FinPowered shares financial empowerment tips for women
TORONTO, March 10, 2022 /PRNewswire/ — The pandemic has exacerbated many vulnerabilities and challenges that women face. Job losses have forced millions of women out of the labor market, while cases of domestic and economic violence have reached an all-time high.
To support women in these difficult times, Svetlana Mamaeva, Miss World Canada 2020 and a 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 offered over 100 free financial education workshops and received international exposure at Miss World 2021.
Making financial education more accessible to women helps them make better financial decisions at every stage of life. Yet financial literacy can offer much more than just help in making simple day-to-day choices. Women who try to escape domestic violence are often controlled by their oppressors through money. Without accessible financial education and the 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 level of confidence regarding finances
“If you’re not sure you can make financial decisions, pay attention to those internal voices and where they’re coming from,” says Svetlana. “In most cases, women who experience financial and economic abuse experience pressure from those 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 life.”
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 go through your statements and review your transactions to make sure there are no surprises. Awareness is the first step in any change and this simple tip can save you unnecessary costs that can quickly add up over time, if left unnoticed.”
3. Seek Financial Independence
“Even if you already have a joint account with your partner, also consider opening your own savings account. This can be very useful in the long run to automate your transfers and build up an emergency fund. When it comes to savings, “It’s important to start small and be realistic. It also helps to separate your savings for short-term and long-term goals by creating separate accounts.”
When you are money savvy, no one can try to control your life by controlling your finances. With greater economic empowerment and increased support, there is no limit to what women can achieve.
CONTACT: FinPowered, [email protected]