Fighting the media myths that women are “bad with money”

By Jennifer Halloran

For far too long, the words “female” and “finance” have been like oil and water. As a veteran female leader in the financial services field—and current head of marketing and brand at MassMutual—I have seen this firsthand, building a career for over 20 years in an industry that has historically been dominated by men. While much has changed for the better over that time, women’s right to participate in the financial world, as both professionals and consumers, is still questioned. This bias persists, in part, because of the pervasive myths the media perpetuates about women and their (in)ability to manage money.

To this day, in financial industries and beyond, qualified women are routinely passed over for promotions, the gender pay gap persists, and  board room representation remains largely imbalanced. On the personal finance front, women are also still less likely to be approved for the most favorable rates on small business, mortgage, and auto loans—a gateway to financial independence. And because lower salaries lead to lower account balances, they are less likely to have adequate retirement savings or work closely with a financial professional who can help them reach their financial goals.

That didn’t just happen in a vacuum. At the root of these phenomena is the cultural bias that women are “bad with money”—a sentiment that is echoed across mainstream news outlets, magazine headlines, and beyond. This misconception is so ingrained in current culture, it’s often overlooked. And the problem gets worse when it’s media directed at women. In fact, a recent study showed that 65% of financial articles targeted at women categorize them as excessive spenders.* And when mass messaging labels women as being “bad with money,” the net effect is far more corrosive than what gets printed on the page. It reinforces gender biases and undermines the progress that women have made—whether it’s conscious or not.

To raise awareness of this subtle but destructive injustice, MassMutual is launching a campaign to “write the wrongs.” The campaign kicks off with a series of print ads that expose these financial misrepresentations of women, published where consumers encounter gender-biased headlines the most—in the media. But this time, the headlines will call for a change in how women are portrayed. The campaign will continue across digital channels and social media to elevate awareness further still. We will continue writing the wrongs through monthly articles that bust the biases that the media share about women. Because when we change the way people write about women and finance, we can change the way people think about women and finance.

This matters, because language matters. It changes our perceptions, and thus changes our actions. Having accurate portrayals of women handling their money well can positively affect their confidence in the financial world. For our part, MassMutual is already actively promoting more women in finance. Nearly 60% of MassMutual’s Board of Directors is comprised of women and people of color, making it one of the most diverse leadership teams in both the industry and among our FORTUNE 500 peers. We focus heavily on supporting our female employees, including female financial professionals who are historically underrepresented in the industry. Outside of our walls, we participate in a national cohort of eight Women’s Funds supporting the Young Women’s Initiative, which focuses on economic opportunity for young women. We are also proud members of SeeHer, an organization with the mission of driving accurate portrayals of women across all kinds of media.

Every step toward progress leads to more, and I’m honored to be part of the process.  I have been fortunate to have had strong female leaders around me as I built my career over the years and believe that my current team, peers, and even my daughters will all benefit from supporting this progress. Because when the media begins to see women as equally qualified to handle financial affairs—in ways big and small—then the rest of the world will, too. And most importantly, women will see themselves as the investors, money managers, and financial thought leaders they always could be.

*Based on a study of 100+ articles published in women’s magazines. Source: Why we need to #MAKEMONEYEQUAL, Starling Bank                            

©2022 Massachusetts Mutual Life Insurance Company (MassMutual®) MM202503-301010

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