So how can the financial inclusion community contribute to this very ambitious goal? Connecting the dots between women’s financial inclusion and economic empowerment Without fully including women, we won’t solve financial inclusion - or, for that matter, end extreme poverty and promote shared prosperity. Reducing the gender gap requires that we put a gender lens on everything we do. These outdated approaches will not halve (and eventually eliminate) the persistent 9 percent gender gap in financial inclusion, which CGAP committed to help close in its latest five-year strategy. In the past, gender sat off to the side, either as a project on its own or a “cross-cutting issue” that was everyone's and therefore no one’s responsibility. Why did we take this step? It was to put women’s financial inclusion at the center of everything we do at CGAP. But it will make a profound difference to how CGAP approaches its work going forward. At the same time, we updated our vision statement by adding two small words: “A world where poor people, especially women, are empowered to capture opportunities and build resilience through financial services.” Many readers may not have even noticed this change. In early 2020, CGAP moved beyond the access and usage paradigm in financial inclusion and set its sights on understanding how poor people could use financial services to improve their lives in three ways: generating income, accessing essential services and protecting basic standards of living. There is a third power stronger than both, that of women.” “There are two powers in the world one is the sword and the other is the pen. We bring a lifetime of experience, both professional and personal, to assist you in meeting the challenges you face.This post is also available in Arabic and French and Spanish on the FinDev Gateway. We are mothers, sisters, daughters, partners, friends, business owners, and advisors. We bring together multigenerational groups to have intimate discussions in a confidential forum so we can learn from each other, and to be reminded that the challenges we face are often shared by others. These discussions cover a range of themes including talking with children about money, planning for the unexpected, and managing life transitions. In an effort to break down the Money Taboo, we also facilitate conversations among groups of our female clients about topics that matter. Working with us doesn’t just give you access to a team of advisors - it also provides you with a safe, open space in which to learn and grow. Before you know it, you’ll be just excited about the possibilities as we are. This helps you to feel empowered, confident, and optimistic around your money. We partner with you to uncover all the pieces of your financial puzzle, put them together in one sensible plan, and make sure your risks are covered. We Can Help You Take Controlīy working together, we can give you the knowledge you want to make you more comfortable navigating the financial landscape. We work closely with our female clients to ensure they not only receive a strategic, thoughtful plan to make the most of their resources, but also to provide the education and support needed to feel more confident about making financial decisions. These various money taboos and societal pressures can make it incredibly uncomfortable to talk about finances – even with your most intimate friends and partners.Īs a women-owned firm, we deeply understand the importance of giving women the tools they need to establish and enhance a successful relationship with their money. Money carries plethora of emotional meanings for many women.Because of the multiple roles women play, they often simply have less time to devote to their personal finances.Women often lose more time in the workforce caring for children or family members leading to lost income, lower compensation and retirement benefits.That results in higher health costs, increased long term care, and the need to stretch your assets to cover a longer lifespan. On average, women live five to ten years longer than men.The deck just tends to be stacked against us and we need to overcome more obstacles than most men do - and those roadblocks can come in both practical and emotional forms: But there’s a problem: these financial responsibilities are growing faster than our collective knowledge.Īnd although this doesn’t always prove to be the truth, 49% of women say they are “very inexperienced” with investing. 80% of all women will be solely responsible for their finances at some point during their lifetime.
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