7 September 2022
Happy Wednesday Luv,
As promised here are more tips for you on how to manage your finances.
1. The financial implications of having a child
Much of the damage to women’s earning potential occurs after they have children, but financial planning can help to mitigate the impact.
Many women discover they cannot afford to continue making pension contributions, so they opt out, but this aggravates the gender pensions gap.
The most difficult financial challenge, however, is yet to come… The cost of childcare is always the biggest surprise that catches people off guard.
Research advises parents-to-be to research childcare costs and see if they qualify for government assistance such as tax-free childcare.
2. Working from home isn’t just for women
High-profile female bosses have been encouraging women to stop working from home and return to the office.
If only women request flexible working, they are concerned that this will negatively impact women’s pay and career opportunities. Unfortunately, they did not go so far as to suggest that more men request flexible work schedules in order to better share childcare.
Both men and women can benefit from the fact that the stigma associated with the flexible working conversation has been removed. Prior to the pandemic, many men would not approach their boss about this for fear of appearing weak.
3. Know how to hustle
The desire for greater flexibility has long been a motivator for women to work freelance or start their own businesses. However, statistics show that female-owned businesses frequently struggle to scale up, attracting only a small portion of the money raised from outside investors.
According to Atomico research, only 1.1% of funding went to female-led technology companies in 2021, indicating that diversity is lacking on both sides of the deal.
4. How to Increase Your Earning Power
A “side hustle” can provide valuable extra income and possibly an avenue to develop your next career — but are you being fairly compensated for your main hustle?
Closing the gender pay gap requires you to be proactive and ask for a raise — part of the problem is that women are less likely than men to request raises.
Experts advise women to become more aware of their earning potential.
Another common issue is women staying in the same job for a long time after having children — women sacrifice flexibility for pay and career advancement. However, the new “default” of hybrid working is visible in post-pandemic job ads, making conversations about flexibility with a potential employer much easier to initiate.
Above all, I encourage you to be vocal about your financial issues, whether it’s asking for help, sharing your experiences, or campaigning for change.
Women are not a minority; we constitute 50% of the population — we are a large group; we need to have a larger voice and raise that voice to ensure that change occurs.
Do you need to get on a Strategy Call to discuss these points in more detail? Click here and let’s chat.
Yours in Business,