Shopaholic, retail therapy, impulse buy, girl math, treat yourself. For decades, the language around women and money has painted women as emotional spenders, not financial decision-makers. Meanwhile, men’s spending is more often framed as a hobby, investment, or passion. The problem is so much more than the language itself, but what happens when those assumptions influence how women are given financial advice. A study published in the American Economic Review found that women are more likely to receive lower-quality financial advice than their male counterparts, steering them toward more costly, in-house investment products that made banks more money. So how did we get here?

It begins in childhood. While girls are encouraged to save money, boys are taught to build wealth. A UK study revealed that girls receive 20% less allowance than boys. Boys were more likely to be paid for “premium chores,” like washing cars or mowing lawns, while girls were expected to complete indoor household work, like washing dishes or clearing the table, without compensation. The lesson may seem subtle, but girls are often raised with the view that finance is a male domain. 

By adulthood, those messages compound. While more women go to college than men, they are also more likely to graduate with student debt, earn less over their careers, and experience interruptions to income because of caregiving responsibilities. Today, women earn roughly 81 cents for every dollar earned by men. Mothers face an additional penalty, with lower starting salaries, slower promotions, and wage declines associated with every additional child. On top of that, they’re often viewed as less committed, less competent, and less promotable. And when push comes to shove for caregiving duties, it’s primarily women who leave their jobs entirely. 

All of this contributes to less money in the bank (in 2022, women saved an average of $3,146 while men saved $7,007), limited Social Security benefits (women only receive 80% of the benefits men do), and less money for retirement (women save an average of 30% less than men). This is significant because women live an average of 7 years longer than men and often in poorer health.

Then comes another challenge: confidence. Research consistently finds that women know more about money than they think they do, yet are more likely to second-guess themselves. A global financial literacy study found that men outscored women in every country surveyed. But experts argue that part of the gap is not knowledge, it's confidence. Many women blame themselves for feeling behind, without recognizing that financial knowledge has historically been passed through male-dominated networks for generations. Conversations about investing, wealth-building, business ownership, and financial strategy were exchanged on the golf course, fraternity houses, and around dinner tables from father to son. 

The irony is that when women do invest, they often outperform men. Studies have found that women tend to trade less frequently, maintain more diversified portfolios, and make more disciplined long-term decisions. Yet 38% of women say they avoid investing because they lack confidence in their knowledge and abilities.

Over the next two decades, women are expected to be the primary beneficiaries of the $124 trillion Great Wealth Transfer, one of the largest transfers of wealth in history. Women already control or influence the majority of household spending, and many will receive inheritances or divorce settlements. Yet most are unprepared for those responsibilities.

Financial literacy is about more than investing, it's about having options. It's understanding what happens to your retirement accounts in a divorce, knowing the questions to ask when you inherit money from a parent, recognizing the fees hidden inside an investment product, or feeling confident enough to challenge advice.

The American Economic Review analyzed 27,000 meetings between financial advisers and clients and found that women were more likely to be guided toward more costly products and in-house investments that benefitted banks. They were also less likely to receive fee rebates on the funds they invested in.

The good news is financial literacy is learnable. It’s about understanding money and having control over your future. Start by understanding compound interest, retirement accounts, investing, taxes, and fees. Ask questions and know where your money is. Most importantly, stop waiting until you feel "ready." Confidence is usually the result of taking action, not the prerequisite for it. 

Women were once prohibited from opening a bank account or obtaining a credit card without a husband's signature (until 1974!!). We’ve come a long way, and today women are poised to control more wealth than ever before. We have the access, the next step is making sure women have the knowledge and confidence to use it.

Raven Jemison knows a thing or two about building winning organizations. After leadership roles spanning all four major U.S. sports leagues, and most recently as the EVP of Business Operations for the NBA’s Milwaukee Bucks, she now serves as President of the Kansas City Current, one of the fastest-growing franchises in women's sports. Her focus is driving revenue, expanding partnerships, and creating a sustainable business model for the future of the game.

Beyond the field, Raven is committed to helping others rise in the business of sports. In her book, More Than Representation: The Cheat Codes to Own Your Seat at the Table, she shares the career strategies and lessons that helped her navigate the sports industry and earn recognition as a Sports Business Journal Game Changer and one of Adweek's Most Powerful Women in Sports.

What’s the worst career advice you’ve gotten?

Be the first one in and the last one out. The problem with that advice is there’s no context. You can be the first one in, but be unproductive all day. I would instead say you should add value and be irreplaceable to the company.

What’s the best piece of non-obvious career advice you’ve gotten?

Figure out the best way to communicate your value to your peers, leadership, and the organization. Sometimes it's not what's in the job description, but reading between the lines and figuring out those necessary intangibles like soft skills. When it comes to promotion conversations, you have to develop an elevator pitch about the value you bring. I learned this the hard way one year when I didn’t get promoted or receive the bonus I thought I deserved. I decided that I would never go into another conversation like that unprepared.

What was a heartbeat moment for you in your career?

In my first real leadership role, when my staff hit their goals, I was happier for them than I was for being paid a bonus. It was in that celebratory moment that I realized how much I enjoy investing in other people's success. 

I really came into my own at the Pittsburgh Pirates. The team was not doing well on the field and we had lost a lot of games, but we still had to hit our goal. I discovered my strength as a leader lies in coaching and service. It’s what gets me excited about coming to work every day.

Who is one person you’d love to give flowers to from your career that influenced your journey? What advice or lesson did you learn from them?

I would like to give flowers to two people. The first is Pam El, who was the Chief Marketing Officer for the NBA when I was there. She was the first C-suite Black woman that I saw in sports, and she wrapped her arms around me and a few other women. She showed me what was possible in the C-suite. She was a great leader who demonstrated grace and compassion. I would not be sitting in this seat without seeing her example.

The second person would be Nicole Jeter West, who is a consistent and prominent sports business professional. She shows up with swagger, confidence, and courage. She’s been in the seats that I've sat in and understands what I’m going through. She asks me hard questions and holds me accountable. It's helped me grow, evolve, and lend myself to the world.

Where have you caused some good trouble in your career?

There's a saying that, “if you can see it, you can be it.” As I’ve gone on my career journey, I’ve had people ask how I got to my current position or if I would be their mentor. I decided to write a book about my experience. I consider it good trouble because I was able to share how challenging it can be to be “the only” or “the first" to do something in a field. Writing this book was my contribution to those who might be in a similar situation, feeling alone.

Want to nominate a leader you admire? You can do so here.

Niki Fleshner of The Female Quotient weighs in:

It’s no wonder you’re lacking clarity. “Move faster with AI” is a directive, not a strategy.

The first question to ask your team isn't "How do we use AI?”, but instead ask, “Where are we slowest, and what would 10x speed look like there?” At The Female Quotient, we've approached this from both ends: top-down and bottom-up. Leaders need to be in the sandbox themselves participating, not just delegating AI exploration. It’s typically the people closest to the day-to-day work who find the highest-leverage applications first. They just need the space and encouragement to bring those ideas forward.

Here are a few ways to make this more actionable:

The goal with AI is not to automate everything, but to free your team to spend more time doing what humans do best: building relationships, exercising judgment, solving complex problems, and thinking creatively.

P.S. Got a burning career question? Serve it up here to Dear FQ to score advice from a powerhouse leader in our network.

Hybrid work helped to solve one of the biggest workplace challenges: giving people more flexibility. And in many ways, it has. Research consistently shows employees value the autonomy, reduced commuting time, and better work-life integration that hybrid work can offer. But flexibility comes with a tradeoff: boundaries become your responsibility.

For most employees, the biggest challenge is knowing when work starts and ends. When your office is everywhere, work can become on-going. A quick email after dinner, a Slack message during school pickup, or a presentation that follows you into the weekend. Over time, the line between being flexible and being constantly available starts to blur. Experts suggest establishing clear boundaries around work hours and responsiveness. Boundaries aren't a luxury; they're needed for sustainable performance.

Following closely behind are communication gaps and staying visible. In a traditional office, visibility often happens by accident. You overhear conversations, bump into colleagues, and casually share updates. In a hybrid environment, those moments don't always happen organically, which means communication has to become more intentional.

The most successful hybrid employees proactively share progress, communicate priorities, and make their contributions visible without waiting to be asked. The future of work isn't about being in the office five days a week or working remotely forever, but about building the skills that make flexibility work.

Here’s to believing, and investing, in yourself 💸

Xo,

The FQ

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