As COVID continues and stimulus checks remain unpredictable, it is more important than ever to find financial stability and security. DeLynn Zell, CEO of Bridgeworth Financial, gave a detailed presentation last month on how to control personal finances during the COVID crisis. Some of her suggestions include creating a budget, establishing savings, and making a financial plan.
Unfortunately, women have historically earned less than men. “Women are three times as likely as men to say they can’t afford to save for retirement and have significantly lower rates of financial literacy. Women also make up the majority of caregivers, and are three times more likely than men to quit their jobs to care for a family member.” Despite men spending more time working from home, women are still bearing the brunt of the labor. According to Forbes, mother’s work hours fell four times as much as father’s in April, widening the already existing gender gap. Most men worked the same amount of hours, but women were expected to take on additional caregiving and homeschooling responsibilities. The future remains uncertain, but women across the country are finding unique ways to support each other.
Here are some ways women are gaining strength:
- Being vulnerable. “Talking about and sharing more stories about the success of women who took chances, made missteps and still ended up on top are vital to helping more women go after their dreams and not be so focused on seeking perfection,” said Sarah Kauss, Founder & CEO of S’Well. Mentoring relationships are a great way to swap stories and bring encouragement.
- Improving emotional intelligence. According to the US Senate Committee on Small Business & Entrepreneurship, “Investors ask men about opportunity and the potential for gains while women are questioned about the potential for losses.” Reframing challenges and gaining confidence can help narrow the gap. Jean Ann Larson, Chief Leadership Development Officer at UAB, gave an insightful presentation on the role of emotions in the workplace.
- Speaking up. “College-educated women make about 90% as much as men at age 25, but only 55% as much at age 45.” Of Momentum’s Alumni, 79% agreed or strongly agreed that Momentum had a positive influence on their attitude to negotiate in the workplace. Delphine Carter, Founder of Boulo Solutions, works every day to help women find new careers. Her advice on achieving professional goals is for women to proudly share their accomplishments in a comfortable way, allow themselves to be whomever they want and, as importantly, learn to support each other on that journey.