When was the last time you got a raise? Maybe you’re in your first job and you’ve never had one, or perhaps you get your annual increase on schedule. Chances are, you’ve never had to actually negotiate for one. The chances are even slimmer if you’re a woman. Only 30% of women have asked for a raise compared to men. Since we know this isn’t because women get the raises without asking, what is actually going on here?
It turns out women tend to be much less confident than men in talking about finances. This isn’t an inherent trait. Young girls are less likely to be taught investing skills and more likely to be taught how to budget and save. In contrast, young boys are taught to invest more often. Even as adults, women are spoken to as excessive spenders in 65% of the articles that target them.
These unfounded biases create a huge financial confidence gap between men and women. Women are less likely to feel confident discussing finances with their partners, friends, and even when it matters most — at work.
Though society and companies have a huge role to play in closing women’s gap in confidence and pay, there are still steps you can take as well. One of the best ways to remove the taboos and fears we have around bringing up money is to simply talk about it to our friends, coworkers, and children. For more tips on opening up about money and salary, check out this infographic below by Turbo: