Financial Literacy Survey
by Courtney Hyde
We surveyed our board, team leaders, and volunteers on their thoughts on the current financial knowledge of women since this past month was Financial Literacy Month.
Do you think women are educated well enough to make financial decisions?
What could be improved?
What are the difficulties women face with finances or in the workplace?
Do you think financial literacy should be taught in all schools?
Why do you think men are seen as the financial decision maker and breadwinner? How do we change that perception?
Ashley Kidd, Volunteer
Ashley Kidd believes that women and men are both not educated enough regarding finance and financial justice. She thinks policy makers need to be more motivated to listen to specialists who advocate on behalf of those who don't know enough, but deserve financial relief, training and tools, whether they think they deserve/need it or not! She also believes that no person should have to worry about a medically related financial decision; it is a basic human right.
Ashley continues by saying that more understanding is needed of what you want in life and how to achieve it financially, not some preconceived notion of what others think is a good financial decision. Freedom through knowledge and taking control of your own financial decisions are what will work for you.
Ashley says that one of the difficulties women face with finances in the workplace is unequal pay, not just compared to men, but unequal pay when considering the proportion of pay that goes towards added costs of feminine hygiene expenses, childcare and societal grooming expectations. Paying for period items, razors/waxing/threading/nail manicuring, contraception, child care or feeling the obligation to juggle family with inflexible job hours are all expectations women face with greater pressure than men (i.e., men can also be well groomed, but that is not an expectation held to the same standard as women).
Ashley thinks schools should do a better job of teaching financial literacy. She thinks people who are able to understand between want and need are much better off. It can be beneficial to those who can use money liberally and wastefully and those who need to conserve out of necessity. It can help us decouple from a consumer society that may put undue burden on people to purchase unnecessary things.
When it comes to the perception that men are the financial decision makers and breadwinners, Ashley reminds us to consider non gender binary women or femmes and same sex couples, and include how their truths and perceptions apply to this. Expanding on this, Ashley says that in a heterosexual relationship, men are more likely to be promoted, they become the breadwinner by virtue of their selection privilege for promotion, all other things being equal. There may be lots of reasons women may choose careers that are not highly paid. Maybe their career salary cap is lower because more lucrative jobs are not promoted towards girls in school e.g., engineering, computer science, architecture. Maybe having a breadwinner as a partner is a non issue, because it allows the other partner to pursue a career they are passionate about. The issue is how the partner also views the control, and how communication/opportunity is affected by this power dynamic. It is not the issue of women seeking equal pay, but how opportunities are shaped at a young age, and how hiring committees and promotions are awarded. Removing the gender bias in these cultural processes is essential. Having 3rd party review boards assess a company's hiring protocols and give feedback can help correct for biased decision making.
Nancy Baron, Money 101 facilitator
When asked if women are educated enough to make financial decisions, Nancy states that it depends on each woman’s background and upbringing. She says that certainly there is opportunity for both women and men to become more educated to make informed financial decisions. Teaching the basics of financial literacy in school would be a great start to improve upon financial knowledge, and financial literacy should be taught at all levels.
Regarding men as financial decision makers, Nancy thinks that it depends on the situation, but it starts with education. “In any relationship, I would hope both partners could be educated enough to discuss financial decisions.”
Lynda Razo, mentor, workshop facilitation
Lynda says that equity is missing between women when it comes to financial education. She explains that our culture is quite complex and everyone needs education around life skills and how to independently support ourselves.
When it comes to basic education around what it takes to live independently, she adds that it is important to learn how to navigate marketing of goods that you don't need and avoid upselling to items you can't afford. Many things are marketed to grab attention and make women feel they must buy if they want to look good, feel good, etc. More education around goals and budgeting would help too.
Lynda says that one of the challenges women face in the workplace is with child care, making it hard to get ahead if you are a single parent and need to pay for child care services. The cost of care can be prohibitive when working in lower paying jobs. This can be a big financial and mental challenge. “Difficulties I've noticed in the workplace have to do with competition, pettiness, and unwillingness to collaborate. I've observed women strive to get ahead by gossiping and cut their peers down for their own gain. It's important to not get stuck in a negative loop but rather do excellent work, treat others as you would like to be treated and put your customers' needs first.”
Lynda believes that schools should definitely teach financial literacy.
Lynda says that history has set men up as the financial breadwinner but she thinks it is beginning to change. Financial decisions should be shared as partners in a relationship. Lynda personally takes care of most of the finances in her home and she shares decisions, especially major ones. She has made more money than her husband for a long time, just by the work paths they have chosen. However, she notes that her father didn't want her mother to work.
Brandi Smith - Social Media Manager at 50/50 Leadership
Brandi was very fortunate to grow up with parents who educated her. As a basic life skill, she does feel it should be taught in schools and that our school systems are failing to educate the population in general.
She adds that financial literacy could be improved if schools have a requirement to teach these skills. She had one project in 6th grade to create a budget based off of a certain salary, but it wasn’t enough, and certainly wasn't as receptive to the lessons at that age.
When Brandi graduated college, she took a job worth 10-25k less a year than the average for someone with her degree simply because she thought she would be happier on that path. Her partner at the time was supportive of her decision, but did not feel inclined to do so. It's not that he was really passionate about that path, but the money was more interesting to him. She thinks, in general, women are more likely to make those decisions in the first place. Fast forward six months and she’s sitting on the floor doing various calculations trying to figure out if she can afford to leave the relationship. She can't imagine how long she would have stuck it out if she had determined she couldn't or if she didn't have a job at all.
She thinks the perception that men are seen as the financial decision maker stems from women being seen in the nurturing homemaker role which, she believes, is solely because of women’s ability to produce children. Over time this has become a deep rooted belief system in society that ultimately helps build men's confidence while shrinking women's. Because women are encouraged to be quiet and reserved they are also less inclined to ask for what they want, such as raises or promotions. The consequences of this are compounded year after year through their careers. It's going to take a very long time to change. Every additional woman who enters the workforce, comes back from maternity leave, or even speaks up in a meeting is aiding the process. Over time, as society gets used to these occurrences, the perceptions will change. We can aid this by speaking out about it and calling out bad behaviors when we see them.
Victoria French - Volunteer Money 101
Victoria thinks men and women are educated about money differently. Starting from a young age, boys are taught that they can "build wealth", are more likely to be taught about credit scores and tax rates, and in some cases even receive a higher allowance. If any financial education is given at all, girls are taught to track spending and budget, which can create a feeling of guilt that flows into adulthood.
Victoria continues by saying that we should talk about money to improve the situation, such as addressing unhealthy stereotypes like men being the “breadwinner.”
She says the obvious gender pay gap in all cases is just one of the difficulties women face in the workplace, others being the drop women see in pay after having a child, women getting promoted less than their male counterparts, women having a higher average of unpaid labor (child care, chores).
Personal finance would be extremely beneficial if taught in schools at an earlier age and even at home to every child.
Victoria concludes by stating that money is male. The financial services industry is male dominated, and even the terminology we use to describe money seems masculine. “I think it's important to move toward a society where there isn't just one way to do things. Talking openly (and equally) about money to friends, family and spouses will open conversation for everyone to be more comfortable.”