One of the key pillars of the United Nations Sustainable Development Agenda is promoting and improving gender equality. This goal takes aim at ensuring equal opportunities exist across education, health care, and in the workplace removing any forms of gender-based discrimination towards women.
Given the significant shift in the economic status of women over the past 50 years, the impact of their rising financial power and growing influence has altered the dynamics of the workplace, families, businesses and communities. Their emergence as leaders, entrepreneurs, and innovators is evident. Women are no longer just in charge of the household and children but wearing multiple hats both personally and professionally taking on various responsibilities.
With influence, comes affluence and the need for financial education becomes that much more urgent. Not only are women in charge of household spending, but now developing a stronger interest in learning and understanding what it means to properly save and invest.
Despite increased interest in wanting to learn more, some hesitance remains. A revealing recent Merrill Lynch report, noted the following:
- 41% of women say their biggest financial regret is not investing more.
- 60% mentioned a lack of knowledge.
- 34% pointed to a lack of confidence, when it comes to investing.
The report highlighted how responsible women are when it comes to budgeting and saving, but shy away from investing their savings. The trend is notable, because this presents a major opportunity especially towards the millennial women.
Using Financial Education as a Driving Force
A new study by SoFi, shows encouraging trends lead by millennial women, with a reported 70% reviewing their bank accounts on a weekly basis, and another 53% having an emergency fund.
However, 56% of millennial women do not invest due to fear, according to the SoFi study. Most women have the means to invest, but do not know where to begin and feel very overwhelmed by investing concepts. Wall Street and traditional financial institutions have done a great job confusing anyone who is not following the markets regularly, which creates feelings of intimidation when it comes to investing.
A More Innovative Approach
To build a sense of community, engagement, loyalty and trust as an investing platform, emphasizing financial education at the forefront is paramount. Investing fears stem from a lack of education and the lack of education results from a lack of confidence. It is a revolving circle.
Women are also known to be educators, passionate about social causes and philanthropists. This is where a more innovative approach could take place — impact investing.
For investing platforms to separate themselves, emphasizing financial education could bridge the investing divide for not just millennials overall, but to be able to engage women as investors specifically.
This creates a powerful sense of empowerment, and empowerment builds confidence.
Combining financial empowerment with impact investing initiatives and this sense of empowerment is amplified. This is what makes Newday so special.
Newday’s unique platform encompasses the values of portfolio management. It provides transparency with a quick background of their underlying investments, while gearing those portfolios towards powerful global social causes. And it’s all driven by educating you, the investor — step-by-step.
Women will continue to drive economic growth especially as we head into the next decade. To illustrate how important building towards gender equality is for society, Newday has incorporated a gender equality portfolio consistent with the United Nations 2030 Agenda.
Gender equality is vital in order to build towards long-term efficiencies and sustainable economies and investing for that initiative will help meet that initiative.