4. Financial Advisors: follow the data and fill gaps
The stereotype is that women are bad at managing money. Historically, women have not been in control of money, which was managed by fathers, brothers, and husbands. Women are also more likely to live in poverty, work part-time, and earn less — with less disposable income to manage, they’re also less likely to seek financial advice. Investment in women-founded startups is low, but when investors are taught that women are not reliable with money, they don’t invest, and the cycle continues.
In reality, women and men spend similarly on a daily basis. Money is and should be genderless, so it should be talked about the same way to everyone. That being said, when almost half of women have negative associations with financial planning, it means there is a need to improve existing resources.
Think of ways you can fill gaps in education and promote confidence in investing. The Bank of Montreal’s BMO for Women and the Women of Influence initiative are two ways organizations are supporting women in business and finance. CPA Canada is offering a series of free webinars for women to explore different aspects of finances and investing.
You don’t need to explain money differently to women than you would to men. Instead, focus on creating opportunities for women to learn about and discuss money in a safe space.
5. Recruiters: improve hiring processes to break the cycle
One of the goals for improving gender equality is increasing the representation of women in business, and especially in leadership positions. The best way to avoid tokenism, especially in fields where women are especially underrepresented, is to increase the number of women in total.
Normalize hiring and promoting women to these positions. The more women are represented in the business world and the more financial education for women is improved, the easier it will be to change stereotypes and stigmas surrounding women and finance.
The cycle of gender inequality won’t be fixed by focusing on quotas. Hiring based on merit through a fair and objective screening process is the only way to avoid women being deemed the “diversity hire.” Using recruitment software like the Knockri Assessment ensures that every candidate is given a fair shot and that only skills are being evaluated — not gender, age, or race. Book a demo to chat with our HR solutions consultant about how you can make your hiring and succession planning process fairer for women.
Note: The use of “women” in this article is not limited to those who are cisgender and includes all persons who identify as women.