Episode 56 – Changing Our Financial Narratives Part 2
It’s all about candour and calling out systemic inequity on this episode of Centsability with Amie Baker. She’s welcoming back Dawn Thomas, Senior Financial Adviser at The Wealth Designer, for a high-energy chat about what’s not working for women. And how we can get brave, speak up and take steps to build on positive change of the kind represented by Australia’s newly adopted Workplace Gender Equality Amendment. The conversation touches on everything from important liabilities women need to keep in mind at every stage of their careers – from salary negotiation to parity in child care burden to asking for that overdue pay raise. You’ll also hear a profound call to action related to helping younger women recognise their power (as well as the power of superannuation over time as a tool for building wealth). Get ready to challenge social conditioning and break traditional gender roles. The time has come and these two financial planning experts are empowering us with case studies, stats and strategies for having those difficult – but necessary – conversations! Says Dawn: “We’re talking about a huge systemic shift that needs to happen – and valuing women as a whole when we are being undervalued.”
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KEY TAKEAWAYS:
- Going Backwards: How women have been impacted by the gender pay gap over time and especially so when they take time off to raise children.
- Quantifying the Impacts: Amie shares case studies and stats that underscore the dramatic bottom-line financial losses women suffer as a result of pay inequity.
- What We Can Do:: Addressing cultural barriers that create feelings of daily financial stress in 53% of women, who continue to earn on average 22% less than men.
- Start saving early in order to reap the long-term benefits of compounding interest.
- Be mindful of the fact that some sectors have more upside earning potential than others (like many of the caregiving roles women take on).
- Educate children about the importance of shared parenting and domestic roles.
- Recognise that loyalty and caregiving are not (currently) rewarded by society.
- Building Back: About factors women need to consider and bake into their financial planning, including the 50% chance that they’ll have to rebound after divorce.
- Defensive Planning: Why it’s important to be aware of important concepts like superannuation (the Australian retirement savings system) to avoid unanticipated tax and other consequences that will impact your wealth journey.
- Striking a Balance: Dawn and Amie compare notes on the many ways that they and women generally undersell themselves and overpromise when it comes to volunteering time and “soft skills” to others.
- Remunerate Yourself! How to recognise and own the social norms and acculturation that stymie women’s equity in the workplace and beyond.
- It’s time to call out:
- The gender wealth gap
- Child care falling solely on mothers.
- Paid paternity that doesn’t consider superannuation.
- Devaluation of “female” or so-called “soft” or “caring” skill sets.
- Helping Our Daughters: Why it’s critical to warn younger women now – early in their lives – that the system is not built to protect or serve them. Give them the stats!
- Words of Advice:
- Don’t shy away from negotiating hard for your salary and, when it’s time, asking for regular reviews and raises. Don’t be afraid to advocate for yourself!
- Do embrace superannuation (early on!) as a valuable wealth generating tool.
- Do be brave about speaking up. Those difficult conversations need to happen!
RELEVANT LINKS:
- Further info about Australia’s new Workplace Gender Equality Amendment here.
- More about International Women’s Day 2024.
- “Breaking the Gender Code: How Women Can Use What They Already Have to Get What They Actually Want,” by Danielle Dobson
ABOUT YOUR HOST:
Amie Baker is a licensed financial advisor and money coach. She is especially passionate about helping women achieve financial freedom. Her holistic approach incorporates everything from investing advice to self-care, how to think like an entrepreneur and take charge of your financial future. Amie is also the host of two podcasts focused on empowering money mindsets.
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Standard Disclaimer:
Please note that any information shared in this podcast is general in nature and not to be perceived as financial advice. Please seek advice from a licensed financial advisor.