Helping Underserved Women
Why is this important?
Research shows a sizable gap in the financial outcomes of men and women – a gap that has actually widened during the COVID-19 pandemic. Research by the Financial Health Network indicates that:
- Women report worse outcomes than men on every measure of financial health: spending, saving, borrowing, and planning.
- Significant disparities exist by race and ethnicity: Only 11% of Black women and 7% of Latina women are considered Financially Healthy, compared with 25% of White women.
- Women are more likely to report carrying unmanageable debt than men (39% compared to 31%).
- Discrimination and harassment remain widespread: 40% of women report being subjected to sexual harassment in the workplace. 36% report that they have been discriminated against because of their gender.
(Source: Financial Health Network; The Gender Gap in Financial Health; Jul 14, 2022)
How We Are Helping
Foundation for Financial Planning has developed a new programmatic focus area geared toward increasing the financial health of underserved women. Through this effort, we will be working with nonprofit organizations that serve women across the United States, of various ages, races, and life experiences, helping them develop and implement pro bono financial planning programs that endeavor to reduce economic disparities facing women.
FFP developed a special post, tracing key milestones of women’s struggle to reach financial equality and stability, and applauding three FFP grantees that are working to help women build wealth for themselves and their communities for generations to come.
Savvy Ladies: The Savvy Ladies Helpline is a free resource offered to women who are in need of guidance regarding their personal finances. The Helpline supports women by arranging a confidential telephone consultation with a Certified Financial Planner™ who assists them with their specific needs. Through a grant from FFP, Savvy Ladies will increase the impact and reach of the hotline, serving more women via the adoption of technology to facilitate matching callers and volunteers.
Wings for Widows: Wings for Widows is working with FFP to match pro bono CFP professionals with recently widowed men and women nationwide. CFP coaches work with their widow-clients over four sessions, on average, to address their largest concerns and nine other financial topics applicable to most widows. Wing for Widows supports the CFPs to ensure to help clients gain financial clarity, resulting in control, confidence, and new peace of mind.
Working in Support of Education: Working in Support of Education (W!SE) provides personal finance education to domestic violence survivors through its innovative MoneyW!SE program. With FFP’s support, survivors in Chicago and New York City will have the opportunity to take the MoneyW!SE course virtually, receive one-on-one financial counseling from FPA pro-bono financial planners, and become Certified Financially Literate™ by passing the W!SE Financial Literacy Certification Test.
Opportunities to volunteer with the these and other organizations who support women are posted periodically on ProBonoPlannerMatch.org. If you are a CERTIFIED FINANCIAL PLANNER™ professional, sign up to receive notifications as new volunteer opportunities become available.