The gender pay gap isn’t news to anyone. Although the exact numbers constantly fluctuate, on average women make 15-25% less than men do. The numbers are even worse if you’re a woman of color or have a disability.
We tend to outlive men, but we retire with just two-thirds of the amount of money that men retire with. As TIME Magazine recently found, “Check the gender mix at your local nursing home: 80% of women die single, and they’re also 80% more likely to be impoverished in retirement than men.”
However, the good news is that now there are so many companies that recognize the importance of financial independence for women. One of the main reasons that movements like #MeToo and #TimesUp were feasible was because women’s financial stability wasn’t in as much jeopardy as it had been decades prior.
No matter what stage of life you’re currently in, it’s never too early nor too late to become financially independent. Here are some companies and organizations that promote financial success among women.
Ellevest is a digital investing platform designed for women by women. They take into consideration the realities of a woman’s lifestyle and provide her with an investing road map based on the life events she deems most important. Additionally, its Impact Portfolios give clients the opportunity to allocate up to half of their portfolios into funds made up of companies that promote the advancement of women.
I might be a little biased here. Their CEO and Founder, Nathalie Molina Niño, is a dear friend and mentor of mine. BRAVA Investments invests in companies that are creating a measurable economic benefit that puts more money in the wallets of women. Their #1 goal is to achieve broad-based economic impact on women.
Financial Literacy Organization for Women and Girls (FLOW)
FLOW helps women and girls achieve their financial best in an increasingly complex economic environment. They empower women and girls with the knowledge and skills necessary to make sound and responsible financial decisions. Those decisions can be in terms of spending, saving, borrowing, and investing for a promising future of economic well-being. Their programs center on financial literacy, entrepreneurship, and asset building.
Women’s World Banking
Women’s World Banking is devoted to expanding the economic assets, participation, and power of low-income women and their households by helping them access financial services, knowledge, and markets. They also equip financial institutions with market research and consumer education to meet women’s needs.
MoneyZen is a boutique financial advisory firm serving women and families. Manisha Thakor, a Harvard Business School graduate, is the founder and CEO of this firm. The purpose of MoneyZen is to provide women with clear and concise financial advice and education to women. In addition, they provide assistance with financial planning and investment management.