Nurturing Financial Wellness: Empowering Latina Women

In the realm of personal finance, the financial well-being of women, particularly Latinas, is a topic that demands attention. Despite the wage disparity that sees women, especially Latinas, earning less than their male counterparts, they exhibit a remarkable ability to manage money. There is not only inequality in income between men and women, but the financial acumen of women is not generally fostered. Thus, the significance of nurturing good money management habits, particularly among young Latinas in college is paramount.

Dominican University gave me the opportunity to develop a Financial Wellness Program that addresses the unique financial needs of its predominantly Hispanic or Latino student body. I proposed the concept in 2019-2020 and the Brennan School of Business at Dominican was so open to support such work and now it is a reality with three years of a track record. Here is why I spearheaded it:

Addressing the Wage Gap

A glaring issue in the financial landscape is the gender pay gap, and Latinas often find themselves disproportionately affected. According to data from the U.S. Bureau of Labor Statistics, Latinas earn only 57 cents for every dollar earned by white, non-Hispanic men (white females earn 83 cents). This stark income disparity underscores the challenges that women, especially Latina women, face in achieving financial wellness.

Despite this inequity, women are known for their prowess in financial management. Studies consistently show that women excel in areas such as budgeting, saving, and long-term planning. Latinas, in particular, wield substantial influence over household expenditures, often taking the lead in managing family finances.

The Role of Young Latinas in College

Empowering the next generation of Latinas with financial literacy is crucial. College serves as a pivotal stage for developing money management skills. It's imperative for young Latinas to comprehend the significance of budgeting, saving, and investing. Cultivating strong financial habits during college sets them on a path to long-term financial success.

Financial education programs and workshops can equip young Latinas with the knowledge and tools they need to navigate the financial world effectively. By learning about personal finance, budgeting, and investment strategies, they gain the confidence to take charge of their financial futures.

Dominican University's Financial Wellness Program

Dominican University, which has a diverse student body, has recognized the unique financial needs of its predominantly Hispanic or Latino female student body, comprising 46% of the full-time undergraduate programs. As mentioned, when the chance came up I committed to spearheading a program about financial literacy that later expanded to Financial Wellness to address these needs.

This program aims to provide students, with the necessary financial education and resources to bolster their financial well-being. It incorporates various pragmatic solutions to bolster students financial wellness by engaging them and ensuring that no one feels left behind in their pursuit of financial wellness. The program components include: tailored Financial workshops (online and in-person), bilingual resources (Spanish/English), peer coaching, and collaborative partnerships with local nonprofits and high school.

Getting back to my why programs like these are needed on college campuses, I believe in the importance of financial well-being of women, particularly Latinas, because it remains an issue marked by income disparity. Once young women are exposed to personal finance topics, their adeptness at managing money, combined with a solid financial education, will create awareness toward financial empowerment. With young Latinas at Dominican, we have a unique opportunity to nurture good financial habits that will lead to a more secure future.

Dominican University's Financial Wellness Program, has become a valuable initiative that demonstrates the commitment to addressing the financial needs of its diverse student body. By offering tailored resources and support, its paving the way for a more financially secure and equitable future for Hispanic students including Latina women, who are poised to be leaders in reshaping the financial landscape.

https://www.dom.edu/admission/graduate/business-programs/financial-wellness-du

Read an article about how financial literacy is a good predictor of how well families are doing financially and much more: https://lnkd.in/gG7_59ZU