Financial Equality: Expert Reveals Secret Negotiation Tips for Women!

Financial Equality: Expert Reveals Secret Negotiation Tips for Women!

In Germany, women are still faced with significant financial disadvantages. This proves the Utopia -Expert Claudia Müller, an experienced financial coach and founder of the Female Finance Forum. As early as 2023, women suffered from a gender pay gap of 18%, meaning they earn an average of 20.84 euros per hour, while men receive 25.30 euros. Despite a decline since 2006, this discrepancy remains significant and has deeper causes.

Müller, who formerly worked for the Deutsche Bundesbank, explains that even with the same level of preparation and persistence in salary negotiations, women often achieve fewer salary increases. They are often perceived as not very likeable or even greedy for money. This results in women being structurally disadvantaged in negotiating situations and lacking financial responsibility.

The reality of financial disadvantage

The structural injustices are also evident in pension provision. The gender pension gap is alarming as women received an average of only 842 euros in pension in 2022, while men in West Germany received 1,256 euros. This has serious consequences, as one in five women over 65 is at risk of poverty. The oft-quoted “Motherhood Penalty” results in women losing up to two-thirds of their lifetime income, which is closely linked to the tradition that they are more likely to interrupt their careers to start a family.

Additionally, women perform an average of 79 minutes more unpaid care work per day than men, reinforcing financial inequality. To counteract this situation, Müller recommends that women should regularly negotiate salaries to improve their financial situation. The perspective on financial fairness in partnerships and the concept of looking forward to old age are important aspects in this discussion.

The path to financial independence

The project Female finance is dedicated to helping women take better control of their finances. It emphasizes the need to build reserves and raise awareness of one's finances. The gender awareness gap remains a major challenge, with many women not being sufficiently aware that they need to actively take responsibility for their finances. It also shows that only a third of stock investors in Germany are women, although there is great interest in investments.

Reforms in divorce law and the legal right to daycare in 2013 have made it easier for women to return to the labor market, but do not offer the necessary financial security. The pension reforms have also reduced entitlement to widows' pensions and do not strengthen protection against poverty in old age.

Overall, the financial disadvantage of women remains a pressing issue that requires a concerted effort. Financial education and regular salary negotiations are essential in order to better meet the challenges and create a more equal financial future.