It’s important to know the ways the patriarchy may be impacting your finances. The more you know, the more you can demand. Read on to find out some of the different ways of how the patriarchy is impacting your money.
History books teach us that women have come a long way over the last century. And while that may be true in some regards, we still need a lot of work in several other areas, including the financial sector. While the patriarchy’s impact on your money might be obvious in some ways, there are other ways it continues to show up. Read on for three ways the patriarchy is impacting your money.
Women Routinely Earn Less Than Men
For years, women were pushed outside of mainstream society. Our roles were believed to be in the household—as homemakers whose sole responsibility was to take care of the men of the household. We were not supposed to be in the workplace. Ever.
Today, this means that women, on average, earn 82 cents for every $1 that a white man is paid. When you break down the wage gap along racial and ethnic lines, the gap is even wider.
Black women are paid 63 cents for every $1 paid to a white man.
Indigenous women are paid 60 cents for every $1 paid to a white man.
And Latina women are paid 55 cents for every $1 paid to a white man.
Use this information to fuel your motivation to ask for that raise or negotiate a higher salary. Chances are, you’re being underpaid.
Most Financial Articles Are Not Written With You In Mind
In a study commissioned by Anne Boden, the CEO of Starling Bank, they found that 65% of financial articles in women’s magazines told women that they were excessive spenders. These articles emphasized saving and spending less.
Now, you might read that and not find much wrong with it. After all, managing your spending and creating a budget are great tools to have in your dinero journey. However, you need to see the numbers for financial articles written for men.
This same study found that financial articles written for men, on the other hand, emphasized earning more, be that through investing, negotiations, or career changes. The messages women are given when seeking financial advice are vastly different than that which is given to men. And here at Yo Quiero Dinero, we know that saving can only do so much. Your greatest wealth building tool is investing in the stock market.
Next time you read a financial article, look closely at who is writing it and what message they are pushing. They might be steering you in the wrong direction.
Most Financial Products Are Not Created With Women In Mind
Similarly, the financial industry as a whole is annoyingly male-dominant. In the entire financial industry, women only make up 22% of its leadership roles.
This means that, in the industry that creates our financial products, only 22% of the industry is led by women. If we want more women confidently taking control of their money, we need more women at the head of managing companies and designing their products.
For this reason, we trust companies like Ellevest, who create financial products and advice by and for women.
The Bottom Line
Yes, our society has come a long way. And yet, we are still nowhere near equity. The patriarchy is impacting your money, and we need to understand how. Without realizing all the ways the financial industry continues to push women to the margins, we risk taking the wrong advice, minimizing ourselves, and not tapping into our full wealth-building potential.