I think there are a lot of topics that feel easier to talk about with strangers instead of friends. Personal finance is one of them. Until recent times, unequal pay was normalized and rarely talked about in popular culture. This was especially true for women of virtually all backgrounds. Whether you were a business owner navigating tax season, an influencer pitching a brand partnership, or a 9-5er negotiating a higher salary, society didn’t exactly encourage us to have open exchanges with each other.
Though progress is slow, perceptions are shifting for creators. Women are disrupting the venture capital space, funding options are more diverse, and “fin-fluencers” are basically celebs. We’re also seeing more research around how women and girls engage with their finances. A recent survey conducted by Stash, a personal finance app that helps make investing easy and affordable, reveals some sobering yet hopeful data.
“Women can accomplish amazing things when we support each other, yet new research from Stash found that the majority of women today (58%) don’t feel they have another woman in their life they can go to for financial advice,” says Mindy Yu, Director of Investments at Stash.
Other highlights include:
- Men are nearly 2x as likely to have learned about investing when they were younger compared to women (39% vs 22%)
- Talking with others can make a huge difference, helping people feel more supported (48%) and informed about their financial decisions (43%), yet 40% of people hold back on talking with friends because of long-standing taboos around talking about money
- Nearly half of women (47%) feel confident in their short-term financial decisions, but don’t know where to start when it comes to long-term financial decision
It’s inevitable that all of us will have to make important financial decisions at every stage of our lives. If you’re a bootstrapping content creator or entrepreneur, feeling comfortable enough to start conversations about money is even more vital.
“By having conversations about personal finance, we can encourage and empower women everywhere to invest in themselves and build wealth,” says Yu. “But how do you begin to normalize having these discussions when 40% of people still believe there is a stigma associated with talking about money with others?”
Here are three easy ways you can get started today:
Share a Financial Goal Or Ask a Question
“Get the dialogue started by asking for advice or sharing a financial goal with others. Odds are, you’re not the only one thinking about finances, and as soon as you say something, others will likely chime in to offer advice, share an anecdote, or ask questions about their own financial situations.”
“Many people build their financial knowledge by doing research online or using tools, like Stash, that can share personalized advice and resources to help you up your financial literacy. Share your go-to financial blog, podcast, or influencer with others, and see if they have any resources they like. This is an easy way to initiate conversations around money while building a bank of resources to invest in your financial future.”
Be Direct & Leverage the Power of Networking
“Your network is priceless when it comes to receiving advice and growing your career. As you continue to network with other female entrepreneurs, be direct and ask people if they’d be open to connecting on advice related to money such as negotiating contracts or investing. This helps break the taboo and turn conversations around money into a productive and impactful discussion for everyone involved.”
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