Ladies, we can be pretty chatty. We like to talk about almost everything—deep personal things like problems we’re facing with our partners, to more superficial things like who has the best products for natural hair type 4c. Lifestyle events are even structured around our urge to chat (you’ve been to a few I’m sure), sip and chat, chat and chew, Sunday brunch. We just love to get together and ‘spill the tea,’ don’t we? Up until it’s time to spill our financial ‘tea,’ then we just don’t want to talk about it.
[Related: How Your Attitude About Race Affects Your Wallet]
Notably, it’s not only how much we make that’s hush hush, it’s the full spectrum of personal finance topics— money management, investing, financial hardship. We’re not discussing these topics at length with anyone; not professionals, our families, or even our closest friends.
Finances have long been a taboo topic, even more so for women, because we haven’t always controlled the purse strings, but with a shift toward female breadwinners we now have no choice other than to start getting comfortable.
It’s time for the stereotype of women only knowing how to spend money, to go! We are more than capable, and studies find that once equipped with the right information our portfolios fare better than those of men. Having a better understanding of what’s happening in our wallets will be pivotal to breaking these old stereotypes and increase our financial success.
Ironically, it’s not that women don’t want to talk about money, we do. We just don’t always know where to start or what questions to ask. Financial advisor offices can also feel sterile and cold since the majority of financial advisors are male. They talk numbers and point us to the bottom line right away, this adds to our lack of confidence. We don’t want to be judged for our lack of knowledge or understanding. A recent survey suggests women want someone who speaks their language, and aren’t sales pushy, but this will be harder to find since only 23% of financial advisors are female.
It makes sense that we are uncomfortable, but it’s not an excuse we can hide behind much longer. We have to get educated and get comfortable.
- Start by bringing up the topic at your next meet up with the girls.
- Ask who else is uncomfortable talking about money, and
- Share your own uneasiness as a first step.
- Move on to reading and sharing personal finance blogs or articles, such as this one, to continue the conversation.
The goal is to put every topic on the table; no financial stone should be left unturned. The more we start talking about things like salary, how much we’re saving and where we are stumbling financially, the sooner we can get to heavier topics like investing. Collectively, ladies, we can lift the veil of financial secrecy; one tea party at a time.