Contrary to popular belief, the history of women and money is one of uneven standards and more recent advancements. I’ve had many chats with certain friends who are female financial leaders and who share their historical perspectives on this subject. I’d want to give them a quick overview of the last forty years of American women’s financial inclusion and financial literacy.
Many of the things I discovered from my female financial pals surprised me as a man. Knowing our past, in my opinion, might offer us hints about any prejudices that might still exist now. I think that knowing this will help us to campaign for equality and development more effectively.
Prior to 1968, it was customary for companies to indicate whether a position was only accessible to men or women. This practise was invalidated by the Equal Employment Opportunity Commissioner. Prior to then, most women were often denied the opportunity to seek for high-paying or highly responsible jobs in a variety of US businesses.
Before 1969, when the No-Fault Divorce legislation was enacted, women had to present proof that their husbands were the reason the marriage failed (for example, by infidelity, abuse, neglect, etc.).
in order to share their assets and initiate divorce proceedings. Prior to the passage of the No-Fault Divorce statute, the divorce would frequently and readily be reversed by the courts if the woman’s husband refuted these allegations or made a counterclaim.
It wasn’t until 1974 that women could even access bank accounts without their husbands’ signatures. Furthermore, in order for a woman to be granted a credit card, the majority of banks and lenders demanded these same signatures.
It was permissible for women to be dismissed for becoming pregnant up until 1978. The Equal Employment Opportunity Commission introduced the Pregnancy Discrimination Act of 1978, which outlawed firing a woman for being pregnant. This undoubtedly altered the nature of job stability for women in the United States.
Women did not have equal or complete control over their home equity before to 1981. Prior to legislation changing this, a woman’s spouse might take out a second mortgage on a piece of property they jointly owned without getting her consent or even knowing it!
The Women’s Business Ownership Act did not make business financing available to women without restrictions until 1988. State rules requiring women to get a male relative’s approval before obtaining a business loan were overturned by this statute. I remember that before this law, my granny, a small business owner, suffered much.
The Pew Research Centre reports that during the past several decades, women have made a significant increase in their financial contributions. The woman and husband make the same amount of money in 29% of marriages. In 55% of marriages, the husband is the primary provider of income for the family. In 16% of marriages, women are the primary or only earners.
Public perception is lagging behind in this regard, even if these numbers show a significant shift in the financial contributions made by women of their own volition inside their homes and marriages.
She brought up some interesting distinctions between men and women. She also agreed with the statistical results of the Pew Research Centre study; there is still a widespread societal belief that spouses want to earn more money and manage the household finances. She says that even with the advancements, the public’s perception of money is still behind.
In her area of work, she also discovered that a lot of the spouses she has seen open investment accounts and credit cards in their own names. In these situations, their spouses are often authorised users, but they do not possess credit cards or have investing discretion.
Miranda adds that she has noticed that among married couples, women and/or wives typically make the decisions about home purchases. Women are often responsible for conducting the necessary research and making these kinds of financial decisions, whether it be for groceries, house planning, kid purchasing, or vacation planning.
She also discovered that men are frequently still in control of making the important financial choices and setting goals. Miranda thinks women ought to have a bigger say in big financial decisions made in marriages because of the legal ramifications.
All things considered, I asked Miranda for advice on how women of all backgrounds might more effectively empower themselves financially in the current socioeconomic climate. She clarified that having assets in their own names is crucial for women since historically, they are more likely to face financial hardships during a divorce.
Put money away in your own name so that you may feel empowered on your own terms no matter what your marital situation is. This isn’t required to prepare for a divorce. Additionally, be sure to sign prenuptial agreements, exercise equal standing when making large choices, and fire any financial adviser who does not treat you and your spouse fairly when you attend financial planning sessions.
After our conversation, Miranda and I came to the conclusion that there has been a lot of progress made over the years. Compared to earlier decades, first-time marriages are statistically significantly more stable and have a lower divorce rate.
More often than not, couples talk openly and honestly about their financial outlooks, ideals, and mindsets these days. The previous forty years have seen tremendous advancements in American culture. Whether or whether there is more social work to be done, we have accomplished a great deal in a short amount of time.
More insightful ideas and insights on money and financial wellbeing were provided by Yulin for ladies. According to Yulin, women who depend entirely on their husbands for money management run serious dangers. Divorce and outliving one’s partner are two of these hazards.
Early financial education is crucial, according to Yulin; it’s never too late to learn, but if you’re not familiar with money, it’s a good idea to complete your homework to become financially independent and powerful.
Whether you’re married or not, taking care of your money is essential. Whether you’re married or not, Yulin also discussed the significance of being financially independent and knowledgeable, and how that awareness is a sign of self-love and self-respect.
Providing a male or female role model for these financial abilities to your children is another important but sometimes disregarded aspect to think about. Regardless of gender, your children’s financial literacy and responsibility will always be influenced by the quality of your own marriage.
A youngster will leave believing that they must somehow connect with the same beliefs if you perpetuate the notion that women don’t need to be involved in financial decision-making. It’s critical to combat any programming that may have been instilled in you as a child if it supports an unequal distribution of wealth and the making of financial decisions in relationships. This will help to empower our girls and boys.
Yulin also emphasised having early conversations with your kids about money. Mental activities pertaining to financial decision-making and budgeting will be beneficial for both boys and girls. Raising understanding of these issues at a young age can help to eliminate financial worry and establish a normality surrounding financial empowerment, effectiveness, and independence for all people, regardless of gender.
The inherent financial danger of compartmentalising financial responsibility and knowledge in a partnership was one of the key topics Yulin and I discussed. It is morally required of both partners in a marriage to make sure that the other has the financial means to support the family, regardless of income level, in the unlikely event that something were to happen to one of you.
This pearl, which Yulin also offers, is that dividing up duties according to “who is better” in a partnership is not the point. It involves banding together and functioning as a cohesive team, or unit, to achieve the shared objectives that you establish.