“Give a woman a dollar, and she can put it to good use. Teach her about how money really works, and she can change the world”, states Linda Davis Taylor, former CEO and Chairman of the Clifford Swan Investment Counselors and champion for women’s economic empowerment.
Money is an issue, at least for women anyway. We’re living in a world designed by men, for men. Among full-time employees in the UK, the gender pay gap in April 2022 was 8.3%. On top of this, UK inflation is running at a 40-year high of 10.1% in September 2022, leading to concerns of “Sheflation”, which places increased pressure and risk on women already facing commercialised misogyny through the ‘pink tax.’ The lack of gender financial inclusion has a significant impact on women’s lives, putting us at risk of economic insecurity and poverty, particularly in times of crisis, as seen during the COVID-19 pandemic and the climate crisis.
The situation facing women is dire and must be addressed. Hence why I am a financial feminist. The core concepts in feminist theory are sex, gender, race, discrimination, equality, difference, and choice. There are systems in place that work against individuals based on these qualities, preventing equality. Financial feminism addresses financial inclusion gaps through education and awareness and encourages us women to take control of our finances.
I’ve built my own business, Stella Insurance, an unapologetically female-first insurance brand, on the fundamentals of financial feminism. We’re on a mission to change the game for women in male dominated industries and life at large, rewarding women for being safer drivers by providing premium benefits, competitive pricing and tailored products with women in mind.
Ladies, we need to start making waves as it’s simply time for change. I’ve shared some of my top tips for becoming a financial feminist in 2023.
Start talking about money
Women are universally behind men when it comes to financial literacy which makes it harder to make good financial decisions, participate in the stock market or plan for retirement. We need to start talking to each other about money and remove the stigma. The lack of financial literacy is because women lack the confidence to talk about money. But you’ll soon discover there’s a bunch of other women just like you, feeling the exact same way when it comes to their finances. Let’s start the conversation and break the taboo. There are resources out there, surround yourself with female financial role models and normalise talking about salary negotiations, investments, and equal pay.
Advocate for equality in the workplace
Once you’ve schooled yourself in financial literacy, make sure others are schooled too. Speak up for yourself and other women and non-binary colleagues, ensuring open discussions about pay rises and wages so that you are getting paid the same as male colleagues in the same role.
~Novel Serialisation: Heavens Fire~
Ensure your employer has a diversity task force, or volunteer to start one. Work with other women, LGBTQI+, non-binary colleagues and minority groups to share experiences and ask management what they are doing to address any problems. Equality should be in pay, opportunities, and leadership roles, as well as in day-to-day interactions. Your employer should be transparent about how they’re measuring diversity and inclusion and how they’re hiring and retaining a more inclusive workforce. Next time you see your female and non-binary colleagues being asked to do ‘office housework’ or being mansplained to speak up and use your voice. You’ve got this!
Invest to change the world
Where your money goes matters, it matters for you, your female peers today and for generations to come. So, look deeper into where you’re putting your money and choose businesses that align with your values. Maybe that’s renewables, underserved communities, or female-owned businesses. Whatever it may be, ensure you’re putting your money where it matters. Reflecting on what matters to you also helps you to focus on the goals you want to achieve. Do you want to save and invest to buy your first home, go travelling, or plan for retirement? Understanding what you want to accomplish will help you direct your investments. Meet with a trusted friend, knowledgeable family member or financial advisor to organise your financial goals and receive advice. Don’t worry about asking questions, that’s how you learn.
Buy from businesses that give back
There are plenty of fantastic organisations out there that give back to women’s charities and initiatives. A simple purchase can turn into a life-changing one when you align with the right female-led brands. For example, The Body Shop partners with the Tungteiya Women’s Association in northern Ghana to produce the shea butter it uses in its products. Charlotte Tilbury has pledged £1 million to help women living in the world’s most dangerous places, from the sales of their Hot Lips collection. At Stella Insurance, we have specific policies designed for women such as additional cover for baby capsules and child safety seats, as well as waiving any excess to an insurance claim for damage arising from domestic violence. We also donate £5 of every policy we sell to Fly Anyway Foundation which supports people who have experienced domestic abuse and help them build financial independence.
Connect and advocate for women everywhere
Women are a diverse group and we must always listen to, consider and support women who are disproportionately affected by the financial gender gap. This might mean reflecting on your own privilege and demanding that those who have not been given the same opportunities are included in your financial feminist efforts. Read up and educate yourself on your own potential biases and ensure you’re supporting Black, Indigenous, Latinx and other women of colour, women who are immigrants, women who are LGBTQI and other women who are economically marginalised and disadvantaged.
Conclusion
Do you talk openly about money? How does it feel? Are you actively advocating for equality in the workplace? What have you learned? It’s normal if these questions feel difficult to answer but it’s a necessary starting point to becoming a financial feminist in 2023. I encourage girls, women, and non-binary people to open conversations and empower one another to be the change you want to see.
By Sam White
Sam White bio
Sam White is the founder and Chair of Freedom Services, an ever-expanding insurance business including Action 365, Pukka Insure and Freedom Brokers in the UK, and founder and CEO of Stella Insurance in Australia. Having started her first company in 1999 aged just 24 in her sister’s conservatory, 20 years later she employs over 190 staff with offices in Cheadle, Cheshire, and Sydney, Australia with a turnover of over £20million. Her company Action 365 was ranked by JP Morgan as one of the top 200 female powered businesses in the UK in 2021 and Sam herself is a multi-award winning business leader having been named as a 2022 finalist in the Great British Entrepreneur Awards and British Small Business Awards for her human-led leadership approach.
Sam is a regular business commentator in media and can be found discussing current business affairs on BBC’s Wake Up To Money and Live with Ian King on Sky News. Sam also hosts her own podcast “Human Business with Sam White” where she candidly discusses the successes and failures with fellow business disruptors. In addition to being a successful entrepreneur, Sam is a mum of two and married to Jennie, a children’s book author promoting diversity in children’s reading and play.
