How to talk to young women to cultivate financial empowerment
Young women today are more expressive than ever before. They speak their mind and they demand recognition for their work, and now more then ever they need to be shown how to control their money. Let’s look at some of the ways you can help young women grow.
Educate yourself
Once they get a basic understanding of the financial product from you or someone close, encourage them to take initiative to learn about the latest products in the market by themselves. Let them understand which mutual funds are best suited for them and why they must keep some money stacked in fixed deposits. Drill in them to buy insurance only for protection and not as an investment option, while they learn about the stock market. If they feel they need more understanding about their money, encourage them to consult a professional or read up.
Have financial goals
As they learn about financial products, it’s imperative they set up a goal-setting mentality. Inspire them to ask for want they want and go for it. Sit with them, remove a piece of paper and start writing down goals they wish to achieve. Teach them the value of planning ahead and taking steps to grow their wealth. Speak to other women who are on this journey and they will learn there are not alone in this relationship with money and learn a few more tips to achieve their goals.
Ask for what you want, unapologetically
Women should recognize the value of the work they do. One of the ongoing challenges in achieving gender equality is closing the pay gap. A study by Allianz found that fewer women asked for a promotion or raise in 2019 compared to 2016 (27% versus 44%). Encouraging the young women in your life to confidently discuss raises and promotions can help them feel empowered and ensure their contributions are recognized.
Always hustle and be entrepreneurial
It’s an amazing feeling to know you can manage your own business. Whether it’s a small kirana store or a fancy restaurant, the power to be running and controlling their own business, being their own boss is wonderful. They can start doing this by taking side jobs with their regular jobs. This would also teach them time management while earning a little extra income.
Support other women
Remind them that they are all in the same boat and the best thing they can do is pay it forward. Just like a great tip about a sale, don’t be shy about it when it comes to money or even work. Encourage the women in your life to act as an ally, advocate, mentor or sponsor to other women.
