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We’re (finally) in the home stretch of 2020. What a disruptive year for so many women, with the pandemic and “she-cession” revealing some deep truths. Here are some of the things I know — and want everyone to know — about women and money. (1/13)
Money is women’s #1 source of stress. Taking action, like saving and investing, is the #1 driver of our confidence in achieving our future goals. (2/13)
Money is more than just money. It’s our future, our ability to quit the job we hate, our dreams for our children, the positive way we can impact the world around us, the ability to leave relationships that no longer work for us, the business we want to start. (3/13)
When women outsource the management of their money to their partner, 74% have a negative surprise when it comes back to them. 74%. Nearly three-quarters. And for most women, it’s likely that money does come back to them, since 74% of us die single. (4/13)
Couples who talk about money are happier than those who don’t. 78% of couples who talk about money every week say they’re happy. That number falls to 60% for couples who only talk money every couple of months. And for couples who rarely talk about it? Only 50% are happy. (5/13)
Gender pay gaps are just the tip of the iceberg: We tend to center the discussion around getting the raise, and I’m all for that. But the gender wealth gap (how much you keep) is much, much worse than the gender pay gap (how much you’re paid). (6/13)
There is more than one gender wealth gap. Averaged among all women, it is 32 cents to a white man’s dollar. For Black and Latinx women, it’s just one penny. (7/13)
The messages society sends women around money can be damaging. While "male money media" is all about growing money, there is no real "female money media." Articles written for women about money tend to be overwhelmingly negative or patronizing or guilt-inducing. (8/13)
The messages society sends BIPOC people around money are also damaging. Blame is placed on spending, while the legacy of discriminatory housing and lending policies, the effects of costly double standards around personal appearance, and labor market bias are ignored. (9/13)
Being a woman costs $$. Family-care responsibilities fall disproportionately to us, and mothers are stereotyped as not being as devoted at work, which costs an estimated $16,000 in lost wages. "Other countries have social safety nets. The US has women." — @JessicaCalarco (10/13)
Women don’t only earn less than men, we invest less than men (not just total investments, even investments as a percentage of our net worth). Some women lose as much money over their lives from this gender investing gap as the gender pay gap. (11/13)
Financial wellness is as important — maybe more important — as physical wellness, emotional wellness, and spiritual wellness, but we talk about it much less. In fact, financial wellness can form the foundation for these other types of wellness. (12/13)
Final thought: Nothing bad happens when women have more money. Nothing. Read more truths about women and money on my blog here: https://www.ellevest.com/magazine/news/truths-about-women-and-money (13/13)
