Women have long been stereotyped as being less confident and knowledgeable than men when it comes to personal finance. This is not at all the case, though.
Studies have shown that women are just as capable as men of managing money. So why do these stereotypes persist?
Through this blog, I hope to explore women’s money beliefs, stereotypes, and strategies to empower women to have a strong money mindset and financial confidence.
The Influence of Society and Culture
The latest trends, norms, and events around us surely influence us as members of society. Societal influences, surely, are a factor in how a woman navigates her financial matters daily. This is visible in the gender disparity in the wage gap, overpricing of feminine products like the pink tax, and other phenomenona.
Women are also subject to a greater deal of pressure due to patriarchal societal norms. Today, these archaic norms still linger in the form of unachievable beauty standards, and people still expect women to fill various gendered roles in life. So how does this play out?
This beauty standard, fuelled by pop culture and recently social media, expects women to look and be a certain way. If one internalizes this pressure, it can manifest into hyperconsumption of products to try to fit into the beauty standards. This distress can snowball into overspending tendencies, where women end up buying products they don’t need. Thus, such societal expectations can have adverse effects not only on a woman’s self-esteem but also on her financial makeup.
Women are also expected to fulfill traditional gendered roles in their personal and professional lives. These roles include being the primary caregiver, maintaining a household, and putting the needs of others first. Fulfilling these socio-cultural expectations can be overwhelming, but we have seen women excel these roles.
The wondrous women of today have mastered it all, whether it be professional growth or overcoming personal challenges. Therefore, through my work, I hope to empower women to let go of any limiting financial stories that they may be holding onto for various reasons and step into their financial power.
The Stereotypes of Women and Money
The “Breadwinner” Stereotype
One of the most common stereotypes surrounding women and money is the idea that men are the breadwinners and women are the homemakers. For generations, this stereotype has seen the light.
In today’s times, society still expects women to solely care for household duties and raise children while also bringing home money like their partners. This stereotype perpetuates the myth that women hardly know anything about finances. Such a stereotype grossly undermines women’s financial capabilities. It’s time to leave this ancient thinking behind.
Women have proven time and time again that they are just as capable as men when it comes to managing money and making financial decisions. Studies have shown that women often exhibit better financial planning and budgeting skills than men.
The “Shopaholic” Stereotype
Another common stereotype is that women are shopaholics and are not good at managing money. This stereotype is typically used to justify the gender pay gap, with the belief that women don’t need as much money because they are just going to spend it on frivolous things. However, studies have shown that women are more likely to save money and make wise financial decisions.
The “Gold Digger” Stereotype
This stereotype is frequently used to discredit women who are in relationships with wealthy men. It suggests that women are only interested in a man’s money and not in love or a genuine relationship. This stereotype not only undermines women’s financial independence but also perpetuates the idea that women are not capable of earning their own money.
Assessing and Challenging These Stereotypes
Confronting your Money Beliefs
Challenging money beliefs is crucial for women to break free from the constraints imposed by societal and cultural norms. By questioning and challenging these beliefs, women can better understand their financial potential and make informed decisions about their money.
Confronting your money beliefs is an essential step to overcoming the burden imposed by societal expectations. By empowering women through education and creating a supportive environment, we can pave the way for greater financial independence, personal growth, and fulfillment for all women.
Increasing Financial Literacy
An important step in overcoming limiting money beliefs is consistently making an effort toward your financial literacy. To be free from the prejudices of society and your own limiting beliefs around money, learning about the psychology behind money is a must. There are various ways to consciously let go of money beliefs, stereotypes, and prejudices holding you back.
You can actively work on your financial knowledge by attending workshops or seminars focused on empowering women financially. Other than this, you can also access reserves of financial literacy, like free online courses, podcasts, and books that provide practical financial coaching for women.
Building Financial Confidence
Developing your financial confidence is a significant characteristic of a strong money mindset.
Building financial confidence takes time and effort, but it is achievable. Here are some tips to help you build financial confidence:
- Educate yourself about finances and money management.
- Set financial goals and develop a detailed strategy to achieve them.
- Embrace the company of financially optimistic people.
- Practice positive self-talk and believe in your ability to achieve financial success.
- No matter how tiny your cash gains may be, celebrate them.
Overcoming Barriers and Seeking Support
Trying to conquer the nagging doubts from yourself and others around money can be debilitating. But it’s important to know that you aren’t alone and that you can surely overcome limiting money beliefs step by step.
A wonderful exercise you could try is to list the kind of qualities, the life you would live, and the financial beliefs you would have if you let go of any internalized money beliefs and stereotypes. Let this be a liberating experience, where you unclog any deep-seated thought patterns you’re holding onto unconsciously.
If you like to go the extra mile, you could dedicate a journal to do this exercise regularly. We can be blindsided by our own biases regarding money, but practicing awareness can help us become more conscious of our attitudes toward it.
Being aware of our belief system, will in turn affect our behavior and how we deal with financial situations in our lives.
Empowering Women in Money Matters
Women actively and openly speaking about their finances is often seen as taboo. But what would be the cause of such inhibition?
Talking about your financial situation with others is not an easy task. We often harbor feelings of shame, guilt, and fear of judgment around our financial matters. Being vulnerable about your financial figures, credit scores, or history of debt and financial traumas may seem daunting.
However, breaking this taboo by openly discussing money matters can be incredibly empowering for women. Promoting open discussions about the money beliefs in women is the first step toward a more equitable future. By seeking support from mentors, financial coaches, or support groups, women can gain valuable insights. This can be of guidance on how to overcome barriers and achieve financial success.
Surrounding oneself with a well-meaning supportive network can provide the encouragement to take control of one’s finances.
One of the best ways to break these stereotypes is to educate women about finances. Many women may have not had the opportunity to learn about money management and may feel intimidated by financial jargon and concepts. By providing women with financial education, we can empower them to take control of their finances and break the stereotypes that suggest they are not capable.
The stereotypes surrounding women and money are harmful and untrue. Women are just as capable as men when it comes to managing money, and it’s time to break the stereotypes and empower women to have a strong money mindset and financial confidence.
Recognizing the influence of societal norms on the money beliefs in women is the first step towards creating a more equitable and financially empowered future for all.
By educating women about finances, encouraging open discussions about money, and promoting female financial role models, we can break the stereotypes and create a more financially equal society. So let’s start breaking the stereotypes and empowering women to take control of their financial future.
