Welcome to Glorious & Cash – Les Glorieuses launched this newsletter to talk about why money is power and matters for gender equality. In partnership with Women’s March Global, we’re taking this revolution worldwide. It’s written by Arièle Bonte and Uma Mishra.
🇫🇷Pour la version française, cliquez ici.
To continue this conversation about money, Rebecca Amsellem will host a conference on January 22 at the Canadian Embassy, go to the agenda section to register.
Everything is written before 6 years old, even when it’s about money ! By Arièle Bonte
« And you, are you poor? » I’ve heard this question in the mouth of a 7 or 8 years old, as I was about to cross the Boulevard Jules Ferry, in the 10th arrondissement of Paris. This question was addressed to the person holding her hand: his nanny. The perfect illustration in real life of a study
published by Money Advice Service (1) and written by behaviour experts at Cambridge University in 2013: children are already able to understand the basic concepts of money by the age of three and at seven, their financial habits – and the stereotypes that go with them – are already defined.
Whats more ?
Wealth, poverty, economic power exercised by one human being over another… don’t think that your child, nephew or granddaughter under the age of 10 doesn’t understand it. It’s clearer than you might think. Just as at this age, gender stereotypes are entrenched and in families, pocket money is sometimes distributed differently to a child if he/she is a girl or a boy.
A British study published in 2017 showed that girls receive on average 25% less pocket money than boys. Worse, « datas reveal an early imbalance in the way parents educate their children about money and financial
independence, » says Jenny Ehren, research director at Childwise, whose words were reported by Madame Figaro. « Boys pocket the cash on a regular basis, while girls remain more under the control of their parents, who buy them items or manage their money. » This is a new generation ready to reproduce stereotypical behaviours and patterns, whether or not they are related to money. Hence the importance, as adults and as a society, of not neglecting the financial education of our children.
How do you do it?
Kristen Bell and Dax Shepard, for example, told Money how they were working to foster a healthy relationship with money for their two children, a resource that is not lacking in this very famous family. When Kristen Bell’s children empty an entire bottle of shampoo into their bathtub, the actress explains to them quite frankly: « Mommy bought that shampoo bottle. You hate it when Mommy works late, right? Well, if we waste a ton of stuff in the house, then I have to work more hours to make more money to buy more of that stuff ». A little « harsh » speech, by the actress’ own admission, but clear and effective.
It’s not just speeches and moral lessons that help children to understand and apprehend money better: playing is also an excellent way to do so, as a financial expert explains in this CNBC article. At first glance, one might think that playing « Let’s go shopping » only prepares children to become perfect consumers, the prime targets of capitalism. But once the (right) limits are imposed and the rules are adapted to your values, it’s easy to make the game a playful and nuanced tool, allowing the youngest children to question the very notion of spending, to develop math skills, to learn how to establish and maintain a
budget, to save, and to make money a normal subject. « The relationship with money is not only about consumption: it is also about saving, mastering means of payment and managing a budget, » says Patrice Cros, director of the association Finances & Pédagogie in Les Echos. Talking to children about money would therefore be a way for him to « rebalance the balance », because parents « are not the only ones to pass on messages about money in a consumer society where young people represent a large
economic market ».
What about pocket money?
Once the child has grown up, the question of pocket money then arises: should we give some? From what age? How much? How often? For what reasons? Should your child be paid for household chores? For good grades in class?
On these last two issues, several schools are fighting each other. On the one hand, there are those who explain that pocket money can motivate a child’s good behaviour. On the other hand, those who believe that household chores are not « work ». Parents aren’t paid to do theirs, so why should the child be? In all cases, the important thing is to make choices with a clear conscience. Because once we are adults, our thought patterns, conscious and unconscious, related to money are entrenched and difficult to get rid of. We might as well spare the next
generation of adults this tedious work and give them all the keys to making money a tool for emancipation and not an instrument of power and oppression.
(1) Money Advice Service is a UK government organisation that provides free online and telephone financial advice to UK citizens. A comprehensive pack has been developed to help parents give their children financial education.
The Baltimore Museum of Art has decided to welcome only art created by women to its permanent collection in 2020. This year, like this museum, have an activist and committed approach in your spending: support female, queer, and artists of colors, talk about their work, and exhibit their works.
We lead… or not (and it’s fine!). As Maddyness reminds us in an article: not everyone is born to be an entrepreneur and it’s OK! It’s better to create value for your business than to embark on an adventure that isn’t for you. It is also up to us, as a company, to question the hierarchical relationships maintained in the world of work and to reinvent a model where everyone can freely express their full potential.
Did you know that your money in savings account can finance polluting activities? This is what Les Echos Start reminds us in an article devoted to the carbon impact of the money saved (6th largest CO2 emission item for individuals after transport, housing, food, goods and services and the use of public services). To save or invest in a sustainable way, « green funds » have been created in Europe and meet several labels, detailed in the article. Investing your money: yes. Doing it responsibly: even better
Since January 1st 2020, companies with more than 250 employees must have at least 40% women on their Board of Directors or Supervisory Board. Those who fail to comply with this obligation will face sanctions, Novathic reminds us. The measure is important because inequalities between women and men are still very present in the world of work. Worse, in the field of the economy, we know that it will take 257 years to erase inequalities between men and women, reports the World Economic Forum’s 2020 study.
Notebook « The feminist revolution starts here »
SOLD OUT ! The pink/french version is no more available ! But you can still find our beautiful notebooks, in French blue, and in English, in blue or pink.
// Club des Glorieuses// We will be on January 22nd from 9:30 am at the Canadian Embassy for a conference about failure and success, with the Ambassador Isabelle Hudon, Yolande Libene and Elise Goldfarb. You can register here!
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Arièle Bonte is a French journalist specialized in equality, gender and sexuality. For three years she was leading RTL Girls, for RTL.fr. Today she’s an independent journalist but she still has the same goal: spread the news through the gender prism. She also wrote a novel « Le Chaos des décibels » (Librinova), and she’s the author of the newsletter « Spell it out » about modern witchcraft. Her dream is to meet Lana Del Rey, to travel around the world and to have a green thumb.
A MESSAGE FROM OUR PARTNER
For more than a 100 years, L’Oréal has been dedicated to beauty. With its international flotilla of 36 brands and its 86.000 employees, the Group achieved 26.9 billion euros of sales, its best year of sales growth in more than 10 years in 2018.
L’Oréal has long been a leader in gender equality. Worldwide, as of 2018, women account for 69% of our workforce, 47% of our management committee members, 31% of our Executive Committee members and 54% of our key positions.
L’Oréal firmly believes in Diversity and Inclusion, and is convinced that Women’s leadership must be promoted in order to achieve a more
inclusive workplace. Its commitments across the years have marked the Group as one of the leading organisations globally: in 2018, women represent 46% of the board membership, 54% of the Group’s key positions, and 66% of the Global brand general managers. L’Oréal was ranked Top gender-balanced company in Europe by Equileap in 2018 and is among the TOP 100 companies in the Bloomberg 2018 Gender Equality Index.