For many women, myself included, the notion that men are the designated caretakers of finances within relationships and families was deeply ingrained from a young age. We observed our fathers, our friends’ fathers, and the media all perpetuating this societal norm.
Consequently, it became the status quo for many of us until we realized it was time to rewrite your financial story. But here’s the thing: it doesn’t have to stay that way. My challenge to you is to disrupt this status quo and start breaking down the barriers.
Status quo: The existing state of affairs. The current state of social structure, norms or values.
A Brighter Future for Yourself
In today’s society, it is crucial for women to disrupt the status quo and work towards closing the gender finance gap to ensure economic equality of women and empowerment. Historically, women have faced barriers in accessing financial resources and opportunities, leading to a significant disparity in wealth accumulation and financial security compared with men.
By challenging these norms, it may help women secure their financial independence, potentially making it possible to pursue personal and professional goals without constraints. This not only benefits individual women, but also contributes to a more balanced and equitable economic landscape.
Disrupting the status quo begins with a fundamental shift in mindset.
Start by questioning why you’ve accepted this as your reality. Reflect on whether it has truly served you well, or if it’s simply what you’ve been conditioned to believe. Challenge its place in your life and your relationships.
Whether you’re in a relationship where your partner manages the finances or you find yourself navigating financial matters solo, it’s never too late to make a change. If you’re in a relationship, you can take proactive steps to educate yourself about your financial position. As you’ll discover in the next chapter, you can gain a better understanding of your financial goals and strategies. It’s time to find your voice and actively participate in decisions that impact your financial future.
If you’re on your own, whether due to a recent separation or other circumstances, I commend you for taking the initiative to seek knowledge and empowerment by picking up this book. The next step is to absorb the information within these pages. Arm yourself with the knowledge and confidence needed to take control of your financial situation with bravado and effect change.
I won’t sugarcoat it – it won’t always be easy. There will be days when it feels like you’re taking steps backwards rather than forwards. But remember, it’s a journey that requires hard work, dedication and unwavering commitment. And on those tough days, know that you’re not alone. You can reach out for support, lean on your community, and keep moving forwards. You have the power to rewrite your financial narrative and create a brighter, more empowered future for yourself.
To quote Rachel Cruze, personal finance expert and bestselling author,
Financial success is not determined by your circumstances, but by your mindset and actions.
A More Equitable Financial Landscape
In addition to the societal norms we’ve inherited, women face another challenge in the form of the gender gap, particularly in relation to finance. For example, if children became part of your story, the decision to take time off to give birth and raise them, perhaps as a stay-at-home mum, often leads to a hiatus from the workforce.
The longer this period stretches, the more distant you may become from the professional world and opportunities for career advancement, widening the gender finance gap.
Gender gap: An undesirable or unfair difference between men and women in terms of opportunities, pay, status, etc.
During this time, your confidence level may plummet, along with your potential to earn a substantial income. I experienced this firsthand. As I stepped away from the workforce to become a stay-at-home mum (a decision I don’t regret for a second!), I not only lost the opportunity to contribute to my superannuation but also found my financial knowledge and confidence dwindling (even further!). I became heavily reliant on my partner for financial support, feeling ill-equipped to navigate the complexities of managing my own finances.
This scenario is all too familiar for many women who have faced similar circumstances. The gender finance gap not only reflects disparities in earnings and financial independence, but also highlights the broader systemic issues that perpetuate gender inequality. It’s a multifaceted issue that demands attention and action at both individual and societal levels.
Working towards closing the gender finance gap empowers women to take control of their financial futures, fostering a sense of confidence and self-reliance.
Financial literacy and independence are essential tools that enable women to make informed decisions about their investments, savings and spendings. This knowledge helps equip women in navigating life’s challenges, whether it’s negotiating salaries, managing debt or planning for retirement. Additionally,
It also promotes broader societal benefits, including economic growth and innovation. When women have equal access to financial resources and opportunities, they can contribute more effectively to the economy, driving entrepreneurship and diverse perspectives in business and industry. This inclusivity leads to more robust and resilient economic systems.
Encouraging women to disrupt the financial status quo not only champions economic equality, but also helps enable a more dynamic and prosperous future for everyone. By breaking down financial barriers, women can pave the way for a new era of economic inclusivity and shared success.
But here’s the silver lining: awareness is the first step towards progress. By recognising the existence of the gender finance gap and acknowledging its impact on your life, you can begin to take proactive steps to address it. It’s about challenging outdated norms, advocating for change, and empowering women to take control of their financial futures. And while the journey may be daunting, know that you’re not alone.
Together, we can pave the way towards a more equitable and inclusive financial landscape for all.
Ready to Transform Your Relationship with Money?
Don’t let another day pass feeling uncertain about your mortgage decisions or financial future. “Why You Should Date Your Bank, Not Marry Them” is your roadmap to financial confidence and mortgage mastery.
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Take the first step toward dating your bank like a pro, not getting trapped in a financial marriage you don’t understand. Your future self will thank you.