Money and Sexism
Last week I was looking closely at a property to purchase, a
cabin on a lake that I had dreamed about since I was a kid. I have had the
money saved for several years and have been slowly looking for the right
property. During my search, the 24-year-old real estate agent sent me a random
text saying, “Now remember, this property costs XXX,XXX,XXX dollars!” At first,
I chuckled, but then it occurred to me – does he think I can’t afford this
property? What does he mean by that? Would he say this to a man? I doubted he
would say this to a male customer. I wanted to give him the benefit of the
doubt – I was driving a rental car.
What was he projecting on to me? Do I remind him of his poor aunt who wandered
into the wrong suburb in her old pick-up truck?
The second unexpected comment came last week during a
meeting with my investment bankers, and ‘my main guy’ started the meeting by
introducing me to Dave, who was an expert on ‘collar and put options’. He said,
“I have asked Dave to speak in very simple terms so you can understand him. I
also asked him to speak slowly so you can ask him questions.” What the f***? I
am sure he has no clue how sexist he sounded. How did the world of finance
become the world of men? I made sure
that I calculated my tax consequences on the capital gains more quickly than
them, knowledgably discussed the economy, and then gave a direction for the
near future for my funds.
I had no problem understanding what they had to say. I think
and hope that the most successful financial firms in the future will understand
women’s needs and not speak in a condescending manner. I have a twenty-year-old
daughter who is studying social justice and is seeing the world through a
gendered lens for the first time. She is shocked at what she sees and
experiences and is in disbelief when people treat her in a sexist manner. It is truly hard to know what to tell her. I
would never deny her reality, but when the sexist treatment comes from family
members and close friends, I know that continuing her relationships will
require her to find a balance between speaking her mind and loving acceptance.
Some people will never change.
Sexism in the world of finance originates with the division
of labor at home once one starts a family. Family financial management can stay
balanced even after having one child, but after two or three you have to divide
the labor. And, unfortunately, it is often divided down gender lines. One
parent becomes the primary caretaker and ensures the wellbeing of the kids, while
the other one manages the bills and expenditures. Men absorb the activities
outside of the home, and women absorb the work inside the home. This results in
men focusing and gaining more expertise in the family’s finances, including
investments and major purchases. The long-term consequences are that women are
seen as incapable of understanding major financial decisions, as opposed to
simply not having the exposure and time to learn.
Over 60% of the self-made female millionaires in my study reported
experiencing prejudice or discrimination in their jobs as vice presidents, business
owners, medical doctors, or attorneys. They were self-made millionaires, yet still
95% of them said they absorbed the second shift of kids and house when they
returned home from work. Only 5% of the men said they handled the second shift.
Even though these women had careers and were self-made millionaires, they still handled housework and childcare
similar to the women of their mother’s generation. This is a fine choice IF it
does not result in exhaustion and a lack of self-care. Too much of everything
results in fatigue, less self-care, and lowered self-esteem and life
satisfaction.
When I asked the male CEOs in my study if they thought
achieving financial and professional success was more difficult for women, 80%
said yes! And, 60% of high achieving men said leadership was more difficult for
women than for men, seeing as people expected female leaders to act more like
men, be more competent, and walk the fine line of friendliness and competence.
As a side note, over half of the women said they downplayed their femininity at
work to be seen as more competent! Certain qualities that high-achieving women have in common
include managing their money wisely and loving to give back. They also avoid
the princess syndrome (purchasing everything they desire) as well as the love
syndrome (where they naively give it all away).
People underestimate me all the time. It’s because I am
blonde, pretty, and female. I have 25 years of high level management
experience, 20 of which were in Fortune 100 companies. I completed three
graduate degrees for which I paid the tuition myself. I have done six national
presentations on my research and published several articles in professional
psychological journals. I have also published two books that were sold
internationally. I like to convince myself at times that we are beyond sexism,
but we are not - at all.
We have made some
progress. There are more female doctors and lawyers, but we need more women in the
world of finance – achieving math degrees, pursuing careers in finance, and
managing the family’s funds. Until we do, women will be treated ‘less than’ and
won’t be at the heartstrings of what runs this country. Capitalism.
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