WEEK 9 WOMEN AND MONEY

Social mobility

The ability of individuals to change their social and economic status over time

social standing

An individual’s standing or importance in relation to other people within society

• Changes through education, career growth, marriage

one of the few ways women could gain security and social mobility?

Influenced by societal and family expectations

Interconnected with social standing

Marriage

What 4 things does marriage legally impact

1. How we file taxes

2. Health insurance benefits

3. Owning property

4. Inheritance rights

What three things do cultural expectations in relationships impact

1. Who earns income

2. Who takes on unpaid labor

3. Who manages money

What three levels of partnerships in marriage?

1. Culturally

2. Legally

3. Financially

Who takes on a greater share of domestic labor

Women

Unpaid labor

Work performed without monetary compensation, which includes childcare, eldercare, household chores, and scheduling

How many hours of unapid labor do women do vs. men

Women: 9.7 hours

Men: 5.4 hours

How much less free time do women have than men

Women overall have 13% less free time than men

Does the unpaid labor gap only happen in families with children?

No- married women without children spend 2.4x as much time on household work as their male counterparts

What is double expectation placed on women

Women are expected to work like they don’t have families, and care for their families like they dont have work

are new policies always effective

No- new policies aren’t always effective without updating social norms

If valued, what would unpaid work account for?

13% of global GDP-bigger than the tech industry

Characteristics of traditional family systems

One primary earner

One primary caregiver

Less financial independence and career opportunities for the caregiver

Clear role division

More consistent, hands-on care for children

Characteristics of modern family systems

Dual-income households

Shared caregiving and household work

Greater income diversity

More economic opportunity for both partners

requires coordination and communication

How does money impact relationships?

Money impacts who splits up, stays together, and what happens afterwards.

Who is more likely to have control over day-to-day household finances

Women

Who is more likely to control long-term planning and investment decisions?

Men

What happens when financial decisions are collaborative and responsibilities are shared?

Households experience better financial outcomes

What happens when financial decisions are collaborative and responsibilities are shared?

Households experience better financial outcomes.

What should we notice and support regarding unpaid labor and gender norms?

1. Notice the invisible unpaid labor around you and recognize the economic support it provides

2. Pay attention to gender norms in financial decision-making in relationships

3. Support workplace systems that increase economic access

4. Notice structural and cultural barriers at play in relationships and division of labor

What influences our finances?

Our relationships.

What is critical for successful financial planning?

Communication and intentional decision-making

What happens when you avoid necessary financial conversations?

It can lead to stress and tension in relationships.

What is an important skill regarding finances and relationships?

Balancing your individual financial situation and priorities with external influences from others.

What is "conversation is a currency"?

Talking about money with friends, families, and partners can lead to clearer expectations, fairer arrangements, less stress, and overall better financial outcomes.

What is the "together" way to manage money in a relationship?

All accounts shared, income combined, savings shared, and expenses pulled from one pool of funds.

What is the "separate" way to manage money in a relationship?

All accounts are kept separate, and each person manages their own spending and savings, splitting shared expenses.

What is the "hybrid" way to manage money in a relationship?

Some accounts are shared and some are separate — shared account for bills, separate savings account.

What is the 50/50 way to split expenses?

Each partner puts an equal dollar amount towards shared expenses.

What is the percentage of income way to split expenses?

Each partner contributes a percentage of their income towards shared expenses.

What is the split by category way to split expenses?

Each person is responsible for paying certain bills.

What is economic abuse?

Controlling finances, stealing money, or coercing someone into debt (financial abuse) and controlling other resources such as housing, food, transportation, or employment.

What is the #1 reason people stay or return to their abuser?

lack of financial resources

What did the guest speaker say about vulnerability?

Be willing to be vulnerable to help someone else open up about finances.

What is the key takeaway about communication?

Communication is a financial skill