Rethinking Work-Life Balance: Shifting Perspectives for Women

Economist Corrine Low emphasizes that understanding economic principles can guide us in defining our happiness and utility function. If you often feel your work-life balance is off-kilter and are struggling to manage work, home, and relationships, you're not alone. Many of us have faced this challenge, and the pressure to "have it all" persists even today. Striving for perfection in every area is not realistic.

Dr. Corrine Low, an economist from Wharton and the author of “Having It All: What Data Tells Us About Women’s Lives and Getting the Most Out of Yours,” recently joined a podcast to explore the myths surrounding work-life balance. Through her experiences and insights, she provides strategies to redefine success and reclaim control over our time, energy, and identities.

Understanding Work-Life Balance as an Economic Challenge

Podcast Host: You suggest that women should be recognized as economic agents. What does this entail, and where are we falling short?

Corinne Low: Many women have been influenced by feminism and popular business literature, leading them to believe that their primary goal is to achieve a successful career. However, from an economic standpoint, the true goal should be to maximize our utility. This means seeking deep satisfaction and meaning throughout our lives; work is merely a means to achieve that, not the end itself. Our jobs generate income, but they shouldn't define our identity.

This perspective allows women to prioritize what truly matters to them and to make informed decisions that align with their values.

Work-Life Balance: A Design Challenge with Solutions

Prioritize Time for Yourself

Corinne Low: Many people are familiar with the idea of "paying yourself first" in personal finance, meaning you save before covering other expenses. I encourage women to apply this concept to time management. Identify those activities that bring you the most joy and fulfillment and schedule them in your calendar like important meetings. Let everything else fit around these priorities.

Make Tough Decisions (and Let Go of Non-essentials)

Corinne Low: I refer to this as "throwing out your houseplants." We often feel obligated to maintain certain standards—like having well-kept plants—but sometimes, these obligations can become burdensome. With a busy life and children, I realized my plants were just sources of guilt. We need to assess what we truly need and what can be let go.

Reevaluate Your "Must-Haves"

Corinne Low: It’s essential to distinguish between real constraints and personal preferences. For instance, many mothers feel they must drive their kids to distant schools, believing it's non-negotiable. Yet, these decisions are often based on preferences rather than needs. Ask yourself: does your child truly require this, or would they benefit more from a relaxed and present parent?

Final Thoughts: Balance Means Choosing Priorities

Podcast Host: At times, difficult choices have to be made. Can you elaborate on that?

Corinne Low: I discuss the idea of outsourcing tasks, which involves deciding whether you should handle something yourself. Reflect on what truly deserves your time. Is it a meaningful pursuit, like volunteering, or is it merely adding clutter to your schedule? This reflection helps clarify your current priorities and what can be deferred.