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Women’s Financial Literacy & Independence

Writer's picture: Emma HammackEmma Hammack


Emma Hammack 3/3/23


Throughout history men were predominantly the breadwinners of families and the only financial contributors. When the U.S. was first established women could not own property, have a bank account and vote (and many more things). Slowly but surely women have gained these rights; in 1884 women could own property and keep their own wages, in 1920 women gained the right to vote, and in 1960 women could open their own bank accounts. Why is this so important? Women could finally be financially independent starting in the 1960s.

What is financial independence? Financial independence is the status of having enough income sufficient to pay one's living expenses for the rest of one's life without having to be employed or dependent on others. Women no longer have to be dependent on men to afford to live. Throughout history women would marry because it was the way they could survive, but now more and more women are financially free. Financial independence is a form of personal empowerment now, however most people are not taught how to be financially independent and responsible.


In order to be financially independent one needs to be financially literate. What is financial literacy? Financial literacy is the ability to understand and effectively use multiple financial skills, such as personal financial management, budgeting, and investing.

Some statistic I found interesting:

  • According to U.S Bureau of Labor there is still a wage gap between men and women; Women earn 82.3% of what men earn annually

  • Women are not expected to reach pay equality for another 43 years

  • Working women who have children tend to have a wage penalty of about 4% per child

  • Women are less likely to take finance class than men at a 2:1 men to women ratio

  • Women make up about 47% of the labor force

  • Women live longer than men by about 8%


Our thoughts:

Women and men need to be better educated on financial literacy. A solution is making a required class in high school, which most schools have but they are outdated, too basic and usually online self paced classes. Financial literacy and independence needs to be an in person class taught in high school because not everyone is lucky enough to have parents or a guardian with these skills. The better financial literacy and independence is taught the closer we can get to bridging the wage gap and even having less debt. Women already face a disadvantage in financial literacy, throughout history and now and we believe it is important to gaining better equality.


Works Cited

“Women & Financial Literacy: Facts, Resources & Tips.” Annuity.org, https://www.annuity.org/financial-literacy/women/.

East, Sara. “Guide to Achieving Financial Independence for Women.” MoneyGeek.com, https://www.moneygeek.com/financial-planning/resources/womens-guide-to-financial-independence/.

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Diversity means including everyone: any race, gender, religion, or sexual orientation. Parity means the state or condition of being equal. Together they are Divarity. We created Divarity to change the way the world views the contributions of women to society - we want to spread awareness about women in history who have impacted the United States and the rest of the world. In order to achieve equality in both sexes, change needs to start in the education system.

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