While International Women’s Day on March 8th celebrates incredible female achievements, it also shines a light on the financial hurdles women still face. Persistent gender inequalities and societal expectations create complex challenges.
One example is that women still earn less than men in every state. In 2022, women earned 17% less than men and in 2019 women owned only 32 cents for every dollar owned by men.[1][2]
Another challenge beyond the pay gap are expectations put on women for childcare or eldercare that can impact career trajectories and retirement contributions. This challenge could cause women to be more financially dependent, leading to a lack of financial literacy and confidence.
So, what can women do? We recommend starting with these four actions:
- Gain Financial Education: Knowledge is power! Prioritizing financial literacy through workshops, online resources, and mentorship programs equips women with the knowledge and confidence to make informed decisions.
- Start Planning Early: Starting early with saving and investing, even in small amounts, can reap significant benefits over time. Utilizing your individual retirement plan and employer-sponsored benefits is crucial.
- Negotiate and Advocate: Negotiating salaries, promotions, and childcare options empowers women to close the pay gap and gain control of their career paths. Make sure to ask for what you are worth!
- Build Support Networks: Sharing experiences and challenges with other women through groups, forums, or professional networks fosters solidarity and collective knowledge sharing. For an extra level of support, find a financial advisor that is interested in your needs and cares deeply about your financial success.
Despite the financial challenges women face, we can actively pave our own path toward financial empowerment. Through education, proactive planning, and a growing sense of community, we are building a brighter future, one dollar at a time.
[1] https://www.forbes.com/advisor/business/gender-pay-gap-statistics/#sources_section
[2] https://hbr.org/2019/10/closing-the-gender-wealth-gap
Information in this material is for general information only and not intended as investment, tax, or legal advice. Please consult the appropriate professionals for specific information regarding your individual situation prior to making any financial decision. Email me your questions at info@financialfreedomwmg.com or call/text (458) 777-4458. You can also post your question on our Facebook page: https://www.facebook.com/FinancialFreedomWealthManagementGroup or find us on Instagram@financialfreedomwmg.
