Those Leading the Way in Female Financial Literacy.
In an era where women are taking charge of their financial independence, a remarkable wave of female-led initiatives are empowering them to enhance their understanding of what it means to be financially literate. These organisations, platforms, and advocates are equipping women with the knowledge and tools to build real wealth, break free from debt, and create a secure future. Women now more than ever have the opportunities to gain financial strength, and independence, making the best-informed financial decisions of their life. As they should.
Believe The Stats
The financial landscape is definitely evolving. And, women are playing a significant role in this transformation. Almost a third of the world's wealth is now controlled by women, and in 2023, women globally are projected to be worth $93 trillion. However, 69% of women still feel financially stretched, which highlights the need for continued efforts to enhance financial literacy and empower women to take control of their finances.
The Rise of Empowering Platforms - Clever Girl, Financial Gym, Your Juno
Clever Girl Finance, founded by Bola Sokunbi, is a widely trusted financial education platform that helps women become accountable, eliminate debt, save money, and build lasting wealth. Through free courses, including topics like student debt management, home buying, and entrepreneurship, Clever Girl Finance offers accessible tools accompanied by worksheets and budgeting tools. Additionally, the Clever Girl Knows podcast serves as a source of more information and inspiration, featuring conversations with women at various stages of their financial journey.
For those seeking a personalised approach, the women-founded Financial Gym offers financial literacy programs in a unique personal training format. Catering to individual savings goals and money matters such as buying a home, managing credit cards, and debt repayment, Financial Gym provides one-on-one coaching and support. This format offers a refreshing change from the often-isolating process of financial skill building, ensuring women receive tailored guidance on their financial journey.
Your Juno, an innovative app founded by sisters Alexia and Margot de Broglie, has made it their mission to "unlearn" outdated gender norms by providing a relevant perspective on financial education. Offering lessons at the user's own pace, Your Juno covers a range of financial topics, including budgeting, investing, and webinars focused on self-employment and proactive investment planning. With a format reminiscent of Duolingo, this app presents an engaging and tailored approach to building financial literacy.
Prioritise and Challenge
In recent years, studies have shown that women have started prioritising health and happiness as their top concerns, with an increasing emphasis on overall well-being. However, this shift in priorities should not overshadow the importance of financial security. It is crucial for women to balance health, happiness, and financial independence to ensure a secure future. One challenge women face is the significant gender disparity in pension savings. The average pension pot of a 60-year-old woman is only one-third of a men at the same age. Stereotypically, women are told to prioritise, say, their children's education and care over their own financial future. Of course they can give money to their kid’s education, but we must also recognise the value of saving for retirement early on and seeking professional advice on long-term financial planning.
The Impact of Female Investors
As women accumulate wealth, they aspire to utilise it to create a better tomorrow. Statistically speaking, nearly nine out of ten women believe that businesses and investments should be made in socially responsible areas that do not exploit women or disadvantaged communities, emphasising the importance of socially and environmentally responsible investing. Women are poised to make a significant impact by investing in companies that align with their values and support positive change. Experts in the field stress the importance of taking stock of current income, assets, and liabilities. By mapping out detailed and realistic financial goals, women are better positioned to seek trusted advice and take specific actions to achieve these goals. Anna Boden, CEO and Founder of Starling Bank, emphasises (in an interview with Forbes) the significance of building a rainy-day fund into planned spending, regardless of the amount. Careful planning increases the likelihood of future financial security. She also addresses the deeply entrenched ideas about gender roles and their impact on financial opportunities. Challenging these ideas is crucial for women to break free from limiting beliefs and thrive in the financial realm.
The Power of Educational Content and Community Support
Jessica Peltz-Zatulove, co-founder of Women in VC, highlights the importance of accessible educational content, such as MoneyGirls, the Uptick, and investing platforms like Stash, with no minimum investment requirements. These resources play a pivotal role in making financial literacy accessible to women.
Organisations like Girls That Invest and HerFirst100k provide valuable resources and foster awareness, allowing women to explore and expand their financial knowledge. They also run masterclasses and podcasts that directly connect with their female audiences. Simran Kaur, Sonya Gupthan and the Girls That invest team also have a weekly newsletter that analyses the weekly stick market info. It’s the Galene team personal weekly read. By flexing the muscle of financial literacy, women can overcome fear, overwhelm, and intimidation associated with investing.
The empowering initiatives, platforms, and individuals mentioned above are really leading the way into the era of female financial literacy. With the growing wealth controlled by women and the increasing value placed on health and happiness, you have a unique opportunity to shape your financial future, more than you ever have before as a woman. By leveraging these resources and taking charge of their financial well-being, you can create a better tomorrow for yourself, your communities, and the world. Together, women are redefining financial norms and embracing the power of financial independence.
