Psychology of Money


Money and the Gender Gap

By now, you know me as President of Psychology of Money Consultants and as a clinical psychologist and money and life coach. But something you probably don’t know about me is that as a UCLA student, I was a sportswriter who wrote a column on handicapping horse races for the Daily Bruin.

I mention this because as an expert on the gender gap and differences between men and women with money, Rosie Napravnik has accomplished a female first in sports history. In the only major sport in which men and women actually compete against each other, Rosie has won more horse races than every male jockey in America!

With the Kentucky Derby being this Saturday and no female jockey ever having won it, let’s root for Rosie.
Outside of horse racing, the gender gap has much deeper meaning. Let’s start by looking at three statistics:

1) In 1979, women made only 62% of men’s median salary while in 2007, they made 80%.

2) In a 2012 study by the American Association of University Women, women who graduated from same school in same major who took full-time jobs in the same occupation as their male classmates made 7 % less than men one year after graduating.

3) Much more concerning, however, is the gender gap increases significantly over a woman’s career so that after 35 years, women earn $1.2 million less than men!

Want to discover why and what you can do about it? Want to learn more about how men and women behave differently with money? Read our upcoming series of blogs. Or you want to just comment on today’s blog?

If you are interested in gaining deeper insight into the causes, consequences and potential solutions of the gender gap, I will be leading a roundtable discussion at the Luxe Hotel in Brentwood on Wed., May 15, for the Conscious Leadership Connection. It will be an outstanding program featuring dinner, networking plus roundtables led by eight distinguished money experts.

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