If your money could talk to you, what would it say?
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What are the emotional challenges women face regarding money?
Kia ora, I'm Nadine Higgins and welcome to The Prosperity Project.
The stats for women when it comes to money are still pretty dire. We earn less, we negotiate less, retire with less, and arguably stress more about money. But what if it's all in our minds? And I don't say that to gaslight you, but rather to spotlight the power of your money psychology. Angela Meyer and Rachel Davies are the founders of High Money and the authors of the book Money, Money, Money. And they are with us on The Prosperity Project today. Kia ora korua. So nice to have you on the Prosperity Project. I don't know if you get this sense, but I get a real sense that people go, this women and money thing, it's all equal now, right?
How does the pink tax affect women's financial wellbeing?
Like a bit of an income gap, but you know, you've got all the opportunities that men have now, right? But that's just not true, is it? Ah, no.
No, it's really not true. We did a lot of research for our book and we discovered some rather alarming statistics. Mainly, the one that really sort of stood out for me was around the pink tax, which is not actually a real tax, but it's the cost really of being a woman. And there was a really interesting study out of New York, and they were actually able to measure the pink tax, and it came out at US$188,000 over a woman's lifetime.
Yeah, that's like a quarter of a million dollars for pink razors, pink T-shirts, more expensive haircuts, all the other lady stuff.
And that's before you even think about what we could have done with that money if you'd used it somewhere else, invested it.
Well, yeah. And we, you know, we also have the gender retirement gap in New Zealand, which is sitting at 25%. And, you know, in the course of writing the book, we were like, well, if we didn't pay the pink tax, that would pretty much fix everything. our gender retirement gap. So no, things are not, nothing is, you know, all is not well, actually, in lady land in terms of our financial wellbeing. And we also, you probably know that stat about 80% of New Zealand women rate their financial wellbeing as low or very low. And we also did some research called Rich in Context. And this is looking at the socio-cultural determinants of financial wellbeing. And only, and this is across Australia and New Zealand, all genders, and only 29% of the people, our sample, were financially well.
And women make up a very small percentage of that. And those that were financially well tended to be white Australians who were older.
What therapy-style exercise can help improve your money mindset?
And in couples. And in couples.
Right. So if you are young, single and an ethnic minority and female, are you on a hiding to nothing? Is there anything positive out there in lady land, which I love, that we can take some heart in?
I guess that's why we wrote this book. Like, you know, for me, my wake-up was, like, finding out that women were much more likely to retire into poverty. And I had thought, like you said before, like, I was like, I thought we sorted that out ages ago. Like, it was going to be okay, but... We wrote this book because we wanted to get women upset and angry enough to take care of their financial well-being and do everything they could to get clear about money and grow their wealth and not retire into poverty. We want more money in the hands of more women.
So the next feminist wave is financial, is it? I genuinely think it is. You know, I've spent probably the last 20 years of my life working in gender equity in various different forms. And for me, it always comes back to, do you have enough money? Because that means you can, you have choices, you can leave a bad situation. Yep. And... You can buy yourself time if you need it. You can buy yourself time.
How do beliefs about money influence financial outcomes?
I mean, just to say that there are some really good stats in there as well. You know, like we are probably the most wealthy we've ever been in the history.
Oh, there's the great wealth transfer that's happening. Do you know about that?
Yeah, the Great Wealth Transfer, you know, $84 trillion is going to be transferred into the hands of women. Something that was really interesting was that female millionaires in Australia are growing at 5.7% more than men.
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Chapters
8 chapters
1
What are the emotional challenges women face regarding money?
0:00–0:55
2
How does the pink tax affect women's financial wellbeing?
0:55–3:03
3
What therapy-style exercise can help improve your money mindset?
3:03–4:20
4
How do beliefs about money influence financial outcomes?
4:20–5:41
5
Why is it important for women to talk about money openly?
5:41–6:55
6
What role does risk play in women's financial decisions?
6:55–7:49
7
How can couples navigate differing money psychologies?
7:49–8:28
8
What practical steps can women take to improve their financial situation?
8:28–33:09