By Mrs. Shay Cook, CEO & Founder of Crusaders for Change, LLC (C4C) Accredited Financial Counselor® & Financial Fitness Coach®
A woman's wealth and her well-being are intricately tied together. When women have access to financial resources and opportunities, they can achieve greater economic independence, which contributes to their overall well-being.
Building wealth and financial stability allows women to better support themselves and their families, reducing stress and anxiety related to financial concerns. 2 Timothy 1:7 (NKJV) says, “For God has not given us a spirit of fear, but of power and of love and of a sound mind.” God has gifted women with strong abilities; we are powerful leaders, loving caregivers, and smart, savvy strategists. We should not be afraid to talk about money, break unhealthy cycles, gather the best resources, and gain wisdom to find security, wealth, and wellness.
Wealth Contributes to Well-being
Financial stability enables women to afford healthcare, nutritious food, safe housing, and other essentials for themselves and their families, leading to improved physical and mental well-being. Women who have the financial means to pursue education and training can enhance their skills and qualifications, opening up more opportunities for career advancement and higher earnings.
Wealthy Women Build Healthy Communities
When women are financially empowered, they can invest in their communities through charitable giving, entrepreneurship, and leadership roles, fostering positive social change and collective well-being. Women's wealth and well-being are closely interconnected, and efforts to improve one aspect can have positive ripple effects on the other, leading to greater overall prosperity and quality of life for women and society as a whole.
What is Holding Women Back in Obtaining Wealth and Well-being?
Despite the progress American women have made in many areas of wealth in the past decades, the gender pay gap persists, with American women earning 82 cents for every dollar earned by men. The gender pay gap widens significantly further for women of color, as Black women earned 63 cents for every dollar White men earned. Women remain underrepresented in top executive positions, comprising less than 5% of CEOs and less than 10% of top earners in the S&P 500. The lack of senior female role models is a significant obstacle to women's career advancement, with almost two-thirds of women reporting this challenge.
Moreover, women of color face even greater disparities, with low representation on S&P 500 and Fortune 500 boards and significantly lower earnings compared to White men. Additionally, women are less likely than men to negotiate pay, with 60% of women never having negotiated compared to 48% of men.
Parenting as a Woman in the Workforce
Parenthood also impacts women's earnings and workforce engagement, with employed mothers earning less and being less active in the workforce than women without children at home. This disparity persists despite gains in women's education, as college-educated women are not any closer to wage parity with men. Not to mention the lack of paid maternal leave in the United States, and a host of other societal setbacks for mothers.
The Connection of Financial Empowerment and Well-being
By saying, “financial empowerment” what I mean is the ability of women to take control of their finances, make informed decisions, and access resources that contribute to their economic stability and overall well-being. When women are financially empowered, they experience greater confidence, autonomy, and security in managing their finances, which, in turn, positively impacts their mental and emotional health.
Women's Wealth Accumulation and Economic Security
Wealth accumulation plays a crucial role in women's economic security and well-being. By building wealth through savings, investments, homeownership, and entrepreneurship, women can secure their financial futures, provide for their families, and pursue their long-term goals and aspirations. Moreover, wealth accumulation enables women to weather unforeseen financial challenges, like job loss, or a health issue. We can’t always predict the future, but we can build a plan.
Addressing Financial Inequality and Obstacles
Despite advancements in gender equality, significant financial disparities persist between men and women. Factors such as the gender pay gap, limited access to affordable childcare, and disproportionate caregiving responsibilities contribute to women's wealth disadvantage.
This all adds extra stress upon women which can contribute to very real health concerns over time. Finding a community, support, and making a plan are important pieces of the puzzle for overcoming some of these obstacles. Without proper support and a plan in place, it can be difficult to navigate the road to financial security and building wealth.
Importance of Financial Education and Literacy
One key strategy for finding your own financial empowerment and gaining well-being is through personal financial counseling. By equipping women with the knowledge and skills to budget, save, and plan for their financial futures, financial counselors empower women to make informed decisions and overcome financial obstacles. Additionally, finding a supportive environment that encourages women to seek financial guidance and support is crucial for long-term financial success.
How Can I Start to Build Wealth and Well-being?
Tired of wrestling with your finances on your own? At Crusaders for Change (C4C), we offer personal financial counseling and coaching to liberate individuals and couples from the stress that comes with personal debt.
We know the thoughts that cycle around your mind day in and day out are a heavy burden to bear:
“I would be happy if I could just pay off some of these credit cards."
“I wish I could enjoy time with my kids instead of worrying about making ends meet.”
“How can I make do when we’ve got this unexpected hospital bill to pay?”
“It’s been forever since I’ve had a vacation, but I just can’t afford it.”
“How can we buy the home we need, when we can’t pay for the one we’re in?”
We help women untangle their personal finances, and support them on their journey to wealth and well-being as they gain financial freedom. Let’s explore together what your path to financial freedom can look like – judgment-free, in a supportive space for women and by women. Schedule a free clarity call with us today.
Remember, your wealth and well-being are deeply interconnected, with financial empowerment serving as a cornerstone for your quality of life. But it’s up to you to take the first steps. We may not be able to solve the gender pay gap and other financial disparities today, but we can promote wealth accumulation and prioritize financial education. We can empower women to achieve greater financial independence, security, and well-being. Proverbs 31:25 (NIV) says, “She is clothed with strength and dignity; she can laugh at the days to come.”
Together, let’s work towards a future where all women have the opportunity to thrive and succeed financially, unlocking their full potential and shaping a more inclusive and equitable world for generations to come.