From gender pay gaps to limited access to financial education and resources, societal expectations and gender roles, and the disproportionate burden of caregiving responsibilities, these obstacles can make it challenging for women to take control of their finances.
We spoke to Téa Angelos, Founder of Smart Women Society, who recommended several ways women can overcome these barriers and achieve financial independence.
"There are a variety of steps we can take to overcome these barriers, such as advocating for equal pay and workplace policies that support work-life balance, promoting financial literacy and education among women, and challenging gender stereotypes and biases. Encouraging women to invest in themselves, their skills, and their careers can also help to break down these barriers and pave the way for greater financial independence."
How can women regain control of their finances and work towards achieving greater financial independence?
"One of the first steps is to create a budget and track expenses to gain a clear understanding of their current financial situation. It's also important to address any outstanding debts, negotiate payment plans or seek professional help if needed. Building an emergency fund and setting financial goals can help provide a sense of direction and motivation towards achieving financial independence. There are so many financial education resources out there, such as workshops or online courses, that can also help to improve financial literacy and provide practical tools for managing money. Finally, there are so many amazing communities on social media filled with uplifting women that can be a massive help when regaining control of your finances."
What advice would you give to women who are just starting out in their careers again after having children and looking to build a strong financial foundation for the future of their family?
"From a career perspective, it's important to set yourself new career goals and prioritise your earning potential by investing in education, upskilling and professional development. Secondly, creating a budget and setting financial goals as a family can help to ensure that your spending aligns with long-term financial objectives. Speak with a financial advisor to discuss planning for retirement and make sure to have an emergency fund set aside to cover unexpected expenses. Set aside time weekly to go through your finances and keep track of your progress towards your financial goals. If you have a partner, maintain open communication about your finances so you are on the same page."
"For mothers who are struggling with financial organisation, I would definitely recommend grabbing our Money Makeover combo - it’s our best-selling bundle that helps you transform your relationship with your finances."
For more information, game plans and resources, visit smartwomensociety.com