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  • Writer's pictureElizabeth Schwartz

Fierce Finances: Empowering Women to Conquer the Economic Battlefield

In an era where women continue to break barriers and redefine societal roles, the importance of #financialliteracy for women cannot be overstated. Financial literacy, similar to when one is able to read a book (aka literate), consists of having the skills to be able to read and understand all things money related. It provides women with the knowledge and skills needed to make informed decisions about their finances, and it is 100% necessary for women to be financially literate. I'll uncover why coming up!

Independence and Empowerment:

Data consistently reveals a gender wage gap, with women earning less than their male counterparts for similar roles. According to the World Economic Forum's Global Gender Gap Report, as of 2020, women were earning 16% less than men globally, and some reports have seen women earn from a range of $0.78-0.82 cents per every $1 a man earns! Financial literacy equips women with negotiation skills and financial management tools to bridge this gap, empowering them to advocate for equal pay, which we sure as h*ll need and deserve :)

Overcoming the Gender Wealth Gap:

The gender investment gap is a stark reality that financial literacy can address. Most women have never even heard of the #wealthgap - only the #genderwagegap but let me tell you, it is REAL and it is actually one of the main reasons women feel left behind financially. Studies, such as those conducted by the National Bureau of Economic Research, indicate that women tend to invest less in the stock market than men, leading to a wealth gap over their lifetime. Men tend to live on average 8 years longer than women, not to mention that 55% of marriages end in divorce, which means women will be forced to gain this knowledge at one point or another. It's better to learn while under peaceful circumstances than stressful. Investing earlier on in our careers will close the wealth gap and allow women to enter mid-later life with more peace.

Navigating Life Transitions:

Life transitions such as marriage, divorce, childbirth, and caretaking responsibilities have profound financial implications. Data from studies, including the Institute for Women’s Policy Research, indicates that taking time off work for maternity leave or to care for family can impact women's career trajectories and earning potential. I mean, how often do you see men taking 3-12 months off to raise a baby? What about to care for an elderly family member? Financial literacy becomes a crucial tool for navigating these transitions, as informed decision-making can mitigate financial challenges and ensure women maintain stability during these significant life changes


Retirement Planning:

Women's longer life expectancy underscores the importance of retirement planning. According to the National Institute on Retirement Security, women are 80% more likely than men to be impoverished at age 65 and older. Preparing for this in women's younger years allows them to avoid these challenges in older years :) Financial literacy helps women optimize retirement savings, navigate pension plans, and make informed investment decisions, ensuring a secure financial future.

The call for women's financial literacy is not just about empowerment; even though, it totally is part of it! It's about dismantling systemic barriers supported by compelling data on gender wage gaps, investment disparities, and the impact of life transitions that significantly weigh heavier on women than men. By promoting financial literacy, we empower women to challenge and overcome these obstacles, fostering a future where financial equality is a reality for all.

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