#BigIdeas2019: Society will do more to help women achieve financial success

In 2019, I predict that parents, educators and policymakers will do more to help women achieve financial success by making financial literacy a bigger priority at home, at school and in the workplace.

This year, I was shocked and disappointed to discover that despite displaying more financial grit, modern millennial women are still falling behind men when it comes to their ability to achieve financial independence and build wealth according to our financial literacy survey. Furthermore, the World Economic Forum’s recent Global Gender Gap report revealed that at the rate we’re going, it will take 202 years to close the global gender economic gap in its totality. As a society, I know we can do better and it’s time for a change.

While young boys are often taught the fundamentals of sophisticated financial habits like saving, borrowing and investing, too often girls are only taught about everyday money matters such as managing family finances, so it’s important they’re taught the same financial concepts equally. We must also teach young women to advocate for themselves, but also encourage their male counterparts to be mentors and supporters. Here are some other ways we can begin to affect systemic change and level the playing field:

• As parents, we can make sure household responsibilities are shared equally and allowances and compensation for paid chores are fair and equitable.
• Beyond that, we should also treat our children as individuals and be aware that even in the same household, different kids may need different guidance.
• Even before your daughter, sister, niece or granddaughter enters the workforce, have an open and honest conversation about the wage gap and other potential inequalities to help her become her own advocate and feel confident negotiating terms and salary.
• Finally, it’s important we do our best to teach, mentor and guide all the young people in our lives to make the most of their financial capabilities. Living below your means, being wise about credit and debt, getting started early on retirement savings with an IRA or 401(k), realizing the power of long-term investing to grow wealth—all of these concepts are the building blocks of a secure financial future for everyone.

So, as we head into the new year, I challenge parents, educators and employers alike to do your part in helping women achieve financial success in 2019 and beyond. #BigIdeas2019 

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