Women, are you aware of the #1 reason why women struggle with money? Here’s a hint: Regardless of our economic circumstances, there is a cultural belief system challenging our financial wellbeing. Our financial thoughts, feelings and attitudes are heavily influenced by that cultural belief system and our gender.
But the cultural belief system is just that – a belief system. There is, however, an actual underlying, pervasive reason why women often feel hopeless about their financial situation. But remember, there is always hope!
In order to take control of our money and our life and overcome feelings of hopelessness, women must first acknowledge and then take positive steps to overcome this underlying reason why women struggle with money. What is the reason that keeps women struggling to take control of their financial wellbeing?
The #1 reason women struggle with money is because the United States is economically biased against women.
Femonomics and Gender Discrimination
I first addressed female financial gender discrimination when I began the Femonomics Institute in 1997. Femonomics focused on educating and empowering females financially. It also showed that women’s perspectives on life and money are influenced by the fact that they are female and are seriously impacted by discrimination.
How do women experience financial gender discrimination?
Women see and experience discrimination in ways such as the following:
- Their paychecks
- Their Social Security checks
- The cost of haircuts
- What they pay for dry cleaning
- What they pay for car maintenance
- In their inability to do things for and with their children
Financial Effects of Gender Discrimination and Cultural Beliefs
Women need to be aware of the powerful influence of gender discrimination in order to be able to compensate for it. The effects of earning less and paying more for services than our male counterparts can easily be documented. It is also easy to see how those differences both discriminate against and cause women to struggle with money.
However, it is what often lies beneath the surface, that can cause a sense of hopelessness when it comes to taking control of our money and our life. Without understanding these gender issues, we are unable to change the behaviors that affect our relationship with money and our financial wellbeing.
These underlying cultural beliefs which lead to gender discrimination (e.g., Women – at a young age – socialized to be dependent on men.) come to the surface as learned financial passivity in women. Due to this passivity, women integrate feelings of inadequacy about making or handling money into their belief system and allow it to disempower them. They feel stuck and blame themselves for their financial situations.
Empowering women to change the behaviors that lead to financial passivity is a part of what we do here at the Financial Therapy Network. Our Online Financial Support Groups for Women are a great place to begin healing your relationship with money through a unique, interactive, supportive and positive approach to financial wellness and money management.
The post Discover the #1 Reason Why Women Struggle with Money appeared first on Financial Therapy Network.
Written By Reeta Wolfsohn, CMSW
Discover the #1 Reason Why Women Struggle with Money was originally published @ Financial Therapy Network and has been syndicated with permission.
Our authors want to hear from you! Click to leave a comment