In the investing section of Forbes, Senior Contributor Larry Light interviews Humphreys Group President Diane Bourdo, discussing the implications of higher costs for women in our society. Forbes is “a global media company, focusing on business, investing, technology, entrepreneurship, leadership, and lifestyle.”
Light begins the interview with a brief definition of the “pink tax,” as a “premium that women are expected to spend for specific services or products marketed toward them, from haircuts to deodorant, and everything in between.”
Diane informs Light & readers that the concept of a pink tax originated in 1994, with a report revealing that 64% of stores in major cities charged more for women’s dry cleaning than men’s. A law against gender discrimination in regards to pricing, the Gender Tax Repeal Act of 1995, followed. As Bourdo remarks, the pink tax still undoubtedly affects women today. Other areas that the pink tax shows up as discussed by Light & Bourdo include: car insurance rates, personal care products, and feminine hygiene products.
Additionally, Diane Bourdo connects the pink tax to a larger issue, part of a “more problematic pie,” in Light’s words— general financial disparity between women and men, which also includes the pay gap & wealth gap. For fighting back, Bourdo recommends buying gender-neutral or male-marketed products for economical purposes, along with speaking out for legislative change. On a personal level, women taking control of their own financial picture is a way to gain a sense of agency in the face of this inequality.
Diane Bourdo shares her journey of supporting women with finances: “I have long championed women as they’ve scaled the learning curve of personal finance and investing, and I consistently strive to debunk the stereotypical myths that still permeate discussions about women and money.”
The Humphreys Group is a women-owned and women-operated wealth management firm based in San Francisco, California. The firm offers highly focused financial planning and disciplined asset management to a range of clients. Their expertise is helping women in transition navigate their particular challenges — such transitions as marriage, divorce, widowhood, inheritance, or that first stock option grant. Their passion is helping their clients take control of their own financial lives and get smart about money.