Jun 7, 201810:29 AMOpen Mic
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Embracing female empowerment, together
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I’ve been passionate about women’s equality since I was a kid, and I love that I have now been able to bring that into my career.
At Summit, we believe that in order to build confidence, women have to be comfortable talking about their finances.
According to a 2017 report, the White House and the Department of Labor estimate that women earn 76% of what men earn, resulting in an average lifetime differential of $250,000.
Statistics like these are simply shocking and underscore why women must advocate for themselves and make smart, informed decisions, especially when it comes to finances.
We’re always looking for opportunities to get the conversation started and help women talk to each other about money mistakes, wins, and everything in between.
Get money out on the table
To help women gain confidence around finances, we decided to embark on an entirely new type of project that would address these exact concerns: a TV commercial centered on common money questions, acknowledging financial mistakes, and building financial confidence.
While remaining inclusive, we placed an underlying emphasis on women. Having questions is human; we’ve all been there. So why are people — especially women — so reluctant to talk about money?
Our thinking was that if we could start a conversation about money management and, honestly, mismanagement, we could shed light on how people can use financial education as a tool to become more comfortable and confident with their finances.
To stay true to our core audience, the cast and crew were primarily female, and we also worked with a female director — something surprisingly rare in the industry.
After getting the experience of working with someone as talented and dynamic as our director, Judy Starkman, I’m grateful we have the opportunity to share this message with the greater Madison community.
Women are less likely to ask questions
There were certainly some common questions that are difficult for people to talk openly about that we wanted to address. For instance, the majority of the collective population lives paycheck to paycheck, but this is something women are extremely reluctant to admit.
Another example: women are hesitant to ask questions about investments. CNN reported last year that just 43% of women said they were confident in their investments compared to 56% of men. A different study, the Financial Finesse Think Tank’s 2016 Gender Gap in Financial Wellness Report, found only one-fourth of women surveyed said they were on track to save for retirement compared to one-third of men. And when you look at investment ads, you’ll see male after male after male.
So, it’s clear there isn’t a collective effort to encourage women to talk about investments, let alone think they could be great at investing.
Knowing these subjects can heighten vulnerability, it was very important to our team to address common questions relevant to as many people as possible.