Young women who are financially literate have the tools to make confident economic decisions and take action in the male dominant field of finance.
“There have been instances in the past where someone will make a comment about something I’ve bought with ‘daddy’s money,’” junior Takouhi Asdorian said. “I work really hard as a grocery store employee and earn the money I make. These comments undermine my effort when people assume that I don’t work hard or I can’t earn money for myself.”
Many students hold part-time jobs during the year or full-time jobs over the summer. Financial literacy is a necessary skill to manage the money made in efficient ways.
“I am lucky that my parents taught me the basics of managing money, but I think it’s such a shame that it isn’t taught here,” Student Council Financial Officer Kate Baker said. “It is an incredibly valuable skill to learn how to invest and pay taxes.”
Economically and financially-oriented courses can be crucial for students to smoothly transition into adulthood, especially during the current economic climate.
“There are so many basics about personal finance that students just don’t know and in Australia, where I am from, it is a mandatory class for at least two years,” social sciences teacher Jason Enevoldson said.
“This pandemic has opened a whole new can of economic worms and we really are walking into a new economic era.”
Expense tracking, accounting software, and financial budgeting apps such as Mint and PocketGaurd are accessible tools for students to learn about managing finances in a non-classroom setting.
“When I first started making my own money I was more careful about what I was spending my money on,” Asdorian said. “I learned how to manage my money and spend it on what really matters.”
Organizations such as the Financial Women’s Association are dedicated to educating the next generation of professional women to be successful leaders in economic fields.
“At a young age, you aren’t necessarily thinking about long term financial planning and retirement,” Envelvoldson said. “Imagine if you just saved 10% of all the money you earn during your entire life, it would be a significant amount later on.”
Invest in Girls also educates young women about finance to become financially empowered through online workshops, events and mentorships.
“One reason I love my job so much is that every few weeks during our training sessions, they teach us how to manage our finances, deal with sick hours, and much more,” Baker said.
Whether learning from a program online or from an employer, financial education will help young women be more successful and confident.
“A person’s income should not be defined by their gender,” Asdorian said. “It’s frustrating that women earn so much less than men and hopefully our generation can change this.”