Financial Literacy and The Pocket Money Pay Gap with Dr. Mara Harvey - Episode 51 | English

The Heidi Hauer Podcast

Financial independence for women has changed considerably in the past century, but we still have a long way to go. This also holds true for the financial sector, where current levels of diversity and inclusion leave much to be desired. Today’s guest, Dr. Mara Harvey, served as Senior Wealth Manager at a prestigious Swiss bank and holds a doctorate in political economy from Fribourg University, as well as a degree in economic policy and economic metrics.

Mara is the author of a series of illustrated children’s books called ‘A Smart Way to Start’, which aims to teach young children and parents about money, ethics, and sustainability. She is passionately driven by two powerful causes: the need for true economic and gender equality for future generations, and for all of us, including children, to become educated on the impact that our financial decisions have on the world, including the Sustainable Development Goals as defined by the United Nations.

In my conversation with Mara, we discuss the creation of ‘A Smart Way to Start’, what she’s learned from working in the financial sector for over twenty years, and why we all need to be reminded of the devastating impact that decades of unequal pay have had and continue to have, on the wealth of women. Join us for an eye-opening conversation on sustainability, equality, and women in finance.

Key Points:

• Introducing the concept of the pocket money pay gap.

• Why we should be concerned about the financial future of the young female generation.

• How Mara’s book series ‘A Smart Way to Start’ educates children and parents about money.

• The main message that Mara wants young readers to take away from her books.

• The exciting news that Mara’s 5th book is now part of the United Nations Library.

• How Mara’s books are linked to the UN 17 Sustainable Development Goals.

• Mara’s many years of experience in wealth management and the differences she’s noticed in how men and women invest their money.

• How money messaging in the media affects the way women invest.

• The confidence gap and how this affects women’s financial lives.

• Mara’s concerns over the financial knowledge gap and its effect on future generations.

• Why we need to be aware of the long-term consequences of having had pay gaps.

• How Mara’s experiences as a woman in finance have motivated her to address financial inequities and education.

• Why the financial industry still has a long way to go when it comes to diversity and inclusion.

• How Mara maintained her well-being during her high-pressure career.

• Mara shares her message for all the women in the world: make talking about money, with your partner, with your children, an absolute priority.

Quotes:

“All the biases that we see in the workplace are actually present in society, all around us. And they influence our children too, without us even really being conscious of how deep that bias goes, and how far-reaching it is.” — Mara Harvey [0:02:12]

“Women have a strong tendency to save but not necessarily invest. They are less engaged in long-term financial investment decisions than men are. And very often they abdicate that long term decision making to their partners.” — Mara Harvey [0:07:40]

“Women tend to believe that men are more knowledgeable about finance than they are. And there is research that proves this. And it's just a belief, there are no facts to endorse it.” — Mara Harvey [0:08:59]

Links:

https://smartwaytostart.com

https://heidihauer.com/podcast/