Many conversations about empowering women focus on negotiating pay increases, Ms. Porter said. “But what does it pay you if you don’t know what your savings plan will be with that little extra money?” ” she said. “What’s the point of climbing the ranks and getting the next higher paying job with better benefits if you don’t take the time to invest that retirement fund properly?” “
Sallie Krawcheck, Executive Director and Co-Founder of Ellevest, an investment platform for women, said millennials might not have realized that if they didn’t have financial equality, they didn’t have independence.
“Young women haven’t had so many hard-earned lessons,” she said.
The UBS study has limitations: It didn’t survey baby boomers when they were three decades younger than millennials today, so it’s hard to conclude to what extent divergent attitudes are due to age and acquired wisdom in relation to other changes. And the women surveyed, who all had at least a quarter of a million dollars in assets to invest, may not be representative of their generation as a whole.
Erin Lowry, personal finance consultant and author of Broke Millennial, said one of the reasons baby boom women are more likely to view financial independence as essential to equality is that they witnessed what can happen without her: Many were raised by mothers who were refused loans or credit cards in their name, she said.
Ruth Bader Ginsburg, as director of the ACLU Women’s Rights Project in the 1970s, argued a series of cases that paved the way for the Equal Credit Opportunity Act of 1974, which prohibited creditors from asking questions about sex, marital status or the use of the birth. control.
“I know a lot of millennial women who are feminists, liberated and otherwise, who let their husbands handle all the finances,” Ms. Lowry said. “It’s still an archetype in heterosexual relationships.”
One woman, a graduate student in her 30s, said that when she got married several years ago, her husband made most of the money and managed the couple’s long-term finances. That meant he had more to say than her in decisions like where their daughter went to school and where they went on vacation, she said.