I was recently on the panel to discuss this very important topic with the fellow amazing ladies. According to the report by GFLEC, in the developed countries, UK, Canada, Germany, and The Netherlands have the highest gender literacy gap rate. Financial literacy on its own is lowest in women, the young and the elderly. These are the most vulnerable people. Low levels of financial knowledge have far-reaching consequences, because financial literacy can be linked to important financial decisions. Moreover, women face unique financial challenges due to lower income during their working lives, interrupted employment histories, and longer life expectancies than men. Thus, improving women’s financial literacy is key to promoting their financial security.
Despite the fact that women are, in general, more educated and making more money than ever before, a majority of women wish that they could feel more financially secure. Financial literacy goes beyond saving money in the bank: Don’t procrastinate. Be proactive and don’t be afraid to talk about money with your boss, your partner and family. Finding ways to invest, sooner rather than later, gives your money time to grow and empowers your future.
My question to you all is when do you make a decision on how you will use everything you have been given to serve that which is greater than yourself to empower yourself and to make impact on others?