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Good morning, Broadsheet readers! Pinterest’s $22 million gender discrimination settlement draws criticism, women aren’t leading coronavirus briefings in the U.K., and a survey finds that affluent women of color are more confident investors than their white peers. Have a thoughtful Thursday.
– Investing in yourself. While we’ve done extensive coverage of the gender pay gap and the gender wealth gap, we haven’t spent quite as much time on the investing gap. Women invest less than men do, and tend to report feeling less certain about their investing prowess (though studies suggest that when women do put their money in the markets, they tend to outperform male investors. Color me shocked.)
Given that context, I was fascinated by this new survey from JPMorgan, which Emma reported on this morning. It found that affluent Black and Latina women are more likely to say they feel confident when it comes to investing their wealth than white women do; the 1,375 women surveyed, about 43% of them women of color, all had at least $150,000 in investable asset levels. Emma writes:
“Seventy-five percent of the women of color surveyed said they felt confident about their financial goals in the year ahead, compared to only 50% of white women. Seventy-eight percent at least in part developed their financial know-how through their own research, like online educational resources or TV shows; only 47% of white women did the same.”
And that financial know-how comes despite a financial services sector that—according to 21% of respondents—has failed Latina and Black female investors. (Kelli Keough, head of digital and client solutions for JPMorgan Wealth Management, tells Emma that the bank is working to improve on this front by identifying the specific needs of these investors. One example: Black and Latina women tend to more interested than other investors in how their wealth can support their families, so advisers must look beyond the usual retirement-focused strategies.)
So, if the pros haven’t historically been much help, how and why are these women feeling so secure when it comes to the tricky business of investing? The JPM survey doesn’t conclusively answer those questions, but it does provide some hints: 84% of the affluent Black and Latina women surveyed had savings or investment accounts established for them as children, compared to 78% of wealthy white women. Sixty-one percent of the women of color said conversations about the importance of investing were part of their upbringing; 55% of white women said the same.
Given the staggering racial wealth gap in America, it’s not surprising that some families of color are making it a priority to teach their children—including their little girls—the critical importance of managing their money. That’s a simple and practical lesson that everyone should embrace, and which could help the next generation women in a major way. And for those of us who missed out on the early lessons, why not follow in the footsteps of these savvy Black and Latina investors and commit to owning our own continuing financial educations?
Today’s Broadsheet was curated by Emma Hinchliffe.
ALSO IN THE HEADLINES
- Who gets a settlement? Pinterest's $22.5 million gender discrimination settlement with former COO Françoise Brougher is seen by some as a sign of how the company has failed to make significant changes in response to allegations of racism. Former Pinterest employees Ifeoma Ozoma and Aerica Shimizu Banks came forward with allegations of racist and sexist treatment a few months before Brougher's suit, and each received less than one year’s severance in their settlements. Pinterest declined to comment. Fast Company
- 10 Downing, zero women. It's been a full six months since a woman has led a coronavirus press conference at 10 Downing Street in the U.K. The last female minister to lead one of these briefings on behalf of Prime Minister Boris Johnson was home secretary Priti Patel on May 22. Guardian
- #Resist? The word "resistance" took on new meaning during the Trump era, and Education Secretary Betsy DeVos wants to redefine it again during the Biden administration. She told career employees at the Education Department—who work under Republican and Democratic administrations—to "be the resistance" during the Biden era, according to this report. Politico
IN CASE YOU MISSED IT
- A major rally. Two years ago, Naomi Osaka "withered under excruciating boos" after defeating Serena Williams in the U.S. Open. Now the tennis star is known for her bold voice—whether she's turning a reporter's question on its head or wearing the name of a Black person killed by police violence on her mask. This profile chronicles her journey. New York Times
- Look up, Coca-Cola. In 2000, Coca-Cola settled a historic class-action lawsuit over racial discrimination. Ten years later, it looked like the company had successfully reformed, with Black representation in its executive ranks up from 1.5% to 15%. But 20 years later, the business has fallen behind again. “We didn’t keep our eye on the North Star,” says North America HR lead Valerie Love. Wall Street Journal
- Gebru + Google. Timnit Gebru, the A.I. researcher and expert who left Google in a dispute over a research paper, speaks to Slate about her experience at the tech giant. "They weren’t even treating me like a person," Gebru says of her time there. Google didn't respond to request for comment on this particular story. Slate
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