Studies show that women still earn less money than men for the same work. Since the signing of the Equal Pay Act and the Lilly Ledbetter Fair Pay Act, the disparity has shrunk from 59 cents to 77 cents for every dollar a man earns. The wage gap is still a problem!
If that wasn't bad enough news, the recent recession forced many Americans to worry about saving and making money. But how? According to a 2012 Financial Finesse report, the gender gap in financial literacy and planning is continuing to widen. The widening gap poses a big problem because ninety percent of women will become solely responsible for their financial well-being at some stage in their lives. My mother falls in the category of ninety percent of women where making the best financial decisions were challenging. That still isn't good enough.
My father was the sole breadwinner responsible for the financial decisions of our household. My mother took over the financial decisions for our family after my parents separated. She had to raise four children by herself, work two jobs and manage whatever money she had left after the bills were paid. I don't believe my experience is unique as there are many women in similar situations. Closing the financial literacy gender gap is an important cause to me and others like Stacy Francis, the founder of New York City based wealth management firm, Francis Financial, Inc. She is a Certified Financial Planner and Certified Divorce Financial Analysis. Stacy was also named by Money Magazine as one of its "Money Heroes" for empowering women through finance!
Stacy used her financial background and experience to start the non-profit, Savvy Ladies. Savvy Ladies' mission is to narrow the financial literacy gender gap by providing free financial empowerment programs, seminars and webinars to women. Since 2003, Savvy Ladies has helped over 10,000 women on their path towards financial freedom by teaching financially focused live seminars and webinars. Some example of topics covered include: "The Financial Do's and Don'ts for Women in their 20's, 30's, 40's and Beyond", "Investing with Less Stress", and "Negotiate What You're WORTH."
When someone starts a non-profit, they generally have a personal story attached to it. Stacy's grandmother was in an abusive marriage. Her grandmother didn't leave the marriage because the fear of being poor was greater than the fear of being in an abusive marriage. The experience resonated with Stacy and over the years she realized there were other women in similar experiences. The right financial literacy program could be the key to freedom from a difficult marital situation. In addition to webinars and seminars, Savvy Ladies offers Financial Fitness Hotline where callers can speak one-on-one with a Certified Financial Planner (CFP) confidentially every first Monday of the month.
Savvy Ladies seeks to continually spread the message of financial literacy amongst women. In their upcoming event, The 2014 Annual Savvy Ladies Benefit Gala, Savvy Ladies will be honoring personal finance expert and founder & CEO of Daily Worth, Amanda Steinberg with the 2013 "Change Maker of the Year". The synergy between Savvy Ladies and Daily Worth is obvious -- DailyWorth.com is a digital media company whose goal is to close the income and wealth gap among women by providing educational content on financial literacy. I'm personally committed to spreading the benefits of financial empowerment for women. Savvy Ladies and Daily Worth continue to do the same!
Do you want to know more about Savvy Ladies? Visit Savvy Ladies and join their newsletter for information on upcoming events.
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