Ep. 199 - Investing, Gender Pay Gap, and Financial Wellness For Women with Ellevest Founder Sallie Krawcheck
Mar 5, 2019
auto_awesome
Sallie Krawcheck, CEO and Co-Founder of Ellevest and Chair of Ellevate Network, discusses the pressing issues of financial wellness for women. She delves into the gender pay gap and investment disparities while sharing her journey in a male-dominated finance industry. Sallie highlights the importance of diversity, empowering women to take charge of their finances, and the challenges that hinder women’s professional advancement. Additionally, she reflects on personal relationships and the role men can play in supporting gender equity.
Parents often communicate financial concepts differently to sons and daughters, perpetuating a cycle of female financial caution and limitations.
The podcast discusses the emotional impact of financial insecurity, emphasizing the importance of a healthy relationship with money and stress reduction techniques.
Innovative investment strategies designed for women recognize their unique financial needs, empowering them to take control of their financial futures.
Deep dives
Gender Bias in Financial Conversations
Recent research highlights a significant gender bias in how parents discuss money with their children. When talking to sons, parents tend to emphasize wealth-building and a more expansive approach to finances, encouraging them to invest and take risks. In contrast, discussions with daughters often center around saving and hoarding money, instilling a sense of caution and restriction. This societal pattern perpetuates a cycle where women grow up with a less empowered view of money and investment, ultimately affecting their financial decisions and confidence in adulthood.
The Impact of Social Media on Women's Financial Perception
Media representations of women frequently contribute to a patronizing view of their financial capabilities. For example, characters like Carrie Bradshaw from popular culture portray women as frivolous consumers who cannot manage their finances, which shapes public perception. Teen magazines and lifestyle publications often reinforce these stereotypes instead of empowering young women with financial knowledge and strategies for investment. This narrative not only diminishes women's relationship with money but also forges a misguided notion that wealth and financial savvy are predominantly female domains.
Mental Health and Financial Stress
Acknowledging the emotional toll money management and financial insecurity can take, the podcast discusses the interconnectedness of mental health and financial well-being. Many people feel overwhelmed by financial decisions, leading to anxiety and poor choices, especially when they face challenges in their work or personal lives. The podcast emphasizes the importance of maintaining a healthy relationship with money and finding strategies that alleviate the stress associated with financial management. Tools like meal delivery services and financial planning apps can help reduce decision fatigue and promote healthier financial habits.
Investment Strategies Tailored for Women
The conversation introduces innovative investment strategies designed specifically for women, addressing their unique financial needs and goals. Unlike traditional financial advising, which often assumes a one-size-fits-all approach, these strategies recognize the importance of tailored financial plans that factor in women's longer lifespans and differing career trajectories. By helping women set tangible financial goals, such as saving for a home or retirement, and providing accessible guidance on investment opportunities, these new methodologies empower women to take control of their financial futures. This shifts the narrative around women and wealth, fostering a more inclusive financial environment.
The Importance of Creating Supportive Communities
The podcast underscores the value of fostering supportive networks among women, particularly in empowering them to share knowledge and resources related to finance and investment. It encourages creating safe spaces where women can openly discuss their financial journeys without judgment, allowing them to learn from each other's experiences. By doing so, women can better navigate financial challenges and break down the barriers that often inhibit open discussions about money. Networking and mentorship within these communities can also lead to opportunities for collaboration and shared success in financial endeavors.
Breaking Down Gender Stereotypes in Finance
A crucial theme discussed in the episode is the need to dismantle traditional gender stereotypes that persist in the finance world. The belief that men are inherently better suited for financial roles fosters an environment where women feel underestimated and marginalized. The podcast advocates for recognizing women's contributions in financial sectors, highlighting examples of successful women who are impacting finance today. By addressing these biases and calling for equitable treatment in the workplace, the episode promotes a collaborative approach to tackling gender disparities within the financial landscape.
You’ve asked for more episodes on financial wellness, and we’re listening! Today on the podcast we are excited to welcome Sallie Krawcheck is the CEO and Co-Founder of Ellevest, a digital financial advisor for women, and serves as the Chair of Ellevate Network. Her mission is to get more money into the hands of women in order for them to live better, more positive lives. Can we get an amen?! Sallie was recognized as a top female founder, and as the seventh most powerful woman in the world through various top media outlets. She’s changing the game, she’s thoughtful, and she’s funny. In today’s episode, the three of us talk about diversity and socioeconomic disparity, what it was like when Sallie entered the workforce, and the pay gap and investment gap between men and women.
We also talk about…
Being on Trevor Noah’s show
Being fired
Sallie’s relationship with her previous husband and her current husband
How men can support the movement
Raising a son + daughter with a better money relationship
This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Chartable - https://chartable.com/privacy Podsights - https://podsights.com/privacy
