In 2018, women are running for public office in record numbers, breaking through boundaries in traditionally male sectors, and demanding greater visibility in entertainment and media. But money is one area in which inequity and discomfort still (notably) persists. A recent national survey of U.S. millennial and Gen X men and women, ages 22 to 53–which Visa commissioned research company LRW to conduct–found that women are twice as likely to talk with friends about work, relationships, kids, or sex than about money, even though not making enough of it is a top concern. (It’s the number-one concern for 75 percent of millennial women). To help spark the much-needed conversations most of us aren’t having, we invited sisters Hannah and Marian Cheng, co-founders of the cultish dumpling destination Mimi Cheng’s, to tackle some common, uncomfortable money topics in the video above.
As entrepreneurs who own two restaurants, Hannah and Marian were more game than most to take on the “taboos” we asked them about. But according to the aforementioned study, that level of confidence and sharing isn’t so common. Women are more likely to feel stressed financially than men, the research found, and nearly half of the women surveyed said that they didn’t think talking about finances with friends is helpful. Other key findings:
• Only 34 percent of millennial women have negotiated for a raise or higher salary, and the number-one reason they don’t ask is that they’re uncomfortable doing so.
• Forty-one percent of millennial women don’t share accounts with their partner, and one in three of those women say it’s because the matter was never discussed.
• When out with friends, 62 percent of millennial women are vocal about staying on budget rather than making excuses.
As women gain financial power within a quickly changing cultural landscape, there’s a critical need to reshape the idea of “money talk.” The thing is, money is changing—in society, in the economy, and in tandem with technology. And talking about it can help cancel out outdated norms and stereotypes, helping women to redefine their relationship with it so that they’re more financially empowered. To learn more about this shift, join the conversation at Visa.com/MoneyisChanging.
This is paid content produced for an advertiser by New York Brand Studio. The editorial staff of The Cut did not play a role in its creation.