Header image credit: Jane Feldman
“The future depends entirely on what each of us does every day; a movement is only people moving.”—Gloria Steinem
The Lifetime Financial Security Program was pleased and honored to be invited to lead a private Talking Circle with feminist icon Gloria Steinem at her home in New York City during International Women’s Month in March to discuss the financial security of women.
About Gloria
Gloria Steinem, a feminist, journalist, author, organizer, and activist, has led the women’s rights movement for over 60 years. Her work encompassed fighting for equal pay for women and women’s reproductive rights. She also fought for civil rights, global human rights, and freedom of the press.
Steinem founded Ms. Magazine, Take Your Daughter to Work Day, the National Women’s Political Caucus, the Women’s Media Center, and The Frontline Women's Fund, which works to strengthen frontline women's rights activists around the world by increasing their access to financial resources, political leaders, and media visibility. Steinem is a prolific author and journalist, and she has written dozens of articles and 10 books, including Outrageous Acts and Everyday Rebellions, The Revolution from Within, and My Life on the Road. She has been awarded many honors, including the Presidential Medal of Freedom.
Talking Circles
Steinem adopted the ancient practice of sitting face-to-face and talking in 1968, and she has since hosted thousands of Talking Circles. Steinem has employed Talking Circles to share ideas, organize, and build movements. She has referred to Talking Circles as “the basic unit of all humankind” and has stated that they facilitate building empathy and understanding.
“We’ll never solve the feminization of power until we solve the masculinity of wealth.”—Gloria Steinem
Her initial inspiration for Talking Circles came during the two years she spent in India on a Chester Bowles Fellowship after she graduated from Smith College, where she modeled the principles of followers of Mahatma Gandhi. Later, her friend Wilma Mankiller, former principal chief of the Cherokee Nation, noted that they are also an ancient tradition that fostered democratic decision-making and community building. This practice also became a key organizing tool in the women’s movement, evolving into what were often called “consciousness-raising groups.”
Our Talking Circle Discussion
The Talking Circle launched our Women’s Financial Security Initiative. We brought together a group of female experts in finance, including leaders from financial firms and think tanks, researchers, lawyers, and advocates, to discuss impediments to women's financial security and stability and consider how to address some of the challenges that women still face in securing their financial futures.
Our wide-ranging discussion began with a focus on the differences between what men and women save over time. Our research from financial services firms indicates that, when comparing men and women over time from age 23 to 65, women will, on average, make $469,000 less than men. And the numbers are notably worse for similarly situated Black and Hispanic women. We highlighted the factors contributing to women not saving enough over time, such as the gender pay gap, which still exists despite Steinem’s tireless effort on this topic for decades. We focused on systemic and societal issues as well as individual behaviors and what women have learned about finance, saving, and retirement planning over time or what they have not learned.
We dug into other factors that impact the long-term financial security of women, such as their savings rates, their role as caregivers for children and others, their access to financial information, their confidence levels with finance and investing, and how women engage with finance. A theme that arose was the differences in financial engagement of women across generations and how women of different ages approach their financial lives.
“I want to see women paid equally and treated with respect in all ways at all ages.”—Gloria Steinem
Steinem highlighted the need for women to develop confidence in all areas of their lives and summon it when needed. She stated, “We each have a unique mission for our lives, and we must fight for our futures and our retirement.” She also reminded those in the room to trust their life experience. Steinem highlighted the power of storytelling in changing minds and behaviors, which is something I had not considered.
The Talking Circle ended with a dialogue around whether women discuss money and feel confident in managing financial issues. And we considered ways to encourage women to engage with finance and turn “toward finance.” Many of the women in the room had done seminal research in these areas.
This inspirational gathering will help the Lifetime Financial Security team as we move forward and focus on ways that we can make an impact as we consider the financial security of women.
Renewed Focus
We thank Gloria Steinem and Gloria’s Foundation for the invitation to participate in this important discussion with her. Many of the women present told me they left hopeful and inspired to work to educate others, frame issues in a new way, and move forward with renewed focus. And we all recognized the significance of being able to meet and hear from Gloria Steinem at age 91.
As I noted at the outset of our discussion, the successful women in our Talking Circle and those at the Milken Institute stand on Gloria Steinem’s shoulders.
For more information on Gloria Steinem’s Talking Circles, visit Gloria's Foundation. The foundation has three key aspects: securing Steinem's home as a permanent site for organizing and activism, preserving and activating her archives to contribute to a more inclusive and robust historical narrative that documents social justice movements, and building alliances that ensure the women's movement continues to create a more free world.
