Visa Wants To Change The Way Millennial Women Think About Money

Unsplash/Kat Yukawa

If you found out that your male coworker was being paid more than you even though you were doing the same job, would you ask to be paid equally? According to the recent Visa Money Is Changing study, two out of three women believe there is a gender pay gap, yet only one in three believes it actually affects them. Something’s got to change.

Here’s the thing, ladies: We need to talk about money more so we can get paid what we’re worth and be fierce in our finances, both in at the workplace and at home.

Visa, in partnership with Bustle, The Cut and Refinery29, is working to change the way women think about and discuss money matters. The study asked millennial and gen X women and men between the ages of 22 and 53 about money and how they feel about it on dates, in their careers, with kids and more. Here’s what they found.

The Pay Gap

The study found that 62 percent of millennial women would ask for a raise if they found they were not being paid equally. Additionally, 50 percent of women feel they aren’t being paid fairly right now. However, it’s tough to know that for sure since discussing salaries with coworkers is still seen as taboo. Just 10 percent of millennial women have discussed their salaries with a coworker, yet 48 percent want to know what their coworkers make.

Raises And Promotions

Burst/Sarah Pflug

Asking for a raise, whether it’s to close the pay gap or because you just deserve one after all of your hard work, can be nerve-wracking. The study found that those feelings of anxiety are the primary barrier holding women back from asking for raises; 30 percent of millennial women say that they aren’t comfortable asking for a raise or promotion.

However, we can’t close the pay gap if we don’t ask for what we want. Sixteen percent of millennial men feel uncomfortable when asking for a raise, with only 29 percent saying asking for it makes them feel anxious.

If we can get better at negotiating for the salaries we know we need, we may also get better at asking for raises and promotions in the future.

Conversations With Friends

Millennial women are more likely to talk about their salaries with friends than they are investing, but that’s the only topic it outranks in conversation. When it comes to salaries, millennial women would rather discuss relationships, kids, weight, politics, savings and sex than their salaries. Millennial men are also more likely to talk about everything else than their salaries, yet they’re more likely to discuss what they make with friends than women.

The study found that 42 percent of millennial women just don’t think talking about their salaries with friends is helpful. However, the study also stated that women with more empowered views on money are more likely to think that talking about money with friends is helpful. Maybe if we discussed money with friends more, we would feel more empowered in our finances.

Dollars And Dating

Unsplash/Huy Phan

Less than half of millennial women believe that their date should pay the full bill on a first date. Instead, 33 percent believe that there aren’t any rules when it comes to paying on a first date anymore or that it just depends on the situation.

The study found that when their date pays the bill, millennial women feel either appreciative (74 percent) or embarrassed (60 percent). However, when millennial women pay for the bill, they feel happy (35 percent) and empowered (30 percent). Who wouldn’t want to feel that way?

Family Money

When it comes to starting a family, one in three millennial women without kids said they don’t want kids. For those who do want kids, 52 percent said they are waiting to save more money before having them. However, 50 percent of millennial women who want kids have no idea how much it costs.

As for household bills, when women are the primary breadwinners, they are more involved in their finances and get more help with household chores from their partners. Even better for the female who wants to continue on with her career while also being a mom, 37 percent of millennial men said they would stay home and take care of the kids. This trend works out well for the 62 percent of women who said they would never quit their job, no matter how much their partner made, and the 61 percent of women who are focused on reaching the top of their careers.

At the end of the day, money is changing and millennial women need to consider talking about it more openly so that they can feel empowered to make the best decisions. Whether it’s asking for a raise, splitting the bill or saving for a future family, money is a big part of our lives, so let’s own it.

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