Why Some Women Struggle to Talk About Money and How to Overcome This Challenge

"Breaking financial barriers for women begins with dismantling societal taboos and embracing open conversations about money. As we navigate midlife and beyond, understanding our finances becomes a crucial tool in securing our future well-being.

Faith Agugu

When I used to teach at FBI Fashion College, I often led discussions on assertiveness and asking for a pay rise. During these conversations, the male students would typically feel comfortable and engaged, while the young women found it difficult to imagine asking about money. Some even considered it rude to discuss financial matters. This hesitation is rooted in societal norms, gender roles, and upbringing—all of which are influenced by our socialisation.

Our early life experiences shape our beliefs, habits, and attitudes towards money. Traditionally, women have been taught to prioritise caregiving, relationships, and domestic responsibilities over financial matters. This conditioning often leads to a lack of confidence and hesitation when it comes to discussing money, negotiating salaries, or making informed financial decisions.

As we navigate our 20s, 30s, and 40s, it may seem acceptable to avoid discussing money or taking an active role in managing our finances. However, as we approach midlife and retirement, it becomes increasingly vital for us to break this pattern and become more knowledgeable about our financial matters. This is particularly important when considering the increased risk of homelessness among women over 50 and the persistent gender gap in retirement savings.

Developing a strong understanding of our financial situation and becoming more involved in financial planning can help safeguard our future, ensuring that we are better equipped to face the unique challenges and obstacles that women often encounter in their later years.

5 Reasons Why It's Hard for Women to Talk About Money:

1. Socialisation: From a young age, girls are often taught that talking about money is impolite or unimportant, perpetuating the stereotype that women are less capable of managing financial matters.

2. Lack of confidence: Due to the social stigma surrounding money conversations, women may doubt their ability to handle finances, express financial concerns, or advocate for their financial needs.

3. Fear of judgment: Women may fear being labelled as greedy, materialistic, or bossy for discussing money or asserting their financial goals.

4. Gender pay gap: The disparity in earnings between men and women can create feelings of inferiority or inadequacy when discussing money, as women may feel they are less deserving of equal compensation.

5. Complex relationships with money: Women often struggle to balance financial responsibilities, family obligations, and personal desires, making conversations about money difficult to navigate.

Solutions for Transforming Limiting Beliefs About Money:

1. Start early: Encourage open and honest conversations about money with girls from a young age, nurturing financial literacy and confidence in their abilities.

2. Challenge societal norms: Actively work to change perceptions and challenge social conditioning by creating a safe and inclusive environment for women to discuss financial issues without judgment.

3. Cultivate transparency: Share personal experiences, successes, and challenges related to money to inspire and empower other women in their financial journeys.

4. Build a community: Connect with like-minded individuals and join support groups that provide a safe space for women to share their financial experiences, ask questions, and seek advice.

5. Embrace continuous learning: Enhance financial knowledge and skills by attending workshops, reading books, and engaging in online courses about personal finance, investing, and wealth management.

As we progress through midlife and beyond, it becomes increasingly crucial for us to break down barriers and engage in open and honest conversations about money. By understanding the root of our limiting beliefs and taking steps to transform them, we can empower ourselves and other women to take control of our financial lives and achieve greater economic security and success.

Join us through June as we continue to explore this crucial topic.