It’s not just about money. That’s how a pink purse lights up the future with new colors

Welcome to our Insights Longform series, monthly in-depth content designed to help us understand what’s happening around us and prepare for the challenges ahead that concern people, businesses, and communities. Enjoy the read.

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“In these times of rapid change, we need different perspectives and diverse experiences, a broader range of talent. The real risk lies in continuing to do things the way they’ve always been done.” These words serve as a programmatic manifesto of action, embodying the identity of a whole generation of pioneers forging new, unexplored, often difficult paths – those steep climbs that, once scaled, offer a breathtaking view. Doing things the same way we always have is a risk we can no longer afford, yesterday, as today. These words seem especially timely in this current historical and geopolitical phase of uncertain destinies, in what Forbes has called “the middle year of this middle decade”, a moment marked by a radical shift in reference points. The old compasses no longer work, so we seek ways to recalibrate them.

And yet, to properly credit this thought, we must rewind the tape back to the 1970s. These are the exact words spoken by Muriel Siebert, the first woman to become a member of the New York Stock Exchange. Born in 1928 in Cleveland, Siebert left her mark. At the time, the few women who worked on Wall Street – yes, even in America – were typically hired as secretaries or typists. But Siebert aspired to more, for herself and for the community of women who would later celebrate her. Even without a college degree, she managed to land a job as a researcher at a consulting firm and then, tired of earning less than her male colleagues, she took the advice of a longtime friend: go to the New York Stock Exchange. But between saying and doing lies a vast ocean of prejudice – then and perhaps, even now. To afford the seat, which cost $445,000 at the time, she secured a loan from Chase Manhattan Bank. And so, on December 28, 1967, Muriel Siebert became the first woman to hold a seat on the New York Stock Exchange. A milestone, but for her, just a starting point. Getting there isn’t enough; you must bring others with you. Hand in hand, making a difference.

Two years after her debut on Wall Street, Siebert founded her own brokerage firm, becoming the first woman to own one. In 1977, New York Governor Hugh Carey appointed her to oversee the state’s banking system – again, the first woman to do so. As we’ve said, Siebert never settled for merely breaking barriers; she worked to ensure other women could follow in her footsteps. She often said: “You win by making noise.” She famously fought for a women’s restroom to be installed on the seventh floor of the NYSE – the executive floor. “I’ll bring in a portable toilet if I have to,” she insisted at the time, adding that Americans needed to realize women make a difference, even in finance. “The real risk lies in continuing to do things the way they’ve always been done.” In her later years, Siebert launched a pioneering financial literacy program for women. A project that continued even after her death in 2013.

Empowering women
Muriel Siebert’s legacy spans centuries, generations, continents, and different ways of living, consuming, and working. Ultimately, her story inspires us to do more to enhance women’s skills in managing money and, more importantly, to reinforce their awareness of their worth and their ability to make a difference, echoing Siebert’s own words. This is also the focus of Banca Sella’s project “Voglio una Borsa Rosa” (I Want a Pink Purse).

The initiative offers a snapshot of the current landscape regarding women’s adoption of technology and money management. It’s a community effort, featuring actions to boost financial and economic literacy among women and challenge persistent gender stereotypes. It also aims to encourage all stakeholders to recognize the importance of the issue. It all begins with a few questions: What is the current level of financial literacy among women? How can we enhance women’s skills with money to promote autonomy and boost entrepreneurship? How do we listen to their needs and take real, tangible action against gender stereotypes that still dominate women’s financial experiences?
Because a more financially literate and empowered female community becomes a driver of growth for everyone.

More cautious and more savings-oriented
Let’s dive into the research conducted on a sample of 650 managers, entrepreneurs, and professionals. It highlights how women tend to show different financial behaviors than men in payment habits, investments, savings, household budgeting, and economic knowledge. Women are more careful about saving, more likely to track expenses and investments, more inclined to invest in retirement plans, and more accustomed to sharing financial management with partners, friends, or family members.

But here’s the catch: women are also less satisfied with their savings abilities compared to men and more likely to perceive their limited financial knowledge as a personal shortcoming, even though the numbers often tell a different story. It’s the imposter syndrome clouding women’s financial confidence: a psychological condition linked to low self-esteem that leads them to underestimate their financial competence.
Data show that 77% of women surveyed had invested in retirement plans in recent years, and 68% have a pension plan, compared to 57% of men, a striking 11-point difference. Yet 74% of women report dissatisfaction with their savings, versus 69% of men.

Financial decision-making among women is also more collaborative. A higher percentage manage accounts with the support of a partner or extended family. This isn’t just a sign of openness to sharing, it also reveals constraints that can result in gender-based financial abuse and reinforce stereotypes. Women are saving—but they feel it’s not enough. Imposter syndrome affects their perception of financial competence.
“What surprised me most about the research? Discovering that many women, even those in leadership roles—feel inadequate when it comes to finance,” says Chiara Romanelli of Banca Sella, in an interview on Sella Insights. “In a context where time and simplicity matter, the goal is to make finance feel like a close ally not something distant and complex.” The project involves dozens of Banca Sella employees and is aimed at a wide community. Its goal: to offer practical, accessible tools that support real-life financial decisions with confidence and security.

Gaps to bridge
This isn’t our first time focusing on financial literacy and female inclusion. A couple of years ago, we covered data from a study promoted by Università Cattolica of Milan and shared on Sella Insights.
Let’s start with the numbers—dramatic in their simplicity. Today, 1 in 3 women has no personal income, and only 1 in 20 has supplemental income. Financial advisors are also more likely to explain products and services in depth when speaking with men, rather than women. These bias fuel gender-based economic violence, forming a vicious cycle that’s difficult to break, something we aim to highlight in this article.
This bias must be overcome. But there’s more: Italy ranks second-to-last among G20 countries for financial literacy. Fewer than half of women pursue financial education compared to 65% of men.

Still, something must be done. Especially now that digital media are both gateways to financial resources and platforms for social interaction. “The gender gap in finance is visible to everyone both professionals and the general public—but so far, little has been done to implement real solutions to close it,” says Claudia Manzi, professor of Education Sciences and vice president of the Gender Equality Plan at Università Cattolica. “Our research shows the need for multifaceted intervention. First, we need to raise awareness—especially among professionals—about how gender stereotypes influence their work. We also need to develop communication strategies in financial education that target women more effectively, using less male-centric language.”

We often talk about gender-based violence, but only recently have we begun addressing financial violence. Yet the two are closely linked. “The economic sphere is one of the first areas where a woman may lose autonomy in a relationship,” Manzi explains. “Gender norms often lead women to delegate bureaucratic tasks, taxes, and money management to men, even highly educated women. Splitting duties in a couple isn’t inherently bad, but the problem arises when there’s a power imbalance or abuse, and the man uses his role to exert control over his partner.”

Starting with Gen Z
Let’s zoom out. Today, financial education is considered a new form of citizenship skill, looking toward those who will live, work, travel, and spend in the future. The goal is to help Gen Z understand how to manage money and it’s not unlike learning to drive a car. A fitting metaphor, especially for a generation that’s always on the move.

Giovanna Boggio Robutti, General Director of Feduf – a foundation created by the Italian Banking Association to promote financial literacy – hared this message with young people at the 2024 Salone dei Pagamenti: “You have to learn how to manage money, but once you do, it becomes second nature. Earning it may still be hard, but at least you’ll know how to use it wisely. Dear girls and boys, I have good news and bad news. The good news is that if you start managing your money early – just like you care for your health or your body – it’ll be much easier to have enough of it in the future. The bad news is that if you wait too long, you may face serious problems later in life when it might be too late to act. “For girls especially, financial education helps break down gender stereotypes that too often exclude women from household financial decision-making and limit their autonomy,” she adds. The message is aimed at all young women working to break the glass ceiling, starting with financial independence.

“Girls, there’s no reason you shouldn’t be able to earn like men, manage your household budget, and most importantly, manage your savings. Please know that you can do it and start now to build your independence and financial security.” We’re also talking about the sustainability of their future. But what does that mean exactly? “I think of pensions, which, due to aging populations and declining birth rates, will become smaller and less adequate. The solution is to start saving young. But if young people don’t know how, and their parents don’t either, what then? That’s one reason why financial education was introduced in schools. Because learning how to use money wisely is first and foremost a matter of sustainability, as well as democracy, equality, and both personal and social wealth,” says Boggio Robutti. What should we learn about money? Everything: how to use it, invest it, when and how to go into debt, how not to waste it on gambling or risky ventures, how to spend sustainably, and how to understand that money is a means to well-being, not the ultimate goal of life. “Saving should become a mindset,” she concludes. “And not just about money, but consumption too. What we buy, what we waste, what we want just because our friends have it, even if we don’t need it. Saving is an intelligent habit that everyone should develop.”
A collective challenge that touches our consciences. Because in how we manage money lies the possibility for a world that’s more just and more aware today and tomorrow.