WASHINGTON, D.C.— Financial management is a critical skill that provides women with greater agency and independence, which is necessary for navigating oppressive economic structures that often pay women unequally.
A study conducted in 2019 found that since 2016, women have experienced decreasing levels of financial security and that 57 percent of women sought to be more confident in their financial decision making. In addition to giving women more control over their lives, financial literacy can also contribute to a reduction in the gender pay gap.
This Financial Literacy Month, NOW recognizes that financial education matters, especially right now. The COVID-19 pandemic has left millions of Americans without a stable source of income, a problem that is even worse for women who are domestic workers, hourly workers, and other essential personnel. Women must know their worth, be able to negotiate salaries and hiring contracts, and invest wisely and for the future.
We need legislation to make universal financial literacy a reality. NOW urges the Senate to push forth the Paycheck Fairness Act 2019 and the Youth Financial Learning Act, both of which would make important financial literacy skills, like contract negotiation, more accessible for women and girls. Currently, forty-two states have pending legislation on this issue.
This Financial Literacy Month, NOW stands with women everywhere who need the economic tools to take control of their lives and maintain their agency.
Resources on Financial Planning:
Foundation for Financial Planning: Coronavirus and Pro Bono Planning Resource Center
National Foundation for Credit Counseling: Coronavirus Financial Toolkit
Mint: COVID-19 and Finances: Ultimate Money Tip and Resource Guide