Tackling the Gender Credit Gap

By Sequin HQ

Without a solid financial education, a knowledge gap disadvantages women in equitable access to credit across our lifetimes. To close that gap, Sequin is talking money, woman to woman.

Credit is essential to realize our life goals — like getting cars and homes, starting businesses and families, going back to school and running for public office. As we do. But without trustworthy knowhow to build credit, women default to debit cards or become secondary authorized users. So even when we spend money, banks don’t see us. Financially, we’re invisible.

When we do manage to get credit, it costs us more across our lifetimes. That hurts our credit scores. What can we do about it?

The Sequin team decided to ask women. We interviewed hundreds of women to capture their unique experiences with credit across age, income, and profession. Then we compared women’s real-life stories with financial data from reputable sources, such as the Federal Reserve and the Financial Industry Regulatory Authority (FINRA).

Here’s what we discovered.

It’s time to close the credit knowledge gap.

Women don’t get educated about credit — and it’s not our fault. Here are the not-so-fun facts:

• Parents talk to their sons about credit more frequently than their daughters.
• Credit card companies spend 13x as much advertising to men than women.
• Only 1% of women’s magazines focus on financial issues.

Without a solid financial education, a knowledge gap disadvantages women in equitable access to credit across our lifetimes. To close that gap, Sequin is talking money, woman to woman.

Women deserve better credit advice, from actual experts.

Ever try to read the terms and conditions on a credit card application? You know: that tiny print hidden at the bottom? Without easily digestible content, we’re left to rely on myths circulated by well-meaning but inexpert sources, like neighbors or social influencers. That’s causing women a lot of financial trouble.

One thing the Sequin team heard a lot when we interviewed women was: “I wish my credit card could actually teach me about credit — but I guess that’s not really the credit card’s job.” At Sequin, we believe it is.

Being a woman shouldn’t cost extra money.

You’ve probably heard women earn less than men for the same job — but did you know also you get charged extra, just for being a woman? In fact, we’re charged $1,350 more per year for everyday essentials. Economists call it “the pink tax.” At Sequin, we think it’s time for a pink tax break. So we’re building rewards into expenditures on everyday essentials.

There are many hidden costs to being a woman, yet many of us can’t qualify for credit. Too often, gender bias is built into credit underwriting algorithms. At Sequin, we’re on a mission to end that bias, and close the gender credit score gap . With equal access to credit, women can invest in ourselves, our loved ones, and our communities.

When we shine, everyone shines.

Fondly,

The Sequin Team

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Disclaimer: A friendly and earnest reminder that content in the Sequin Project is not intended to be financial advice, and that the writers at Sequin are not certified financial advisors. If you’re looking to make any decisions related to the content above, please contact a certified financial advisor first.