If women ruled the world... | Rebecca Robertson | TEDxFolkestone
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0:12 - 0:14Good morning! How are we all?
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0:16 - 0:17So,
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0:17 - 0:21I'm here today to talk you about something
that I'm very, very passionate about. -
0:21 - 0:23But it's not about me,
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0:23 - 0:26it's about the people that I come across
in my day-to-day job. -
0:26 - 0:29And I'd like to tell you a story
about a lady called Catherine. -
0:29 - 0:33So Catherine was very much
like many women that I come across. -
0:33 - 0:35She was in her 50s
-
0:35 - 0:38and around 10 to 15 years
away from retirement. -
0:38 - 0:43She spent a long time in her career
working very hard doing two jobs -
0:43 - 0:45and looking after her young child,
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0:45 - 0:47who at that time was now 23.
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0:48 - 0:50Imagine you'd worked that hard
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0:50 - 0:52and then the bank was writing to you,
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0:52 - 0:55telling you you had to sell your home
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0:55 - 0:56and you had to move out
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0:57 - 0:59within the next year.
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1:00 - 1:02You put it off, and you put it off,
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1:02 - 1:06and that date just got closer and closer.
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1:06 - 1:09The home that you'd lovingly built
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1:09 - 1:11and put all your beautiful
possessions around -
1:11 - 1:15and painted the walls
and decorated as you wished - -
1:15 - 1:17you were being told
it was no longer your home -
1:17 - 1:19and you had to sell it
and you had to move out, -
1:19 - 1:22and you didn't know
where you were going to go. -
1:22 - 1:26It's a pretty scary situation,
I think you'd agree, -
1:26 - 1:28and it's not something
I certainly would want -
1:28 - 1:30for me or my family
or anyone that I know. -
1:30 - 1:34But it's a situation that I see
a lot of women come across. -
1:34 - 1:36So this leaves me
to ask the question 'Why?' -
1:36 - 1:40Why are we in that sort of situation
where this is happening quite a lot? -
1:41 - 1:43So I started to do
a little bit of research. -
1:44 - 1:49Men in their 30s are 60% more likely
to have savings than women. -
1:52 - 1:54Women in their 50s -
-
1:54 - 2:0070% of them are actually not feeling
that they're ready for retirement at all. -
2:01 - 2:03And women in their 20s -
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2:03 - 2:0554% of them
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2:05 - 2:09feel they don't even know where to start
when it comes to getting financial advice. -
2:10 - 2:11And that really resonated with me
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2:11 - 2:12and really shone through
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2:12 - 2:15from the examples
that I see in my day-to-day life. -
2:16 - 2:18So is this because women
are a little bit stupid -
2:18 - 2:20or not that clever?
-
2:21 - 2:22Uh...
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2:22 - 2:25no, I would totally not agree with that.
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2:25 - 2:27And actual fact,
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2:27 - 2:28women,
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2:28 - 2:30or young ladies,
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2:30 - 2:34are 10% more likely to get GCSE levels
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2:34 - 2:35higher than boys.
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2:35 - 2:36Sorry, boys.
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2:36 - 2:38And at university level,
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2:38 - 2:39(Clears throat)
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2:39 - 2:43ladies are 11% more likely
to go to university. -
2:44 - 2:47(Coughs) Excuse me, I've got
a very British cold coming on. -
2:47 - 2:48(Laughter)
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2:49 - 2:51So we're certainly, you know,
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2:51 - 2:54we're all equal opportunities,
we're all in the same boat, -
2:54 - 2:56so why is this happening?
-
2:56 - 2:58So it led me to look
at the education system itself, -
2:58 - 3:01and maybe that was going
to give me a few answers. -
3:01 - 3:03And after many years of campaigning,
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3:03 - 3:06the national curriculum, in 2016,
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3:06 - 3:08put into place at secondary school level
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3:08 - 3:10budgeting.
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3:10 - 3:13It's not quite a compulsory
section of the curriculum, -
3:13 - 3:17but it's something that all the children
would start now going through. -
3:17 - 3:19But budgeting is not really enough
-
3:19 - 3:22to explain how things
should really be in this world. -
3:22 - 3:24Does it explain compound interest
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3:24 - 3:25or how to buy your first home
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3:25 - 3:28or how credit card
interest rates are calculated -
3:28 - 3:31or how you save
and how you put money aside? -
3:31 - 3:32No, not really.
-
3:32 - 3:33It doesn't really do enough.
-
3:33 - 3:37We cannot rely on such a system
to educate our children. -
3:38 - 3:40Now let's think back when I was at school
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3:40 - 3:42and what that education looked like
when it came to maths. -
3:42 - 3:44We all remember
that questionnaire that said, -
3:44 - 3:48'Mary has two pound
and goes into the farmer shop. -
3:48 - 3:49(Laughter)
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3:49 - 3:53Apples cost 20p each,
and Mary wants to buy three apples. -
3:53 - 3:55How much change does she get?'
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3:55 - 3:57Like that really helps you with your money
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3:57 - 4:01and explains how you're meant
to save and spend your money. -
4:01 - 4:02Like, seriously.
-
4:02 - 4:03(Laughter)
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4:03 - 4:04So,
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4:04 - 4:06I stand here today
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4:07 - 4:09as an independent financial adviser
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4:09 - 4:13and the principal of my own
independent financial adviser firm, -
4:13 - 4:15which is something I'm very proud of.
-
4:15 - 4:18I'm a multi-award winning business owner,
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4:18 - 4:22and I have exams
in advanced financial planning. -
4:23 - 4:25However, I didn't go to university.
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4:25 - 4:27I left school at 15.
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4:27 - 4:31And let's just say I wasn't
one of the clever ones at school. -
4:31 - 4:34That's probably
the polite way of putting it. -
4:34 - 4:36And in actual fact -
-
4:36 - 4:38(Whispering) don't tell anyone -
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4:38 - 4:40(Quietly) I got an F in maths.
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4:40 - 4:42(Laughter)
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4:43 - 4:44It's very true.
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4:44 - 4:45However,
-
4:45 - 4:48if I can achieve such amazing things,
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4:48 - 4:50that doesn't dictate our story.
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4:50 - 4:52Our journeys and our stories,
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4:52 - 4:53where we start and where we are today,
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4:53 - 4:57is not necessarily what dictates
where we should be in the future. -
4:57 - 5:01I had to really dig deep
to change my story -
5:01 - 5:04and make a difference
for myself and my family's future. -
5:04 - 5:07And I know that everyone in this room
and anyone in this world -
5:07 - 5:10can do exactly the same thing.
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5:10 - 5:14So if the education system isn't really
what can give us all the answers, -
5:14 - 5:16what else should I look at?
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5:17 - 5:19Let's talk about salaries and money.
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5:19 - 5:25So 52% of women work part-time
compared to 13% of men. -
5:25 - 5:27We all pretty much know that, don't we?
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5:27 - 5:30That's sort of a bit of a given.
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5:30 - 5:31Now, when it comes to salaries,
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5:31 - 5:33men and women in their 20s
earn about equal, -
5:33 - 5:35earn around about the same amount.
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5:35 - 5:37But as they start to get older,
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5:37 - 5:39women in their 30s earn 13% less,
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5:39 - 5:43and by the time they're in their 50s,
they earn 16% less than men. -
5:44 - 5:46Now, there are big strides,
things happening with that, -
5:46 - 5:48and there are massive things
that are happening -
5:48 - 5:51all over the world
and globally around this, -
5:51 - 5:54but it's still, unfortunately,
the case as we are today. -
5:56 - 5:57So,
-
5:57 - 5:59when it comes to getting financial advice,
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5:59 - 6:04women have more or a bigger reason
to get financial advice. -
6:05 - 6:07We have bigger gaps in our employment,
-
6:07 - 6:10we have bigger gaps
in our pensions and our savings, -
6:10 - 6:13and that's not even mentioning
separating and having a divorce, -
6:13 - 6:17which has a massive
detrimental effect on women as well. -
6:17 - 6:20I've got an eight-month-old baby,
-
6:20 - 6:23so I will share with you
that whilst I was on maternity leave, -
6:23 - 6:27I had to take a step back
from my pension contributions. -
6:28 - 6:29That's something that I had to do
-
6:29 - 6:32because I couldn't afford
to run my business, -
6:32 - 6:33pay my bills,
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6:33 - 6:36and pay myself enough money,
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6:36 - 6:39and pay into my pension contribution.
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6:39 - 6:41Now, that was only a short period of time.
-
6:41 - 6:44But even myself being as I am
and the qualifications that I had, -
6:44 - 6:46I had to really think that through,
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6:46 - 6:51and I really had to make
a positive decision around those elements. -
6:52 - 6:54Having said all of this,
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6:54 - 6:56only 7% of women
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6:56 - 6:59will be more likely to go and get
financial advice for their retirement, -
6:59 - 7:03even though we have a more
justified reason to need to go and get it. -
7:03 - 7:07So that led me to think about
the financial services industry in itself, -
7:07 - 7:10which I've been part of for 18 years.
-
7:11 - 7:13Now, the government
has done some great things, -
7:13 - 7:17and they put in place the mortgagor,
so the Money Advice Bureau, -
7:17 - 7:19which is a massive wealth of information.
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7:19 - 7:21And there's many websites out there
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7:21 - 7:23where people can go
to get financial advice. -
7:23 - 7:26But most of them, when it comes
to getting more specific advice -
7:26 - 7:29to really what my needs are
or how does that apply to me, -
7:29 - 7:32you're directed to
an independent financial adviser. -
7:33 - 7:34Now, because of regulation,
-
7:34 - 7:38there's something called RDR,
which is a Retail Distribution Review, -
7:38 - 7:42which was put in place by the regulators
of Financial Conduct Authority. -
7:42 - 7:46And they dictated how
those financial advisors charged clients. -
7:46 - 7:49Now, that meant that, unfortunately,
-
7:49 - 7:51a lot of independent financial advisers -
-
7:51 - 7:54because there's only
so many hours in a day - -
7:54 - 7:57they're looking for the money
that's going to make them the most money. -
7:57 - 7:58Okay?
-
7:58 - 8:00It's a fact of life.
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8:00 - 8:01Now, what that does mean
-
8:01 - 8:05is that they're all after
the same type of clients, -
8:05 - 8:09and it means that everyday people
that actually earn quite well -
8:09 - 8:11are getting overlooked
-
8:11 - 8:13and they're not getting
the advice that they need. -
8:15 - 8:19So this is all sort of very much
compounded in many different ways. -
8:21 - 8:25In the recession in 2008,
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8:25 - 8:291.3 million people were made unemployed.
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8:29 - 8:34And that was at a time
where our recession was at the highest, -
8:34 - 8:39and it was a point where the UK
debt levels were at its highest as well. -
8:39 - 8:42So if we look at all these sort of
massive compounding issues, -
8:42 - 8:44what is the solution?
-
8:44 - 8:48How can we sort of change this cycle
and really make a difference? -
8:49 - 8:52Now, I believe
that women are the answer. -
8:52 - 8:55Now, that doesn't mean
that they should spend less -
8:55 - 8:56and spend less on shoes,
-
8:56 - 8:59because, obviously, I like my shoes.
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8:59 - 9:02However, it is about making
the right financial decisions -
9:02 - 9:04at the right time for them.
-
9:04 - 9:07And with more women
looking after the household finances, -
9:07 - 9:09now is the time for those women
to step forward -
9:09 - 9:11and really make a difference -
-
9:11 - 9:14not only for their future
but their children's future. -
9:14 - 9:15Because I truly believe
-
9:15 - 9:22that the more women that make empowered
and educated financial decisions -
9:22 - 9:25and see the positive effect of that -
-
9:25 - 9:28so they're creating their own wealth
and they're growing their own legacy - -
9:28 - 9:31that they will then
share that with their children -
9:31 - 9:34and their children will share that
with their children's children. -
9:35 - 9:38And that, actually, the wealth
of society will be more spread -
9:39 - 9:43and that wealth won't necessarily
be just with the wealthy. -
9:44 - 9:47So shall I tell you a little bit
what happened to Catherine? -
9:47 - 9:49Yeah?
-
9:49 - 9:51So Catherine was in a situation
-
9:51 - 9:53where she potentially was having
to move out of her house -
9:53 - 9:57and really go into retirement
with no assets, no money in the bank. -
9:57 - 10:00Because with the rent levels,
if she moved out and rented, -
10:00 - 10:04that pot of money that she had left over
would dwindle really, really quickly, -
10:05 - 10:09which is not a great situation to be in
when you're coming to retirement, -
10:09 - 10:10because you've got the rent to pay
-
10:10 - 10:13and you don't necessarily
want to work enough -
10:13 - 10:15to have to pay
that large amount of rent. -
10:16 - 10:17Thankfully,
-
10:17 - 10:20what happened with Catherine
is she went through a really great process -
10:20 - 10:23and it was a huge learning curve for her.
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10:23 - 10:24But she didn't sell her home,
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10:24 - 10:26but she did move out.
-
10:26 - 10:27She moved out,
-
10:27 - 10:30and she rented it to another couple,
-
10:30 - 10:33and somebody else
paid her mortgage for her. -
10:33 - 10:36She remortgaged,
paying off the old bank, -
10:36 - 10:41and borrowed a little bit more
to buy a second property. -
10:41 - 10:44That second property she also rented out,
-
10:44 - 10:49and both assets gave her
an income that paid her rent. -
10:49 - 10:52So when she went into retirement,
-
10:52 - 10:53she was then in a position -
-
10:53 - 10:55actually, she had an income
-
10:55 - 10:57or she had options with her assets
-
10:57 - 10:59that she could either sell
-
10:59 - 11:02or move into one of them,
sell one of them. -
11:02 - 11:04It gave her options.
-
11:04 - 11:08And wealth and money isn't necessarily
about 'financial planning' - -
11:08 - 11:12it's actually about giving you
financial options in life. -
11:16 - 11:203.6 billion people
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11:20 - 11:25have the same wealth as eight men.
-
11:25 - 11:27I've got the right fingers up, haven't I?
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11:27 - 11:28Good.
-
11:28 - 11:30That was always a panic moment.
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11:32 - 11:34I'm just going to say that again:
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11:34 - 11:373.6 billion people in this world
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11:37 - 11:41have the same wealth as eight men.
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11:41 - 11:43That's half of the world, basically.
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11:43 - 11:47Imagine if those eight men
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11:47 - 11:48were eight women.
-
11:49 - 11:52What type of world or society
would we live in? -
11:53 - 11:57I feel that, possibly,
-
11:57 - 12:01that, actually, the world's wealth
would be more spread and more even, -
12:01 - 12:02and in actual fact
-
12:02 - 12:05that the world's wealth wouldn't just lie
with eight men or eight people - -
12:05 - 12:10it'd be with all kinds of people
from all kinds of work backgrounds, -
12:10 - 12:13different ethnic backgrounds,
different places in society, -
12:13 - 12:15and different points in life.
-
12:15 - 12:21I truly believe that being wealthy
isn't for just those who have wealth, -
12:21 - 12:25and in actual fact,
being wealthy is for all of us. -
12:25 - 12:27I encourage you all,
-
12:27 - 12:30if you are very empowered
with your money already -
12:30 - 12:32and you've got your thing together,
-
12:32 - 12:36that you reach out to those that need help
and help them along on their journey. -
12:36 - 12:37And equally,
-
12:37 - 12:41if you feel that you need help,
that you reach out for that help as well. -
12:41 - 12:45Because together, I really feel
that we all can make a difference. -
12:45 - 12:46Thank you very much.
-
12:46 - 12:47(Applause)
- Title:
- If women ruled the world... | Rebecca Robertson | TEDxFolkestone
- Description:
-
Imagine a world where everyone had the same money in the bank. Imagine a world where men and women were paid the same and they had the same financial opportunities. Imagine all children were given all the financial education they need to make the perfect financial decisions...
Rebecca Robertson is the award-winning founder of Evolution for Women, a website dedicated to giving women professional financial advice. She is a regular media commentator on financial planning, appearing on BBC Radio Kent, in The Independent's ‘Women in Finance’, and is a Huffington Post contributor. Rebecca is passionate about putting women firmly in control of their finances.
Evolution for Women was set up by Rebecca as her many years in financial services continually highlighted the gap between men and women when it came to understanding and managing finances.
Rebecca is also empowering women to take the lead in financial services, which is hugely male dominated, with all-female financial advisers growing and building their own successful businesses under the Evolution for Women brand.
In addition, Rebecca is also developing a suite of tools and online programmes designed for women to self-manage their finances competently and successfully.
This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx
- Video Language:
- English
- Team:
- closed TED
- Project:
- TEDxTalks
- Duration:
- 13:02
Rhonda Jacobs approved English subtitles for If women ruled the world... | Rebecca Robertson | TEDxFolkestone | ||
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Rhonda Jacobs edited English subtitles for If women ruled the world... | Rebecca Robertson | TEDxFolkestone | ||
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Eunice Tan edited English subtitles for If women ruled the world... | Rebecca Robertson | TEDxFolkestone | ||
Eunice Tan edited English subtitles for If women ruled the world... | Rebecca Robertson | TEDxFolkestone | ||
Eunice Tan edited English subtitles for If women ruled the world... | Rebecca Robertson | TEDxFolkestone | ||
Eunice Tan edited English subtitles for If women ruled the world... | Rebecca Robertson | TEDxFolkestone |