Data, research, and the everyday socio-political reality we live in show that financial independence is often an unattainable dream for many women.
Expectations of modern women are incredibly high, and support (I’m referring to both financial and social support) in many countries is deficient, especially for working or single mothers.
From the female perspective and experience, having a job doesn’t automatically guarantee that we can be self-sufficient and on our way to financial independence. We still earn much less than men, and often women with an accent (I’m one of them) aren’t taken seriously as candidates for higher-paying positions, even though they are fully qualified for those jobs.
Sexist discrimination and inequality of pay are just two problems we, women, face daily. Many goods targeted at women have “special prices,” meaning that, on average, we pay 10-20% more than men; for example, in the UK, women pay up to 10 times more than men for hairdressers. For some people, the price hike may seem irrelevant, but eventually every penny counts toward financial independence.
When I dropped my phone in September 2020, my screen needed replacement. My husband went to one of our local repair shops and was offered £90 to have the phone fixed. When I went to the same shop later that day, the price for me was £110. I have to think it was only because I was a woman, and the assumption was that I was stupid/naïve enough to agree to anything. I got the phone fixed for £80 elsewhere.
Overspending in the chase of happiness or as a substitute for the need to belong, fiercely promoted by women’s magazines, not only hits our savings rate. Still, it directly contributes to the depletion of natural resources while promoting the worst kind of waste. Instead of focusing on spending, women’s magazines should focus on educating women about investing, finances, and saving.
The subject of financial independence becomes even more complicated when a woman decides to become a mother, as not all countries or companies offer maternity leave. Even if a young mother is eligible for maternity leave, returning to work may be very tricky.
The costs of childcare are astronomical, so paying for someone else to look after your child while you travel to work (not talking about COVID times, when we are primarily working from home) means that women often end up working for nothing.
This harsh reality of spending all your money on childcare while you hardly ever get to see them, plus added pressure to prove yourself at work, that being a mother doesn’t change your capacity to think and be productive, often pushes women to take a break from their jobs for a few years to look after the little ones.
We also have to remember that not all partners are willing to support their partners who take time away from work to look after the kids. If the partner doesn’t offer financial support, a woman often has to draw on her savings and retirement funds or ask her parents for money. That kind of financial dependency is very unhealthy and, in some cases, may lead to psychological and physical abuse.
The support systems that would allow women to return to full-time employment don’t exist in many countries. Besides, if a woman decides to go back to full-time work, the social judgment of her “selfish” choice is pretty harsh. Hardly anyone tells a man they are missing out as a parent if they are in full-time employment.
In many instances, women are bigger spenders than men, but at the same time, society tells women that this is what they should be doing. Society and popular culture don’t encourage women to get financial education (I don’t mean a degree in finance. I’m going to link up resources below to kickstart your journey), learn how to invest, or take care of their future.
The messages bombarding us from every direction are obvious: live in the here and now, and don’t worry about your spending and debts. Unfortunately, every decision leaves a footprint, and it can have either a positive or a negative impact on our future. Thus, financial literacy should be as critical as learning how to read or write. Money shouldn’t be treated as a taboo subject.
We need to stand up for our rights, even if we think our stand is small and insignificant on a grander scale. If each of us takes independent action and won’t agree to low pay, sexist treatment, and being silenced, we will build the momentum we need.
For instance, in my freelance filmmaking and writing work, the number of requests I get from men to work on their projects for free is staggering. I even got an email from a dude who found my pricing laughable because everyone attached to his project worked for free, and he assumed I had to do the same. He categorically refused to pay me. Another wanted to pay me in shares of his company, which had long since dissolved.
I know it’s not easy for a woman to say “no”. It comes down to centuries of conditioning and brainwashing of girls and women.
Women need to be financially sustainable and independent to be able to say “no” and walk away from situations, people and places that are toxic. Look at the high-profile sexual abuse cases in show business and how powerful men got away with anything and everything for so long while ruining career opportunities for any woman who spoke against them. That should be a lesson for us all to seek financial independence and self-sufficiency early on in life.
Beyond equal pay, treatment, opportunities, and possibilities, we need to drive and demand further change in the popular culture narrative about women and womanhood. Across cultural avenues, the image of a woman as only a beautiful spender who must forever rely on someone else to support her must go. The image of an independent woman who can take care of herself, both physically and financially, should be our new narrative. We need to have a laser-sharp focus and push for financial literacy and independence while driving our new narrative to the centre stage.
To learn more about investments, check out Vicki Robin, the author of “Your Money or Your Life”
PS. I’m #MadeByDyslexia – expect big thinking & small typos.
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