Bola Sokunbi, acclaimed author and creator of Clever Girl Finance, advocates for enhancing women’s financial strength by pushing them beyond their comfort zones. She strongly upholds financial literacy as a major tool for women’s empowerment and seeks improved financial education across society.
In her efforts to break traditional norms around money, Sokunbi instills confidence and independence in women while promoting good saving habits, wise investments, and responsible credit management. She emphasizes on the importance of negotiation skills and continuous advocacy for better work conditions and fair remuneration.
Sokunbi’s relentless pursuit of a future where women experience minimal financial hardship is evidenced through various resources provided by Clever Girl Finance, including blogs, podcasts, and courses. Her book, “Choosing to Prosper”, serves as a comprehensive guide for those looking to take control of their financial futures.
She adopts a pragmatic approach to addressing fears that hinder women from achieving financial goals, gradually replacing fear with understanding and control. Sokunbi firmly believes that open discussions about money can normalize financial matters, thereby easing associated fears.
Despite varying income levels, a significant proportion of women grapple with financial anxiety, as reported by a Fidelity Investments study. Economic instability affects women across all income brackets, with concerns about future stability, retirement savings, and balancing long-term saving goals with immediate financial needs. Sokunbi highlights the need for effective financial literacy programs and equal access to financial resources for all women.
According to the same study, women, particularly single mothers, often live paycheck-to-paycheck, leading to a heightened sense of vulnerability and stress. The report relates this situation to wage discrepancies between men and women, emphasizing the need for policy changes. The study insists on interventions to mitigate these issues, with the aim to establish a balanced economic playing field that benefits women and society at large.
Lorna Kapusta of Fidelity asserts that financial stress is common among women of all income and age brackets, and advocates for increased financial literacy to address these concerns. She firmly believes that imparting necessary financial knowledge can greatly alleviate financial worries, underlining the importance of emergency savings and regular income.
A notable 81% of surveyed women reported considerable stress due to lack of such savings, while 76% lacked sufficient financial knowledge, leading to economic distress. Over half of the women confirmed financial stress due to irregular income, with such stress affecting mental health and overall well-being, as reported by 70% of participants.
The study recommends improving financial literacy programs, promoting saving habits, and increasing income-earning opportunities to alleviate financial stress among women, suggesting targeted, multi-faceted interventions at both individual and systemic levels to improve women’s financial sustainability.
