Gender inequality affects almost all aspects of women’s lives, but perhaps none as much as their financial life. Canadian women earn on average only 88 cents to the dollar that men earn, and that number is even less for minorities and trans women. While progress is being made, there is still much work to be done. Luckily, there are simple steps we can all take to support women’s financial success.
What You Need to Know
- Start Talking About Money: It is time to start talking to friends, family, and partners about money. We may find that we have a lot to learn from those around us. Money has been a taboo topic in our society for a long time and this taboo reinforces the wealth gap and money inequality. Talking about money can give you an idea of what is possible and where you stand financially. We tend to think we are falling behind others financially, or that no one else has ever had financial struggles. By starting meaningful conversations with those around you, you may find that they have similar experiences to you. This knowledge is empowering and can help you better navigate your own finances.
- Spend Money on Women: Simply put, one of the best ways to be a financial feminist is to put money in women’s hands. There are more women-owned businesses than ever and thanks to the internet, it is easy to be a mindful shopper. Take the time to search out businesses owned by women and prioritize supporting them when you can.
- Raise Financially Savvy Girls: Financial inequality starts early. According to data analyzed by BusyKid, an allowance app for kids out of the US, parents pay boys twice as much for doing chores as the pay girls for the same chores. It also found that only 21% of parents talk to their kids about money, and only 10% talk to their kids about investing and debt. Talking to your kids about money, especially girls, will set them up for success later in life. Kids tend to think Mom and Dad have unlimited resources. Explain to them what your expenses are, including your investments and savings strategies. Get girls into the mindset of building wealth early.
- Investing with Intention: Every dollar you invest has an impact. Therefore, it is important to choose investments that not only will be profitable, but that align with your values. Look for successful companies with gender-equal boards, women leadership, and good track records of equality in the workplace. Put your money to work in more ways than one.
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