What's Stopping You From Saving? | Episode 2
This week we dug into what holds us back from saving the money that we earn. We touched on the different relationships a person can have with money, whether they associate it more with security or status and the importance of saving overall. Our conversation centered around the wage gap and pink tax and how we can work to overcome those barriers to create a sense of financial security.
When it comes to the wage gap, we know that women are earning less than men are on average for the exact same type of work. Knowing that women have a higher chance of earning less the cost of saving money is higher than it is for men. Since our incomes are not as secure or as lucrative on average it makes savings more important for women but at the same time more costly and difficult to achieve. We can find more sponsors in our workplace, talk about what we are getting paid and demand more as we know the value of our work, as individuals and in whole industries that employ more women than men.
The pink tax is another tricky one. So ladies on average are earning less and at the same time having to spend more on their everyday purchases. This is the exact opposite of what you want to have money left over for savings. We need to ask more of the companies creating these products. As consumers, we’re not receiving the options we need to have a real choice in this. In the meantime, we can purchase men’s or gender-neutral to get by. Also, pocket equality. Pockets of a reasonable size in clothing for all humans in all age groups. Not a huge ask here.
Pink Tax Rebate: View your net worth as a status symbol as much as the car you drive or the purse that you carry. We are all for net worth parties to celebrate each other as we work towards a positive net worth or increasing the positive net worth that we have. We’re for financial mindfulness too. Creating spending and savings habits that are true to your own values and set you up for success now and in the future.
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