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Over a hundred years ago, on March 8th 1917, women in some countries finally won their right to vote. This date is now the international day of recognising women’s liberation globally so this week, we’re joining in to celebrate International Women’s Day.
And where better for Dobin to focus than on female financial independence? While in some countries the battle for women’s vote has long since been won, the war wages on in other areas. There’s still a lot of work to elevate women through their finances and in the banking industry.
Join us as we take a deep dive into the relationship between empowerment, data, and financial independence. Come discover what work we still have left to do in liberating women, and how the power of your financial data can help you create your own economic freedom.
Oh, and happy International Women’s Day to all those inspirational women we know and love — we wouldn’t have Dobin without you.
First things first, have you heard of the wealth gap?
While women have the right to vote, access to education and are no longer fighting to open their own bank accounts, there’s still a lot of way to go when it comes down to building wealth.
While women have the right to vote, access to education and are no longer fighting to open their own bank accounts, there’s still a lot of way to go when it comes down to building wealth.
Across the world, women are less likely to have a wealth portfolio than men, meaning that for every $1 of wealth owned by a single man, single women own just 82 cents.
But why is this? Well it partly comes down to cultural issues. Men in general earn more than women do and they are more likely to save and take risks in investing, which may end up in the accumulation of more wealth over a lifetime. Plus, men have had years of liberation to build wealth — remember that it was only in the 1970s that women were allowed to open a bank account in their own name!
The truth is that access to, and control over, our own financial information is the key to empowerment for us all. Without the option to make their own decisions about the money they earned and the financial products they used, women were blocked from building wealth for their future.
Nowadays, however, women’s wealth is rising. The Economist reported that worldwide, wealth held by women jumped from $34trn to $51trn in just five years, representing about 30% of global assets — and the best part about this figure? It’s only projected to keep going up.
Women are in control of their money, and putting it to good use, growing wealth and empowering themselves through financial education. In fact, studies show that in Singapore the wealth gap is decreasing as women become more financially independent, and they’re doing this by having an active role in managing their savings and investments.
The trouble is, getting a handle on managing money can be overwhelming.
Just 59% of Singaporean women, compared with 72% of men, are actively making decisions about where to save or invest their money, meaning there’s still a whole group of women who are missing out on achieving financial independence and confidence.
In general, women have more tasks to complete, longer to do lists, and work harder than men (sorry, but it’s true!) — Perhaps women have less time to think about their financial decisions?
But getting on the path to financial independence doesn’t need to be so hard. Let’s break it down into four steps that everyone can take right now to get a better grasp on their financial situation.
First up, we’ve got to plan where we’re headed. Setting financial goals keeps you motivated and on track with a solid measure of success. We suggest starting by saving for an emergency fund to help tide you through any rainy days. A suggested amount is three month’s income.
If you’ve already done that, perhaps it’s time to consider a larger investment target, or maybe your biggest goal is to pay off your debt. Whatever it is, having a figure to aim for will help direct your attention and focus your ambition.
Now you’ve set your goal it’s important to create visibility in your finances. Do you know how much you spend every month? What’s your biggest expense? How much debt do you have?
Take back 100% visibility and accountability of your finances by getting a money management app or tracker. You should be able to see your balances across your accounts and credit cards, plus use that information to drill down into spending and expenses. Once you’ve done this, it’s easy to see where you could save some money or spend a little more wisely.
With full visibility comes smart spending. Now you can see where your money is going, it’s time to identify the right deals and discounts that work for you.
If you’re heading out for the evening for dinner, identify which credit card gives you the best rewards on dining out. Looking to make a big purchase from one of your favourite retailers? Check for a discount to help you save the dollars.
And finally, by having a truly visible view of your finances, you can take action to optimise your financial health. This means optimising your credit cards and loans to match your everyday spending and your financial profile. If you don’t use products like these already, it means securing them and putting them to good use, building your credit and increasing your wealth.
One thing that all of the above steps have in common is that the success of each step depends on the data that is available.
We at Dobin think that all economic freedom starts with financial data. If you have an accurate view of a scene you can make fully-informed decisions towards building wealth, optimising spend and identifying opportunities. When you have all the information about where your money is going, where you can start to save, and which offers are best for you, you can start to work towards financial independence.
If we’re serious about shifting the wealth gap, we’ve got to give women the tools to start developing healthy financial habits. That includes having the ability to manage their money actively, view their balances, incomings and outgoings.
Plus, we have to encourage women to take an active role in growing their savings and watching their investments. We do all this by giving them access to the tools they need.
And that’s exactly what we’re doing at Dobin: a money management app which empowers through open finance, giving women (and men!) access to their financial data to help them make the best decisions for their circumstances.
Dobin helps you to see the full picture of your finances, from your balances to your credit cards. Plus, our product helps you discover the best products and offers for your circumstances, giving you incredible discounts, rewards and offers simply for being YOU.
Ready to take control of your finances and beat the wealth gap?
Get empowered by downloading Dobin today!
