Six Ways Women Can Support Each Other’s Finances and Careers Beyond Women’s History Month?

It’s no secret that the events of the past three years have had an outsized impact on women. From the persistent gender wealth gap, to the burden of caregiving, to the more recent impacts of inflation, women are being challenged to adjust and adapt, and it hasn’t been easy. As a working mom and dual-generation caregiver, I feel it myself and see it firsthand with women across my personal and professional network. Sometimes it can feel insurmountable, and I know we put a lot of pressure on ourselves to navigate these challenges alone.  

As I reflect on the past month, I have been so inspired by the resiliency of the women around me in the face of those hardships. What has stood out most is how we continue to step up and support each other, which is more important now than ever.  In a recent survey we ran in recognition of Women’s History Month, over half (56%) of women said they have supported another woman with her finances or career in the past year. Younger generations are really leading the charge here, with 80% of Gen Z women and 72% of Millennial women lending a hand to other women. 

I have the privilege of watching this happen firsthand at Fidelity as well. Our Women Talk Money community has tripled in size over the past year, indicating that women are eager to connect with and learn from each other, and more than six in ten of our community members say they’re more inclined to talk about money with others since joining. What a great testament to the power of women supporting women! 

And just because Women’s History Month is over, that doesn’t mean we stop supporting each other. Now is a great time to think about how we can help each other now and into the future, particularly when it comes to our finances, careers, caregiving, and whatever comes next! I often get questions about how to start, so here are some of my favorite ways to help support the women in your life:  

Tell your own story and be vulnerable  

Being willing to discuss taboo topics like your earnings history, career struggles and successes, and money mistakes can help other women feel comfortable asking for help to their own challenges. This is also a great first step if you’re still on your own financial literacy journey and don’t feel comfortable offering advice. Just knowing that other women are in a similar position can be enough to encourage someone to take action.  

This also helps combat the harmful misconception that we can and should “do it all.” 74% of the women we surveyed agreed that being open about their support system is an important step in setting more realistic expectations for fellow women.  

Ask about their financial goals and encourage them to take next steps 

Our research found women’s top concerns are inflation/the cost of living (85%) and not having enough saved for emergencies (76%). Members of our Women Talk Money community have also been talking a lot about how to manage the expense of caregiving for children and aging loved ones, which has been front and center since the beginning of the pandemic. Given these challenges, many women are taking steps to get a better handle on their finances, such as adjusting spending habits (44%), being more open about money (38%), and paying down debt (35%).  

If the women in your life are working toward financial goals like these, there are many ways to support them. If someone doesn’t know how to set up a budget, helping her is a good place to start. If she’s just starting to save, encourage her to reach out to a financial professional who can point her in the right direction. Shameless plug alert – this is free at Fidelity! We have an amazing team of representatives who can help you with anything from day-to-day budgeting to planning for life expenses and retirement.  

Help women advocate for themselves in the workplace (and pinch hit when needed) 

Encourage the women in your life to ask for what they want when negotiating their compensation package, whether it’s the flexibility to work from home, paid leave, or help in affording childcare. If you’re in a position to, also look for opportunities to advocate for the women around you. Celebrate each other's wins, give credit where credit is due, and publicly recognize good work.  

And if you’re not already doing these things for yourself, this is a good reminder to advocate for yourself as well! If you tuned into our amazing Women Talk Money discussion with Venus Williams, you’ll know that this is something she emphasized as well – know your worth, bet on yourself, and pay that forward to the other women in your life! 

Help them get a better job 

Work continues to be a major stressor for women, with 85% of us feeling some sort of stress from work. Sometimes, finding a new job that better accommodates your needs can make a world of difference. Fidelity’s 2022 Career Assessment Study found that on average, the classes of ‘22 and ‘23 reported that they would be willing to stay at the first job that aligns with their career goals for 11 years.  

You can help the women around you find the right job and advance by letting them know you are willing to act as a reference for a job or prepare for an interview. You could even set aside some time one day to write LinkedIn endorsements for women in your network. Volunteering to be a second set of eyes on a resume, helping them do a “mock” interview, or acting as a reference can make a huge impact, not just practically but by letting them know there is someone in their corner.  

Your knowledge is valuable – share it!  

Women at all stages of their careers value mentorship, both financially and on a personal level—but many professionals don’t know how to find a mentor. Mentorship and support from peers can be especially helpful for women who want to learn more about finances. Our study found that most women (55%) prefer to learn about money from other women. This is especially true among younger women, with 66% of Gen Z and Millennials expressing this sentiment. It’s critically important for women to share their stories and learnings from experiences that defined their financial journeys or careers – it can go such a long way for someone who is currently in that position.   

Start early and uplift the next generation 

It’s never too early to start talking about money with other women! Our research shows that teen girls are less likely to feel confident about money than teen boys, which could be due to teen girls having fewer conversations about money with adults in their lives. We know teen girls are eager to learn more, so if you have young girls in your life, try to make it a point to discuss your finances and career with them. This is a great way to continue breaking down those barriers and make sure that future generations of women are more comfortable and confident talking about these subjects. 

Ultimately, there are many ways that women can help each other, whether it’s through a 10-minute conversation about finances or a mentoring relationship that lasts for years. Once you take the first step, you’ll be surprised at how much impact you can have.  

I'd love to hear from you – what steps are you taking to carry the momentum of Women’s History Month into the rest of the year? Drop your plans in the comments to inspire others! 

About Fidelity’s 2023 Women’s History Month Study 

Fidelity’s 2023 Women’s History Month study was conducted among a national sample of 3,747 U.S. adults ages 18+ and 1,005 teens ages 13-17 to gather insights into how adult and teens are taking action and supporting others when it comes to their finances. This survey was conducted January 3-12, 2023. 

Fidelity also surveyed members of the Women Talk Money community in mid-January 2023. The study was designed to understand their current emotions surrounding money and how Women Talk Money has influenced their financial knowledge or financial well-being. 

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