When was the last time you saw a picture of a man with a piggy bank? No idea? Me neither… yet depictions of women with a piggy bank are surprisingly common. You know the one I mean, where she is seen cheerfully dropping a few pennies into the back of a traditional (yet strangely rare in real life – especially for anyone over the age of 12) pig-shaped saving pot. Men on the other hand are more often shown pocketing wads of cash or frowning over a spreadsheet.
In 2021, Starling Bank and Brunel University published their findings from a review of more than 600 stock images in the UK linked to money, investing and finance which demonstrate clearly gendered, stereotypical representations of men and women’s relationship to money. “Men are shown as taking action, being in charge or even being worried about money, while women are often depicted as passive, as though they don’t really need to concern themselves with money.”[1] Women’s relationship with money was commonly portrayed as naïve and childlike, with depictions largely limited to them handling small amounts of cash. This is reinforced through images related to banking, in which women are more likely to be seeking help or advice from a male bank manager or advisor, with the tables rarely turned.
Is this true to life? Maybe. Does it matter? Definitely. Women have access to more money than ever before, although they will probably earn less than the men in their lives over the course of their careers. Nonetheless women’s relationship to money has changed. Until the 1970s, women in the UK and the US, especially those who were single, widowed or divorced, would normally have been required to have a man co-sign for them to open a bank account or mortgage (shout to France which allowed all women to open independent bank accounts from the 1880s).[2] That’s less than 50 years ago but it would be unthinkable now. Yet a lot of our ideas around women and money still need updating. Women in the US make around 70-80% of household spending decisions[3] but – for women in heterosexual relationships – their male partner is more likely to be responsible for the mortgage, investments and pensions. This is what we see reflected in the piggy bank image; women deal with the small stuff while men deal with the big, important decisions.
We have taught women they’re responsible for the pennies. As a result women tend to keep their money in savings accounts while men are more likely to opt for higher return (and higher risk) investments. And in a time where interest rates on savings are hovering around 0%, while the cost of living is soaring, women are going to lose out, as inflation will hit them harder. The old adage of take care of the pennies and the pounds will take care of themselves has never been less true. We already know women are more likely to be poor in old age due to the gender pension gap and this is only going to increase, further deepening the financial inequality between men and women. Furthermore, financial dependence also traps women in violent or unhappy relationships. If women aren’t in control of their finances and making smart investments for their futures, their lifestyle and retirement options will be limited.
We need to turn this on its head. Financial independence gives us all options and opportunities and women need to be better prepared and supported to invest their growing wealth smartly. So yes, pictures of women and money matter. As the Starling Bank report says, “Our world is not only represented through images, but it is also shaped by them.” Our images need to be updated to reflect the world we live in until it is equally unthinkable that women don’t manage their investments as it is to us now that women couldn’t freely open a bank account. Anything less is condescending and infantilising to women and their relationship to money.
[1] https://www.starlingbank.com/docs/reports-research/StarlingGenderRepresentationReport.pdf
[2] theguardian.com/money/us-money-blog/2014/aug/11/women-rights-money-timeline-history
[3] https://www.forbes.com/sites/forbescontentmarketing/2019/05/13/20-facts-and-figures-to-know-when-marketing-to-women/