Close the Gap with a Better Money Mindset

It’s still hard to believe that while humans have made so many technological advances (space travel, iPhones, the Internet, to name but a few), as a species we seem stubbornly prehistoric when it comes to equal pay between the sexes.

It’s a shameful fact that in 2017, women are still paid less than men in every country in the world.

While there are obvious positive steps being made to redress the balance abroad – notably Iceland which has the smallest gender pay gap, the UK languishes at number 20 in the world for equal pay, according to the World Economic Forum’s Global Gender Gap Index.

The recent revelations about the BBC’s payroll – nearly all of its highest paid stars are male – show that even the most enlightened organisations still pay men more than women, often for doing the same job.

In the UK, the gender pay gap stands at 18.1% for all employees (full and part time) and experts are predicting this gap – more a chasm – won’t be closed until at least 2069. Progress on pay equality clearly moves at a glacial pace.

Progress on pay equality clearly moves at a glacial pace. Click To Tweet

So, what’s behind it? The truth is that pay inequality is a complex tangle of different issues.

Childcare demands, motherhood in general, the fact more women work part-time, and not forgetting those old chestnuts – male dominance and outright discrimination – all contribute to the problem.

However, one of the more difficult truths to face up to is that women themselves might also be hampering their own progress.

Following the BBC pay gap headlines, Philip Hampton, head of a Government-commissioned review into pay inequality, was widely accused of being out of touch when he said women just aren’t doing enough about it.

But what if there’s something in it? What if (a small) part of the problem is that women are just not confident enough to get what they want?

Centuries of being second class citizens embedded within the female psyche and in society as a whole can be hard to shake off.

There have been countless studies showing that women are less confident in asking for pay rises and promotions compared to men.

Indeed, many prominent female coaches and financial gurus have taken this baton and run with it in the form of Money Mindset Mentoring.

What is Money Mindset Mentoring?

It is a movement which has seen rapid progress thanks to entrepreneurs such as Denise Duffield-Thomas, author of bestselling female coaching manual ‘Get Rich Lucky Bitch’. She has made millions out of helping women realise their true financial worth.

Money Mindset mentoring is about giving women the confidence to ask for more money and to manage their finances better – which is what we are all about at Money Nuggets as well.

To be able to close the gap, culture and society need to change. But that alone is not enough, women’s attitudes towards their own worth need to shape-up too. So how do you change your Money Mindset? Read on…..

4 Ways to Change Your Money Mindset

1. Know What You’re Worth

One brilliant way to change your money mindset is to know your real worth. You have convinced yourself the money ‘pie’ has already been decided and there’s no way they will give you a larger slice. Is this you?

Before you march into your boss’s office – really think about your achievements, how much you are worth and change your thinking on how the money might be divided. Then bite the bullet.

2. Never say ‘Can’t’ or ‘Won’t’

Another great way to change your money mindset is to never say “can’t” or “won’t”. Duffield-Thomas calls this getting over your ‘money blocks’.

This is basically a lack of confidence to ask for more money. ‘I can’t possibly ask for that much’ or ‘It’s too much, they won’t give it to me.’

Your mindset around these negative feelings needs to change before you ask for a pay rise. Break down your pay into your hourly rate. You’ll soon see just how much work your boss gets for her or his buck.

3. Never Make Excuses or Apologise

In some male-dominated professions, women think they are just lucky to be there in the first place. To change your money mindset you need to stop making excuses or apologies.

This mentality is a massive barrier to getting ahead financially. You didn’t just walk into a job, you worked hard for it and deserve to be there.

If you’re British you might be further held back by the worry that asking for a pay rise is somehow impolite.

If you go into pay negotiations apologising for the temerity of your request you’ll never get anywhere.

In fact, even asking for a pay rise proves you have confidence in your abilities and most bosses will admire you for that even if you don’t get a rise.

4. Get Your Ducks in a Row

Don’t just barge in and say you want something for nothing. You need to offer something in return, then you can name your price.

Make a plan detailing what you can do for your company in exchange for that nice fat pay rise. Then go for it.

No one is asking you to change your outlook on money overnight. It’s a slow process but women need to start believing they are worth it.

With a change in women’s confidence within the workplace, that gap should start to narrow at more than a snail’s pace.

Over to you

Have you changed the way you think about money and work? What changes did you make? Or perhaps you feel under-confident about your achievements. Share with us here!

Recommended Resources: Get Rich Lucky Bitch by Denise Duffield-Thomas is the perfect resource for women who are struggling to grasp their true financial worth. You can get your copy here.