Stop letting self-doubt hold you back. Discover your true power and confidence in the workplace, regardless of age.

For a time, the phrase “The Future Is Female” felt accurate. Research indicates that while men aged 55 and over have decreased their workforce participation, women over 55 have increased theirs, as detailed in an analysis by The Conference Board.

However, the landscape has changed. Recently, COVID-19 caused a more significant loss of jobs for women compared to men. Millions of women, particularly those over 50, faced layoffs or had to leave their positions to care for family members.

What comes next? We hope these women will regain their footing, but it’s crucial to recognize the marginalization older women often experience. Unlike men, they face ageism and frequently seek purpose and growth from their careers rather than just a paycheck. They have so much to contribute at this stage of their careers. So, how can we support them?

Bonnie discusses the unique challenges women over 50 face in proving their worth, despite their skills and experience. This issue isn’t new, but why does it persist in 2021?

Bonnie highlights common misconceptions about age in the workplace, explaining how these beliefs can hinder career advancement. “In corporate settings, the youth imperative is particularly strong for women. We suffer from gendered ageism that penalizes us in the workplace,” she notes.

Many women hesitate to draw attention to themselves in the workplace due to age discrimination, thinking staying under the radar is safer. Bonnie guides us on how to shift away from this mindset.

She also tackles what she calls “the myth of meritocracy” and how it has impeded ambitious women across various ages. Together with Jean, they discuss several self-limiting beliefs women may unknowingly hold.

Bonnie outlines seven essential actions women over 50 should take to highlight their value and maintain workplace confidence. These strategies apply to all women currently in or entering the workforce:

Recognize your own ageist beliefs.

Assert your ambitions.

Foster a growth mindset.

Build a strong professional network.

Champion yourself and others.

Share your thoughts and ideas.

Ensure you’re visible in your workplace.

Next, Jean and Kathryn answer a listener's question about balancing student loan payments with saving for emergencies, as well as prioritizing retirement accounts like Roth IRAs and HSAs. Lastly, they cover the $1,400 stimulus checks and answer FAQs about the new stimulus plan.

Transcript

Bonnie Marcus: (00:01)
In the corporate landscape, the expectation for women to appear young is especially pronounced. We endure gendered ageism, which is more evident in our professional lives.

Jean Chatzky: (00:29)
This episode is brought to you by Fidelity Investments, celebrating Women’s History Month with virtual events aimed at fostering a better financial future. Learn more at Fidelity.com/HerMoney.

Jean Chatzky: (00:47)
I’m Jean Chatzky. Thanks for joining me today. We’re recording this just after International Women’s Day, and you’re likely listening during Women’s History Month. While “the future is female” once felt like a reality, we’re now seeing a concerning trend. This past year, women, especially those over 50, have lost more jobs than men due to COVID. Many have had to leave jobs they enjoyed or were laid off.

What does the future hold? We hope these women will reclaim their roles, but we must recognize that for women over 50, work is often about purpose and growth, not just income. Too often, they feel overlooked and struggle with confidence. Ironically, they have more to offer than ever. What can we do to change this?

Bonnie Marcus is a former CEO and host of the podcast, Badass Women at Any Age. She authored The Politics of Promotion: How High Achieving Women Get Ahead and Stay Ahead. Her upcoming book is titled Not Done Yet: How Women Over 50 Regain Their Confidence and Claim Their Workplace Power. Welcome, Bonnie!

Bonnie Marcus: (02:45)
Thanks for having me, Jean!

Jean Chatzky: (02:48)
What inspired you to write this book?

Bonnie Marcus: (02:52)
As an executive coach, I worked with a client, a 58-year-old attorney at a major tech firm. Despite her strong contributions, she noticed she was excluded from meetings and her workload was reassigned. This wasn’t about her talent; she was the oldest in her department. My research revealed this troubling trend of gendered ageism that’s often overlooked.

Jean Chatzky: (04:53)
It's interesting to hear that we sometimes internalize ageist beliefs ourselves. Can you elaborate?

Bonnie Marcus: (05:08)
Absolutely. Many ageist beliefs are so ingrained that we don’t even notice them. We must reflect on these beliefs as they can sabotage our success. If we feel too old to compete, we might hesitate to share our ideas or participate in projects. Many women feel pressured to look youthful, sometimes resorting to cosmetic procedures just to keep up.

Jean Chatzky: (07:35)
So, how do we address these assumptions?

Bonnie Marcus: (07:51)
It’s about acknowledging these limiting beliefs. We may never fully eliminate them, but we can learn to focus on our strengths and achievements instead. Recognizing our value is crucial.

Jean Chatzky: (08:41)
Can you elaborate on the myth of meritocracy?

Bonnie Marcus: (08:52)
In my early career, I was passed over for a promotion despite being a top performer. It taught me that success requires understanding more than just hard work; it’s about navigating workplace dynamics and building relationships.

Jean Chatzky: (09:55)
How can one grasp those dynamics?

Bonnie Marcus: (09:59)
Observe the rules within your organization, both formal and informal. Understanding what truly drives success can help you position yourself effectively.

Jean Chatzky: (10:54)
This advice applies to all women, not just those over 50.

Bonnie Marcus: (11:12)
Agreed. Don’t wait until you’re 50 to build a network or have discussions with your manager about your career path. Staying current with your skills and creating a visibility plan is vital.

Jean Chatzky: (12:10)
What surprising findings did you uncover while writing?

Bonnie Marcus: (13:11)
The extent of gendered ageism is staggering. Many women feel ashamed to share their experiences, akin to the silence surrounding the Me Too movement. It’s a similar struggle.

Jean Chatzky: (14:52)
It’s disheartening to hear that age-related issues still persist.

Bonnie Marcus: (15:24)
In corporate environments, the pressure to appear youthful is pronounced. Women face significant bias that can undermine their confidence.

Jean Chatzky: (16:51)
How does appearance factor into this discussion?

Bonnie Marcus: (17:14)
There’s no judgment in wanting to enhance your appearance if it boosts your confidence. Many women, including public figures like Jane Fonda, opt for cosmetic procedures to maintain their careers.

Jean Chatzky: (17:59)
If it's for personal satisfaction, that’s one thing. If it’s to fit into the job market, that’s a systemic issue.

Bonnie Marcus: (20:30)
We need to support and uplift other women, sharing our experiences and networks.

Jean Chatzky: (21:24)
Thank you, Bonnie, for sharing your insights today.

Bonnie Marcus: (21:28)
Thanks for having me!

Jean Chatzky: (21:30)
Now, let’s move on to Kathryn and the mailbag.

Jean Chatzky: (21:39)
Joining me now is Kathryn Tuggle for your mailbag segment. Hi, Kathryn!

Kathryn Tuggle: (21:45)
Hey Jean! Thanks for the insightful discussion with Bonnie.

Jean Chatzky: (21:52)
I agree! The advice is valuable for women of all ages, not just those over 50.

Kathryn Tuggle: (22:18)
We’re all aware of aging, and we want to be prepared.

Jean Chatzky: (22:40)
Absolutely. Let’s address our mailbag questions.

Kathryn Tuggle: (22:45)
Our first question comes from Jasmine. She writes, "Hello Jean and Kathryn, I’m 31 years old with $50,000 in student loans, $6,000 in savings, and $2,000 in a 403b. I want to pay off my student loans but also consider saving for emergencies. What’s your advice?"

Jean Chatzky: (23:20)
Jasmine, your instincts are sound. Without full details, I’d suggest focusing on your emergency fund while considering your student loans. If they’re federal, payments are paused, which allows you to bolster your savings. Aim for three months' worth of expenses before tackling loans.

Kathryn Tuggle: (26:33)
Great advice, Jean. Building that emergency fund is crucial.

Jean Chatzky: (31:29)
Let’s move on to Claire’s question. She writes, "Hi Jean, I’m 35 with a solid retirement savings mix. I can max out my 401k, but I’m phasing out of Roth IRA contributions. What’s my best next step for my bonus?"

Jean Chatzky: (27:51)
Claire, you’re in great shape! Consider a backdoor Roth IRA conversion and also contribute to your HSA. Both options provide significant tax advantages for your retirement.

Kathryn Tuggle: (31:18)
Great advice, Jean. Claire is in a solid position.

Jean Chatzky: (31:54)
In today's thrive, let’s discuss the American Rescue Plan. This $1.9 trillion plan includes significant stimulus checks and extended unemployment benefits.

Jean Chatzky: (35:11)
Thank you for listening today. We appreciate Bonnie's insights on how women over 50 can reclaim their workplace confidence. If you enjoyed our discussion, consider subscribing to our podcast. We record from CDM Sound Studios, with music by Video Helper. Talk to you soon!