How to talk to young woman to cultivate financial empowerment

Young women today are more expressive than ever before. They speak their mind and they demand recognition for their work, and now more then ever they need to be shown how to control their money. Let’s look at some of the ways you can help young women grow.

Educate yourself

Once they get a basic understanding of the financial product from you or someone close, encourage them to take initiative to learn about the latest products in the market by themselves. Let them understand which mutual funds are best suited for them and why they must keep some money stacked in fixed deposits. Drill in them to buy insurance only for protection and not as an investment option, while they learn about the stock market. If they feel they need more understanding about their money, encourage them to consult a professional or read up.

Have financial goals

As they learn about financial products, it’s imperative they set up a goal-setting mentality. Inspire them to ask for want they want and go for it. Sit with them, remove a piece of paper and start writing down goals they wish to achieve. Teach them the value of planning ahead and taking steps to grow their wealth. Speak to other women who are on this journey and they will learn there are not alone in this relationship with money and learn a few more tips to achieve their goals.

Ask for what you want, unapologetically

They need to know their worth for the work they do. One of the last frontiers in gender equality remains the fight for equal pay. In a study conducted by Allianz, they found that fewer women asked for a promotion or raise at work in 2019 than in 2016 (27% versus 44%). Remind them, if they don’t ask for it, there is a 100% chance they won’t get it. Help and encourage the young women in your life to feel comfortable in asking for a raise, so they feel they are worth it.

Always hustle and be entrepreneurial

It’s an amazing feeling to know you can manage your own business. Whether it’s a small kirana store or a fancy restaurant, the power to be running and controlling their own business, being their own boss is wonderful. They can start doing this by taking side jobs with their regular jobs. This would also teach them time management while earning a little extra income.

Support other women

Remind them that they are all in the same boat and the best thing they can do is paying it forward. Just like a great tip about a sale, don’t be shy about it when it comes to money or even work. Encourage the women in your life to act as an ally, advocate, mentor or sponsor to other women.