Celebrating Women's History Month: Expanding Access and Opportunity For Women Through Financial Literacy

On March 5, 2024, the Financial Literacy and Wealth Creation Caucus and the Senate Financial Innovation Caucus hosted a joint congressional staff briefing entitled, "Expanding Access and Opportunity Through Financial Literacy for Women."

The panel of women leaders included: Ylan Mui, Managing Director at Penta Group; Sheena Allen, CEO of Capway; Rachel Pearson, Founder of Engage; and Brandy Mickens, Executive Vice President of Equitable Advisors. To celebrate Women's History Month, this panel discussion explored the unique economic challenges that women face and how financial education can empower women to overcome them.

Women on average start out as a disadvantage due to a persistent pay gap and a greater likelihood of career pauses due to motherhood or caregiving. According to Varo Bank's 2023 Wealth Watch Insights Report, about 59% of women are living paycheck to paycheck, compared to 41% of men. Further, of those who are considered financially fragile, an overwhelming 67% are women.

In addition, women reportedly feel less comfortable discussing finances and are less confident in their financial abilities. According to a survey conducted by Wells Fargo and the Female Quotient, 43% of women grapple with financial anxiety, compared to only 29% of men.

The panel discussed a variety of topics that are essential to women's economic health, including access to capital for women business owners, legislative solutions regarding paid family leave, and the need for more women professionals in the financial services industry to promote inclusion for women investors and consumers.