Power to the Dolla

The program comes at a time when disparity between men and women is at the forefront of news headlines. In the United Kingdom, over 10,000 companies have publicly provided details of the gender pay gap, revealing that 78% paid men more than women. In 2016, according to the US Census Bureau, US women in full-time jobs made 80.5 cents for every dollar made by men, and the pay gap has closed less than 1% in the last year. When it comes to setting up new businesses men also have a significant advantage. Figures from PitchBook, a venture capital (VC) database, found that in 2017 all-female teams only received 2.2% of VC investment compared to 79% received by all-male teams.

“With US women set to control over two-thirds of the nation’s wealth by 2020, but only 12% of girls feeling confident in their financial skills, we can no longer afford to not actively and aggressively support young women in their pursuit of financial knowledge and professional opportunities,” Logan points out. The spotlight on the imbalance between men and women in the workplace has encouraged companies to take action by instilling knowledge and confidence in young women.

Equal Pay Day in the United States, which fell on April 10 this year, is a day dedicated to raising awareness of the gender pay gap and, more significantly, reviewing any shifts in the wage difference from the previous year. The movement on social media has spurred over 37,000 #equalpayday posts on Instagram, as of April 2018, and high-profile women are also openly demanding equality. Celebrity Ellen DeGeneres tweeted “What do we want? Equal pay! When do we want it? 100 years ago #EqualPayDay” and received over 100,000 likes.

Sharing information about personal finances was once considered taboo, but platforms like Money Diaries, published by Refinery29, are opening up the topic. Led by Lindsey Stanberry, work and money director at Refinery29, Money Diaries aims to tackle “what might be the last taboo facing modern working women: money.” The platform gives readers candid insights into how much young female professionals earn, and how they distribute their salary over a week—from rent and student loans to vacations and self-care.

Prior to the launch, Stanberry found that all the information then available for women was “either overly simplified (too pink) or overly complex (too Wall Street).” She launched the work and money section in spring 2015 and Money Diaries was a natural extension. “Managing your finances is definitely emotional—and sometimes awkward and uncomfortable—but it’s not really that hard,” Stanberry explains to JWT Intelligence. The popularity of the diaries shows that women want to learn about managing money and read about how others spend, save and invest. Refinery29 now publishes one diary every day and will be rolling out a week of international diaries.

Feminine care brand Thinx created a feminist curriculum through the Thinx Foundation, giving girls the opportunity to join the Thinx Global Girls Club and learn about money, how to set up a business, health and community. According to a survey conducted by SONAR™, J. Walter Thompson’s in-house consumer insights unit, half of generation Z already see themselves as entrepreneurs, while 63% think of themselves as influencers. Dolla Dolla World and the Thinx Global Girls Club are offering resources for girls to jumpstart their businesses, and not feel at a disadvantage compared to their male counterparts from an early age.