Being financially aware is a feminist act. Don’t run away! I know reading ‘finance’ and ‘feminist’ in the same sentence is enough to scare anyone off that’s why I want to discuss it in this week for #hollysbusinessadvice – especially as the tax deadline looms and I see so many people burying their heads in the sand – it’s time for that to change!
Whilst there’s still major gender inequality in pay, investment opportunities and financial confidence, we now have financial rights that previous generations of women had to fight for. The right to open a bank account, own property, own businesses and work in any industry we please. Even today there are still 72 countries where at least some women from specific groups do not have the right to open a bank account or obtain credit!!!
We can earn, invest, spend and save our own money – we can do whatever we want with it, it’s OURS. Yet most of us choose to hide from it, not understand it, and therefore financial freedom eludes us, and we reinforce the stereotypical ‘women are no good with money’ and continue to live within that script instead of taking control. It facilitates imposter syndrome and holds us back from our full potential.
So how do we stop it? How do we break the cycle and claim our financial independence?! To begin we must start talking about money! Historically, money has been considered an impolite topic, but if we don’t know how much our peers are earning or what profit they’re making on their products, we have no benchmark to go on! We must also talk about it with our children and young women so we can raise the next generation to be financial feminists – if we do not break this cycle the pattern will continue!
Spend money on women we can support and build female founders by spending our money with them, and telling others about them too! This helps grow female-run business and gives them more financial confidence and freedom too.
Understand our personal finances at the most basic level at least- what comes in, what goes out. How much do we need, how much do we have? What avenues exist to earn more if needed?