One of the biggest challenges Latinas face in the financial world is the gender wage gap. According to the National Women’s Law Center, Latinas earn just 54 cents for every dollar earned by white, non-Hispanic men.
We at SHENIX support systemic changes in policies to address the gender wage gap issue, especially for Latina women. However, systemic changes take time, and we know that in the meantime, Latinas need support and tools to elevate their financial knowledge and increase their wealth.
Helping Latinas increase their financial knowledge is one way to level the playing field. If you don’t know where to start when it comes to financial knowledge, keep reading for two powerful steps you can take to begin.
1. Assess Your Personal Finances
Sometimes the most powerful step you can take financially is knowing where you stand. Too often people avoid checking their credit card statements and bank accounts because they don’t like what they see. It’s crucial to check your finances regularly to make a plan going forward for your budget, saving, and investing. Don’t shame yourself for where you are–objectively take stock of your current finances, even if they are in less than great shape, and then you can move forward.
The knowledge of where you are now is powerful because it is your first step. If you don’t know where to go next, SHENIX® will work with you step by step to create a budget, build savings, and begin investing.
Once you have a good grasp on your personal finances, you can decide what your top priority goals are–whether that’s bulking a savings account, paying off a debt, or negotiating a higher salary at work. Without this financial knowledge, you may become stagnant and miss out on opportunities to grow your wealth.
2. Talk About Finances with Other Latinas
One reason the pay gap continues is that talking about finances is seen as a taboo subject. Employees are discouraged by employers from sharing salaries. Talking about how much you make or how you’ve been saving and investing lately may perceived as bragging. However, talking about your finances creates transparency that can be fuel for change. Talking with Latina colleagues may reveal that you are being paid less than male employees with the same experience and qualifications. This could lead to a salary negotiation and company changes. Sharing a budget spreadsheet or app that you use to keep on track may be the first step for a friend to get their own finances in order.
Banding together with your Latina community for support and to share knowledge and resources can have a powerful impact on you and your entire community. If no one talks about it, then change will be slow–individually and systemically.
Financial knowledge is a great equalizer for Latinas because it allows Latinas to advocate for themselves and others in their community. If you are unsure where to begin or want a one-stop place to grow your financial knowledge, SHENIX® is perfect for you. We are happy to be a resource and partner as you grow in your business or career.