8 ways to be a financial feminist
Welcome to the realm of financial feminism, where breaking gender barriers and fostering economic equality are the driving forces. With financial feminism, we embrace the crucial intersection of feminism and finance, empowering individuals. This blog post unveils eight actionable strategies to embody financial feminism, enabling you to navigate the complex financial landscape with confidence and purpose.
1. Be in control of your finances
Most financial companies in Australia were originally founded by men, with a male customer in mind. In fact, it was only 55 years ago that women in Australia were allowed to keep their jobs after marriage. Then in the 1980s women no longer needed a man’s approval on a home loan. The act of being in control and on top of your finances is in itself a feminist act.
2. Talk money
Women talking about money is still a societal taboo. So talk about finances with your partner, your children, and your friends. Talk about your salary with your coworkers. Knowledge is power, and money is power. So build both by breaking the silence.
3. Shop with women and non-binary owned and led business
Whether you’re shopping locally or not, buying from women and non-binary owned businesses supports systems change.
4. Invest in equality
“Money and power can liberate, only if they are used to do so” – Maya Angelou.
5. Advocate for equality in your workplace
Negotiating your own salary is a start. And if you’re a highly valued employee, how about using your organisational capital to bring other women with you. Request organisational level pay-gap transparency; equal parental leave rights for men and women and birthing parent and non-birthing parent; and/or request that all parents continue to get paid superannuation when on parental leave.
6. Be a money feminist in your relationship
Ensure that each partner in a relationship has an understanding of and a voice in how finances are being managed. Itemise the hours of unpaid work in the relationship and ensure they are equally distributed alongside paid work commitments. Consider how to make money fair in your relationship as you start to have children.
7. Teach your children well (about money and inequality)
Address sexist money stereotypes that you see with your children. Model good financial behaviors in your own relationship and encourage broader conversations about economic and financial equality.
8. Don’t buy into the ‘women are bad with money’ trope
Frequently, surveys emerge claiming that women lack confidence with managing money compared to men. However, the truth is that men and women generally perform similarly in most aspects of money management. Men tend to have more confidence and experience in building wealth, while women tend to feel more self-assured and proficient in managing daily finances and budgets. It’s essential not to fall prey to the misconception that confidence equates to skill, particularly when it comes to financial management.
This article is published by Verve Money Pty Ltd (ABN 71 653 669 366, AFS Representative No. 001294184), a Corporate Authorised Representative of True Oak Investments Ltd (ABN 81 002 558 956; AFSL 238184), as the Manager of Verve Money. A friendly reminder that all the financial information contained in this article is general in nature and does not take into account your personal financial objectives, situation or needs. It’s important to do your own research and consider getting in touch with a professional adviser to access specific information tailored to your unique situation.
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