From Piggy Banks to Bank Accounts: Empowering Your Finances

Stifling financial independence for women starts at an early age. Growing up, most of us were not taught about money. For some, money was a topic meant for behind closed doors and not something to discuss openly and confidently, or you’d be judged. 

The gender pay gap that exists today, can be seen mirrored even in children's finances, or "pocket change." A UK study found that, on average, boys receive more pocket change than girls. Boys received, on average, $10, while girls received just slightly over $8 to put into their piggy banks. Unfortunately, when piggy banks become bank accounts and salaries, the gender wage gap persists. 

Large strides need to be made before gaining pay equality. The tech industry is notoriously known to be male dominated and having a “bro” culture even when determining salaries for women. A different UK study showed that 91.1% of UK tech companies paid their male employees more on average than their female employees. Women in the US still only earn 82 cents to a white non-hispanic man's dollar. That number drops even more when considering intersectional factors like ethnicity.

Not having access to financial education from an early age is one of the many perpetrators of the gender pay gap. Tanya Rolfe, Co-Founder of Sophia, a company committed to providing financial education to women, stated, "Financial empowerment, knowledge, and independence are at the heart of achieving gender equity and equality." As women, if we want to gain financial independence and feel empowered about our money, it's time to take control of our finances.

Get Informed

Getting informed about your money and gaining more financial education is a great first step to empowering your finances. With the internet at your fingertips, you have access to articles, blogs, videos, and courses to gain more financial education. Assess where your financial knowledge begins and where you want to learn more. Reach out to your community and inquire about resources they've used. You are one of many looking to gain financial education, so your community might be a great place to start! Consider joining WWCode Career Nav track to gain resources and education through digital events, podcast episodes, and more.

Set Financial Goals

Get clear on what you want to achieve and set clear financial goals. Use the SMART method (specific, measurable, achievable, relevant, time-bound) to break down your goals into actionable steps. If you need help figuring out where to start with setting goals, try consulting with a financial advisor or mentor to gain specific insights into your finances. The Garrett Planning Network is a great resource to locate a low-cost financial planner that fits your specific needs. Check-in with yourself and your goals regularly to ensure you're on track. Intuit Mint is a user-friendly app you can download to your smart device to track monthly budgets, expenses, investments, and monitor your credit score.  

Negotiate Your Salary 

Negotiating your salary is something we talk a lot about at WWCode. It is a key tool in your own financial empowerment. It can feel like a daunting task, but you deserve fair pay for your skills. Whether you are starting a new job or looking for a pay increase in your current job, research the industry standard salary for someone with your experience in your role. Decide on your desired salary and be confident and ready to show evidence of your skills and expertise. Know your worth when approaching a hiring manager or your boss. Check out resources like "How To Negotiate Salary" from WWCode London, or listen to the WWCode Podcast Episode #47 with Claire Wasserman, Author and Founder of Ladies Get Paid. 

Invest in Your Future

Set yourself up for future financial success. Consider investing in a retirement plan or other long-term savings accounts. Explore investing in stocks to build wealth over time. You can also speak to a financial advisor or mentor about investments. Setting yourself up for the future can also mean planning for unforeseen circumstances like a job loss, a health issue, or future goals like a family, home purchase, or travel. Having a financial safety net when looking toward the future is always a good idea. Planning for the future can provide you with financial stability, independence, and leave you feeling empowered about your future.

Women deserve to have pay equity and equality but until that happens, we must take our finances into our own hands and secure our futures. Sallie Krawcheck, former Wall Street Executive and CEO and Founder of Ellevest says, “Nothing bad happens when women have more money.” Feel empowered to take control of your finances and gain financial independence.