WCI #386: Changing the Narrative of Women and Money
Sep 26, 2024
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SC Gutierrez, a financial advocate and longtime friend of the show, discusses the underrepresentation of women in finance. She emphasizes the role of upbringing in shaping financial confidence, and the importance of intentionality in financial discussions. The conversation highlights strategies for better communication in partnerships and the benefits of women engaging actively in their financial futures. SC also tackles stereotypes in investing, illustrating how a collaborative approach can lead to better financial outcomes.
The podcast emphasizes the critical need for women to actively participate in financial decision-making to foster independence and strengthen relationships.
Research reveals that a significant percentage of women regret not being more involved in financial planning, highlighting gaps in financial literacy and confidence.
The conversation encourages couples to engage in shared financial discussions and initiatives, transforming financial management from a duty into a collaborative journey.
Deep dives
Encouraging Women's Financial Participation
The podcast emphasizes the need to change the narrative around women and money, advocating for increased female participation in financial decision-making. It highlights that many women still lack confidence in handling finances, often delegating these responsibilities to their partners. The presenters underscore how encouraging women to engage in financial matters is not only beneficial for their independence but also positively impacts relationships. This involvement is framed as an essential step toward long-term financial confidence and security.
Research Insights on Women's Financial Confidence
Research presented in the discussion reveals stark statistics regarding women's confidence in financial matters. A 2019 UBS study found that over 90% of older divorced or widowed women wished they had been involved in financial planning throughout their lives. Additionally, only 46% of women feel they have influence in investing compared to 64% of men. These insights stress the implications of financial literacy on women’s long-term decisions and the necessity for increased awareness and education.
Cultural Norms and Financial Decision Making
The conversation explores how cultural norms have historically assigned financial management roles to men, resulting in women's disengagement from financial decision-making. It is suggested that some women perceive their lack of involvement as a personal choice, rather than recognizing it as a societal trend. The speakers encourage examining these narratives and remind listeners that understanding financial management is a collective responsibility, essential for both partners in a relationship. The discussion reinforces the idea that financial dialogues should be inclusive, considering both partners' insights and perspectives.
Practical Steps for Financial Involvement
Listeners are provided with actionable recommendations to facilitate financial involvement within partnerships. This includes initiating quarterly financial meetings to discuss savings, expenditures, and long-term financial goals together. The presenters advocate for incremental learning about finances through shared resources like podcasts and books. They emphasize the importance of making finances not just a duty but a shared journey towards security, encouraging creativity and input from both partners.
Reframing Financial Relationships
The podcast calls for a reframing of how financial responsibilities are viewed in relationships, highlighting the need for mutual engagement rather than unilateral decision-making. It discusses the potential benefits of combining different perspectives in financial planning, as they can lead to a more well-rounded and effective strategy. The dialogue touches on the importance of recognizing one's personal role in financial matters, regardless of gender, and how informed participation enhances understanding and control over one's financial future. Ultimately, the speakers aim for a more equitable balance in financial discussions and decision-making in households.
Today our podcast producer Megan is stepping in as host and is joined by longtime friend of WCI, SC Gutierrez. They are talking about why women are generally less involved in finances than men and what can be done about it. They discuss different ideas around how to get your partner more involved, regardless of their gender, in setting financial goals. They talk about the impact of the way we are raised, the importance of intention and delegation and so much more.
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