By Nancy Wilberg-Ricks, Policy Analyst, Wealth-Building Policy Project, NCLR
Girls and women can strengthen the global economy when equipped with necessary financial tools and counseling. Studies indicate that, in the United States, women are more likely than men to make household financial decisions. However, women of color have fewer assets than their White counterparts. Single Black women have a median wealth of $100 and Single Hispanic women of $120. These figures are substantially lower than those for White men ($43,800), White women ($41,500), or Black men ($7,900) in the U.S. Women of color are also more likely to encounter abusive lending practices in their neighborhoods. These figures are much more dismal when examined on a global scale. To combat such realities, women need the financial information necessary to help them make sound decisions in a turbulent economy.
Providing girls and women worldwide with financial knowledge and tools can help stabilize their households and neighborhoods. There are many programs that provide varied components of financial empowerment, such as one-on-one financial counseling. Community-based counselors provide women with financial advice and often serve as trusted liaisons who communicate with lenders and ensure that families receive honest loans. Such efforts help families secure a better future for their children and ultimately strengthen the economy. Community financial counseling has been proven to help borrowers make informed financial decisions and avoid predatory loans. In addition, studies indicate that women are more likely to pass on their earnings to their children, thus securing a better path for the next generation. Community-based counseling empowers women as financial decision-makers, advancing true economic progress. Such advances contribute to the growing movement known as The Girl Effect. Click here to learn more about beneficial services that empower girls and women.
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