Bridging Together the Financial Gap — COVID-19, Inequity, Women, and More

By Jody Bell

“Feeling financially confident can utterly change your life,” says Tori Dunlap, founder of Her First 100k. 

In this age of complete uncertainty, strong financial backing can allow you to feel secure and capable. Yet, coinciding with this turmoil and need for financial stability is also a widening gap in financial inequity for women. 

Jennifer Openshaw, CEO of Girls With Impact, recently sat down with Tori Dunlap, who started her business Her First 100k after she completed her goal of saving 100k before the age of 25. Now she teaches women how to reach their financial milestones with practical tips, advice, and support. 

Here are her insights into COVID-19, inequity, money, and more. 

How is COVID-19 Widening the Financial Gap?

Truthfully, it’s because women are holding together our society and homes during this crisis. 

As daycares, babysitting services, and even eldercare centers become dangerous due to the pandemic, it is often women picking up the slack. This added pressure can make it difficult for them to maintain their level of engagement at work, and as layoffs and responsibilities increase in the workplace, many women are now taking a step back from their careers.  

As Dunlap points out, this is going to have long-term effects, “we’re going to see the impact of COVID, financially and socially, on women for unfortunately a decade or more.”

What Can Women do During the Pandemic to Boost Their Earnings? 

If you’re fortunate enough to still have a job, you might be in a good position to boost your earnings at your current position. 

With layoffs happening left and right, employees are picking up the roles of their co-workers, yet these additional responsibilities aren’t reflected in their current earnings. 

Dunlap’s advice? “Global pandemic or no global pandemic, you deserve to get paid what you’re worth.”

Obviously, this is an incredibly delicate conversation, and your mentality going into the process must not be entitled. Try to imagine that the salary negotiation process is not a conflict, but a point of collaboration between you and your boss. You both must be on the same side of the issue, and brainstorming how to solve the central problem — a compensation that doesn’t match expectations. 

What to Do If Your Significant Other Manages Your Shared Assets?

In short, they simply shouldn’t be. A partnership must extend into your shared financial well-being and it’s crucial you take on that responsibility as well. 

Currently, we have this patriarchal divide where if you’re in a heteronormative relationship the “man is the financial plan.”

This is a major reason why there is such a large gap in financial education across genders. In heteronormative relationships, the man is typically handling the investments, credit building, and real estate, and the woman is left behind not understanding her own assets. 

Dunlap recommends asking questions to your partner to try and learn about these different responsibilities that aren’t traditionally taken on by women. This may be intimidating but it is absolutely crucial to take a hold of your own financial literacy and assets. 

Try to have a “money date” with your partner where you sit down and reflect on your assets, discuss next steps, and segregate duties. It’s the only way to tackle your financial goals as partners — which should truly be the goal. 

Jody Bell, 19, is Girls With Impact’s Chief Editor and a program graduate. Girls With Impact is the nation’s only online, after-school, entrepreneurship program for teen girls, turning them into tomorrow’s business leaders and innovators.