The Price of Being Female
On this episode of Financially Naked: Stories from The Financial Gym, Whitney, our Marketing Coordinator sits down with Financial Trainer Kylie to explore the financial costs of womanhood. They cover how societal expectations, systemic inequalities, and identity all play a role in our spending and how you can start to make changes and fight back.
They discuss everything from pink taxes and grooming costs to healthcare disparities and social obligations, acknowledging the experiences of all women. Whether you're confronting your own financial pressures or just starting to think about how gender impacts money, this episode will leave you with new perspectives and tools to reclaim your financial power.
Podcast Notes
Hidden Costs and Cultural Pressures
Kylie shares how unspoken expectations and cultural pressures—like looking a certain way or spending on specific products—can greatly impact women’s budgets. What seem like small things here and there add up over a lifetime.
Many of these issues are systematic. The “pink tax” is an example where women pay more for personal care items like razors despite them being nearly identical to cheaper, non-gendered versions.
On average, women spend an estimated $2,400 more per year on similar products and services than men. Personal care products are one of the biggest factors in this discrepancy. For basically just marketing, women are being charged more.
Period products are taxed as non-essential items in half the states despite being a necessity for people who menstruate. You can use HSA/FSA dollars to offset costs. However, that doesn’t help people without those benefits or accounts.
Cultural norms around grooming can lead women to spend $50,000 more than men over their lifetimes just to appear “presentable.” Depending on their profession, it can be much more. Women are held to a much higher standard to be considered ‘presentable’ than men.
Housing, Healthcare, and the Cost of Care
Single women own more homes than single men, despite earning less on average. While this seems good, homeownership comes with significant upkeep and financial obligations, which keeps women from investing or saving their money.
Healthcare costs are higher for women, who are more likely to seek medical care but receive fewer definitive diagnoses, especially Black and trans women. Women collectively spend billions more annually on healthcare, and those with marginalized identities often face higher out-of-pocket expenses and scrutiny from doctors.
Childcare can cost families upwards of $15,000 a year. Depending on where you live, it can be significantly more. Even though it should be a household expense, mothers frequently absorb more of that cost depending on how finances are split.
In heterosexual relationships, women typically take on more unpaid labor at home, like organizing, cleaning, shopping, cooking, and maintaining the family schedule. It’s important to have honest conversations about this to ensure partnerships are equitable financially and with the work at home.
Reclaiming Financial Power
For women, social events like weddings and bachelorette parties can cost thousands more than men are expected to pay. This can include new outfits, hair, makeup, and extra events.
Kylie and Whitney stress the importance of evaluating your priorities and asking, “Is this really important to me?” Can you challenge the status quo by re-wearing dresses to multiple events, not keeping up with every new trend, and saying no to things that aren’t important to you?
From beauty standards to weight loss trends, aligning spending with personal values is a radical and empowering act. When you say no to spending on things you don’t value, you have more money for your personal goals and long-term savings.
Building a community can ease financial burden. This can look like splitting childcare, swapping clothes, or leaning on others for support. We can minimize costs and grow our support systems when we lean on community.
The more we talk about these issues, the more we can be intentional, change, and fight back. Always reflect on your values, notice when you’re doing something because of outside expectations, and start focusing on your priorities instead.
If you want to work with a Certified Financial Trainer to help navigate your finances, schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.
Resources
Us Women are Paying Billions More for Healthcare than Men Every Year
The Economic, Educational, and Health-Related Costs of Being a Woman
Women do 6.4k More of Unpaid Housework than Men per Year: Study
Meet The Trainer
Kylie Lipinski, Certified Financial Trainer
Whitney Catalano, Marketing Coordinator