written from the insights of our report, 'Your mind, your money: SmartPurse white paper on women's financial mindset'. You can download the report (or a one-page version with our key findings 😉) through the link below.