When it comes to money, every penny matters. Attaining financial wellness gives a sense of financial security and freedom.
It means you might not have to worry about a sudden emergency, job loss, or career change that might impact your finances in the short term. It might mean less stress, more time with family and loved ones, and more meaning and purpose in your career.
But it’s important to recognize that not everyone is starting at the same “starting line” in this marathon to find financial wellness. The gender pay gap is still very prevalent: women earn less than men. It’s estimated it would take an extra 42 days of work for women to earn what men did in 2020.
But there’s also a financial literacy gender gap. Data shows men understand money better than women. This gap in financial literacy can be attributed to inequity in how we teach and empower women’s success in today’s world. Getting financial education is imperative to understand what it means to be financially well.
The persistent racial wealth gap continues to make little to no progress. Research shows that closing the racial wealth gap is key to addressing inequality at scale.
Attaining financial wellness doesn’t just mean you can feel a sense of financial freedom and security. Financial wellness is the key to solving large-scale, complex inequities embedded in our society. We also know there’s a cyclical relationship between mental health and money.
Why should we care about equity and financial wellness? In short, financial wellness for all can help empower human transformation at scale. And when we unlock opportunities for everyone to attain financial wellness, the benefits speak for themselves.