Women & Wealth: How To Empower Women For Financial Success

Photo by Christina @ wocintechchat.com on Unsplash

In the 1960s, American women were first allowed to hold a bank account without their husband’s permission. The centuries preceding the sixties made it difficult for women to maintain independent careers, own property, and accumulate wealth. It’s no surprise that this inequality didn’t just go away with the last 100 years of progress. 

This history of disadvantages leaves many women lacking access to financial education, resources, and confidence. In fact, one-third of women’s financial literacy gap is attributed to a lack of confidence — not an actual gap in knowledge. 

This discrepancy begins in childhood. Boys earn twice as much in allowance as girls, and when they grow up the wage gap pays women just $0.82 to every dollar a man makes. This is so significant that women would have to work an extra 44 days each year to make as much as a man in the same position. 

So how do we even the playing field and set women up for financial success

Build Classroom Confidence

Gender roles and a divide in money confidence begin in childhood, so building representation and financial literacy should start at the same time. Whether you’re a teacher or a parent, here are a few ways you can support financial literacy in the classroom:

  • Invite professional women to present to your class
  • Highlight role models with different gender identities, races, and cultures in all of your lessons
  • Volunteer to discuss your career and challenges with a classroom
  • Teach children how to set their own financial goals and build confidence
  • Celebrate learning from losses to promote problem-solving skills

Support Equality at Work

For many workplaces, talking money is still taboo. Ultimately, work is where our wealth comes from and transparency is key to equality. Here are some ways you can promote equality at work:

  • Provide access to training and professional development
  • Audit pay and promotion processes to catch biases
  • Begin mentorship programs to help women advance at work
  • Create diversity goals for leadership positions

Stay Active in Your Community

Advocating for financial equality doesn’t end in your office. There are plenty of ways you can support women and wealth so you can find a way to stay active that fits your lifestyle. 

  • Search local organizations for professional development, education, or mentorship
  • Give back and share your experiences
  • Listen and learn from the different experiences of other women
  • Donate time or money to local organizations you align with
  • Facilitate open and honest conversations at home
  • Stay engaged and knowledgeable about women and wealth

We’ve made huge strides in women’s financial opportunities and literacy over the last several decades. Just between 2014–2019 women-owned businesses grew 21 percent, and there are more resources than ever to support female entrepreneurs. 

It takes time to unwind centuries of inequality, and everyone plays an important role in advocating for equality and giving back to the community. Check out your local organizations and read up on ways you can empower women’s wealth. Take a look at the infographic below for more ideas, created by Possiblefinance.com.

href=’https://www.possiblefinance.com/blog/women-and-money/’>Women and Money

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