Women’s History Month reminds us of many reasons to support women’s empowerment year-round. Financial empowerment is key to achieving true influence and independence. Yet, finances is a topic most people avoid discussing. After all, it is so personal and real. People may fear judgment for not knowing enough, making the wrong investment, overspending, or carrying that heavy load of debt we keep telling ourselves is under control. But open and honest conversations are an essential step toward financial freedom. With thoughtful guidance, it’s possible to navigate finances and credit effectively, leading to peace of mind and financial security.
This conversation, although focused on women, is important for everyone. Having confidence, support, and a true opportunity to reach individual goals is key to financial health and trickles into many other areas of our lives. Data reveals a significant disparity between men’s and women’s financial empowerment and security. Research shows women hold 55 cents in wealth for every dollar held by men. Women also carry credit card debt at higher rates (22%) than men (17%). These discrepancies are even greater for women of color. Furthermore, 59% of women live paycheck to paycheck, compared to 41% of men. Lastly, women are 43% more likely than men to list a career break in their LinkedIn profiles. We could go on and on, but these statistics paint a clear picture of the financial challenges women face.
Women work hard. They pursue degrees, hold jobs, and raise families. Some choose not to raise families and are often the financial decision-makers for their households. At Arvest, our Associate Impact Groups (AIGs) are associate-run organizations open to all associates and focus on specific community niches. In honor of Women’s History Month, we’ve asked our Women of Work (WOW) AIG leaders to share financial empowerment thoughts they would tell their 25-year-old selves. Here is what they shared!
“You don’t have to wait till you are able to put a lot of money back to start your retirement. Start with what you can.”
WOW AIG Leader
“It’s ok to start over and it gets better.”
Jalissa, WOW AIG Leader
“Save More! Spend Less!”
Mary
“It is never too early to start! I recommend starting a Roth 401(k) account as soon as possible! Overall we need to be intentional about money-making decisions. Yes, we can buy things but we can also set up our future for success and give you stability.”
Nicole
It is true that systemic elements contribute to barriers women face as it pertains to finances. What is most important is how we respond and support each other. We are proud of our WOW Associate Impact Group and support the goals of sharing financial empowerment with everyone to equip strong personal financial management and money decisions. We know every situation is different and want to provide specific tips to consider:
- Begin an emergency fund – The feeling of empowerment begins by knowing you have a safety net if needed. No matter how small your fund may start, continue with it.
- Meet with a financial advisor – You don’t have to have a specific amount to meet with someone. Start now. Start where you are. If an “advisor” feels way out of reach, start by sharing your goals with your banker and letting them guide you to the right person to talk to.
- Share what you learn with others – You are a trusted leader for your family and friend circles. Help others believe in their empowerment, too.
A more meaningful discussion can be had with your financial advisor. These are tips, not financial advice. Happy Women’s History Month! We believe in your financial empowerment and freedom.
#TogetherWeThrive