Women’s economic empowerment plays an integral part in ending the vicious cycle of poverty. It is an undeniable fact that an economically empowered woman becomes an impact leader and provider, not only for the household and extended family but also for a wider long-term social and economic change in society. Women’s empowerment means poverty alleviation or even eradication in some cases, a beautifully shaped society with inclusive economic growth.

Women and the Economy

Economically empowered women directly enhance the global economy and boost productivity and numerous positive developments. According to McKinsey Global Institute “The inclusion of women in the workforce can increase the global Gross Domestic Product(GDP) by $12 trillion even without full parity”. In a nutshell, empowering women is essential not only for women but for the prosperity of the global economy and the achievement of healthy societies.

Source: European Institute for Gender Equality

Women Empowering Women

Increasingly, more women are sensitized and embraced supporting the cause of women’s growth globally, while many have made history already. Many essentials aid women empowerment overall. However, some are the prerequisites that count as the basics of nurturing an empowered woman, such as:

• Health
• Education
• Healthy emotional and psychological state
• Role Model/coaching/mentoring
• Financial independence
• Political role
• Social status

Per the UN report, the nurturing cycle revolves around economic status and financial independence. Even today, many women are working 24/7 in fields, as house helpers, and domestic workers.

                     Source: UN report on female unpaid work

Making a Difference in women’s Pockets

Enhancing women’s lives through financial expertise is something worth celebrating. These women have broken all odds against the stereotype that women are weak when it comes to financial savviness. We have watched these heroines’ devotion to their gender and we have listed them below along with the difference they are making through their individual strategies to uplift other women’s lives financially and to make women’s achievements neatly augmented.

Ellevest

Sallie L. Krawcheck is the founder of a US-based financial technology (fintech) startup as a cultural phenomenon of all women’s money matters. It’s a Robo-advisor dedicated to women’s investments, retirement, banking, and financial planning. Their membership starts at as low as $1.

Area of Services

• Investments
• Banking
• Financial literacy
• Private wealth management
• Money & career coaching

Rating

• Best Robo-advisor for IRA 2021.
• NerdWallet 5/5.
• Investopedia 3.72/5
• Positive reviews on Yahoo Finance, CNBC, Tech crunch, World Report, and many others.

Kabbage

Kathyrine Petralia is the co-founder of Kabbage, a leading fintech company, committed to providing small business loans to women entrepreneurs to be economically empowered.

• 4/5 rating by Fundera by NerdWallet
• 3.35 by consumer affair
• Backup by American express
• 6,679 reviews on Trustpilot with a 3.9-star rating

Lucy

This one is original and comprehensive but yet to launch. Lucy is a mobile app out of Singapore, founded by Debbie Watkins and designed for everyday women to grow, thrive, shine, and be unstoppable based on Lucy’s team terms. Lucy believes that too many women are overlooked and underbanked. Lucy empowers women to open accounts, avoid high-interest credit, meet high-interest loans, take fledgling businesses to the next level and launch impactful, enterprising ideas. Shape your own financial future and blaze your own trail. Join Lucy. Lucy will offer:

LUCY AT A GLANCE

• Fee-free bank account
• Mastercard debit card
• No-interest salary advances
• Savings pockets
• Loan management
• Low-cost remittances
• Peer and mentor support
• E-training and marketplace

Savvy Ladies

Stacy Francis is the founder of this wonderful women empowerment organization. Financial and other attributes are attached to her because of which she is working with a diversifying approach for financial empowerment. Stacy has been featured on BBC, CNN, ABC News, CNBC, and many other recognized channels. Her organization is working specifically for women and helping them in a financially multi-dimensional way.

• Free financial education for women through webinars, courses, and helpline.
• Provides financial guidance assistance.
• Provides financial literary services
• Marriage
• Divorce
• Investment
• Debt management.
• Retirement and many other areas related to financial management.

This organization has earned an award from Wealth management.com.

• 90/100 rating on Charity Navigator.
• 4/5 on Glassdoor.

WomenDeliver

A group of people started it under Jill Sheffield in 2007, and by 2010 the organization led the charge of Millenium Development Goal. Women Deliver is a leading global voice for gender equality. This organization is persistent with its approach to bring health and wealth to girls and women globally.

• Many countries are attached to this organization in helping champion gender equality
• YLP (young leader Program) is an award program
• This organization is recognized at the global forum level
• Lead the charge of the Millennium Development Goal

Conclusion

Empowerment encompasses many other factors too, namely the freedom to think and to decide. However, the first step is economic empowerment. Reality confides in the fact that raising each other up is the only equation changer.

*If you want to be an economically empowered woman and do not know where to start from, check out ‘Business Ideas for women.’

By Afsheen Khan