The majority of women think small when it comes to money, be it their salary, personal or family investments and or setting up or running their own business.
What stops us thinking big? We are highly educated (surpassing men) so clearly it is not lack of intelligence. We are great communicators, negotiators (in some contexts) we are creative, organized, tenacious and much more – yet why do we still think small when it comes to money.
I have covered the topic of women, pay in equality and the need to speak up and negotiate our salaries in ‘Why Women Avoid Salary Negotiation’ In another post ‘Scary Financial Stats for Women’ I looked at the low numbers of women who are confident and who have investments that will offer them a great lifestyle once they retire. The majority manage the household budget, over 58% in fact yet the minority manage the big financial investments! Why is that?
Last week at the Online Divas event in Melbourne, as I sat in a room of intelligent and inspiring women, what became apparent was that we also think small in business. Not so much in terms of our ideas, more how we finance them. Women had started businesses on a shoe string, which is not a bad thing, rather admirable in one sense, yet also restrictive in another. Others proudly boast not having borrowed any money, having loans through other means or investors. I don’t dispute that you have to go with what works for you, though the reality is you will struggle to create a big amazing and financially viable business with small financial thinking.
Women perhaps lack the confidence to borrow from the bank, to seek out investors and to really back themselves. It is also maybe a case of not knowing who or where to go and maybe a case of not wanting to ask for help. We are great at helping others though not so great at asking for help.
I would be interested in other people’s thoughts around the subject and ways that we can support other women in achieving financial confidence, success and freedom in their personal and work lives.