How to close the gender wealth gap is the million-dollar question facing the investing world. Unfortunately, that’s more than just a figure of speech.
On average, women accumulate $1,055,000 less than men over the course of their lifetimes. That’s the difference between being able to retire comfortably and not being able to retire at all.
Let’s take a look at some of the companies, non-profits, and influencers trying to address the gender wealth gap with investing.
Bola Sokunbi, author of “Clever Girl Finance: Learn How Investing Works, Grow Your Money”, offers a free seven-course investing bundle that includes topics like how to choose a robo-advisor, rebalancing your portfolio, and how to create a basic three-fund portfolio.
If you’re new to investing, go through the videos in order so you don’t get confused. These classes include videos, user-friendly graphics, and webinar replays.
Ellevest is the first robo-advisor to focus on female investors and their needs. For a small monthly fee, users get access to an Ellevest investment account and free investment education.
If you’re not an Ellevest member, you can still take advantage of their affordable webinars. They offer both an introductory and an intermediate investing webinar, both priced at $10 for non-members.
3. Bravely Go
Financial educator Kara Perez of Bravely Go hosts monthly live investing workshops geared toward new investors and specifically designed for women and BIPOC.
Her “How to Not Die Broke: An Investing 101 Breakdown” covers different types of retirement accounts, basic investing terms, and the difference between investing in real estate and the stock market. The class costs $25 and is held once a month.
Perez also teaches “Ethical Investing 101: How To Be a Good Person And Still Make Money,” which is intended for women who want to invest in companies they believe in. The workshop costs $35 a session.
4. Women’s Way
Woman’s Way is a charitable organization based in Philadelphia, and one of their biggest action items is closing the gender wealth gap. Their goal? To help women who are financially insecure build wealth. They are doing this with an education series along with broader programs that help women gain financial stability to weather emergencies, pursue higher education, and learn to save for retirement and future generations. Their next educational summit is on improving access to affordable housing.
5. Closing The Women’s Wealth Gap
This non-profit is working specifically for women who are disproportionately impacted by the gender wealth gap including black, indigenous, Latinx, and LGBTQ women . To do that, the nonprofit works to galvanize economic policy solutions like pushing for equitable access to tax subsidies and other public incentives that help people save and invest, working behind the scenes to create new financial products and services that aim to help women of color build capital, and working to improve employer practices and wages across sectors in relation to women of color.
6. Amanda Holden
Former corporate investment manager Amanda Holden, who runs the Dumpster Dog Blog, has taught financial education to employees at companies like Reddit, DocuSign, and Yahoo.
But Holden’s real passion is empowering women by helping them take charge of their investments. Women who crave an in-depth investing course will enjoy Holden’s course, “Invested Development,” a 15-part video class. Each video lesson is generally between 30 and 60 minutes and also includes homework after every session.
Topics include how ETFs and mutual funds work, how to rebalance your portfolio, and the difference between active and passive management. The course costs $249 and includes a monthly Zoom call where you can ask Holden any questions you have.
If you don’t have the time or money to take the full course, Holden also hosts live investing workshops with partners like The Financial Diet and Her First $100K.
7. Financial Planning Organizations
If you’re a member of an underserved community, you may qualify for free one-on-one financial help through the Financial Planning Association. Their members offer pro bono counseling for those who qualify. Go here to see if your local chapter can connect you with a financial planner.
The National Association of Personal Financial Advisors has also compiled a list of financial planners who offer pro bono services. Contact one of these planners and ask them if you qualify.
Feature Image: The Money Manual