Women and Finances: FinPowered Shares Financial Empowerment Tips for Women

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• India - English

TORONTO, March 9, 2022 /PRNewswire/ - The pandemic aggravated many vulnerabilities and challenges that women face. Job losses have driven millions of women out of the workforce, while cases of domestic and economic abuse have been record high.

To support women during these challenging times, Svetlana Mamaeva, Miss World Canada 2020 and Schulich School of Business alumna, launched a free financial literacy program, called FinPowered. In collaboration with the Canadian Center for Women's Empowerment (CCFWE), FinPowered has provided over 100 free financial education workshops and received international exposure at Miss World 2021.

Making financial education more accessible for women, helps them to make better financial decisions at every stage of life. Yet, financial literacy can offer so much more than just help with simple day-to-day choices. Women who are trying to escape domestic violence are often controlled by their oppressors through money. Without accessible financial education and necessary support, it can be extremely difficult to escape this situation.  

In honor of International Women's Day celebrated this week, Svetlana Mamaeva shares 3 tips to help women regain their financial freedom:

1. Think about your confidence level regarding finances
"If you don't feel confident about making financial decisions, pay attention to these internal voices and where they are coming from," says Svetlana. "In most cases, women who experience financial and economic abuse are pressured by people who are close to them. The goal of my program is to instill in women the confidence that they can take control of their finances and of their lives."

2. Review all your transactions
"Track how funds are being spent in your joint and personal accounts. Take a few minutes at the end of each month to look through your statements and review your transactions to make sure there are no surprises. Awareness is the first step to any change and this simple tip can save you from unnecessary charges that can quickly build up over time, if they go unnoticed."

3. Seek financial independence
"Even if you already have a joint account with your partner, consider opening your own savings account too. It can be very helpful in the long run to automate your transfers and build an emergency fund. When it comes to savings, it is important to start small and be realistic. It also helps to separate your savings for short-term and long-term goals by setting up separate accounts."

When you are money savvy, no one can try to control your life by controlling your finances. With greater economic empowerment and support, there is no limit to what women can accomplish.

SOURCE FinPowered