Tue. Jul 5th, 2022


The writer is author of ‘The Reset: Ideas to Change How We Work and Live’

Gone are the days where many women felt uncomfortable discussing money because they were told it was too personal or they lacked confidence. From building up an emergency fund to discussing our freelance rates, my friends and I do not shy away from being open about it – which is very different from how we were brought up.

I was not taught money management skills at school and, as I went into my twenties, I did not have sufficient knowledge to properly plan my long-term finances. I would procrastinate when it came to financial tasks or decisions and let’s be honest, the complexity of the financial system means those who do not have the tools to understand it are excluded.

However, practice counts and over time my peers and I have built up our financial muscles. This shift is due in part to the growth of digital tools that provide education on all things money, particularly among millennials and Generation Z. Fintech start-ups are leading the financial literacy trend with many providing the knowledge to make smart decisions about money, and catering to the needs of those traditionally overlooked, such as young women and minority groups.

Billed as the “Duolingo of Money”, Your Juno is a financial education platform for women and non-binary people with a focus on millennials and Gen Z. Founded by sisters Margot and Alexia de Broglie in 2020, its mission is to close the gender gap in financial literacy, exacerbated by discriminatory financial information targeted at women. Their app has courses on a range of financial topics from investing to saving for retirement where people can learn from financial experts that they can relate to.

“If you look at investment platforms, women only make up 24 per cent of app users. But then if you look at crypto, women are only 7 per cent of crypto holders, so instead of that gap becoming smaller it is actually becoming bigger. . . So we need to really make sure we are including women and non-binary people in the conversation and bringing them in early, ”says co-founder Alexia de Broglie.

This is backed up by a study by US investment bank BNY Mellon, which found that if women invested at the same rate as men, there would be at least an extra $ 3.2tn of assets under management from private individuals today. More importantly, the research also revealed women are more likely to make investments that have positive social and environmental impacts.

The start-up has recently raised $ 2.2m in seed funding. The round was led by InReach Venturesalongside a board of predominantly female angel investors.

Similarly, Wealth8 is a digital investment app that was launched in 2020 with the aim of making investing more accessible within the Black community – and in the process, help close the racial wealth gap. According to a report by the Runnymede Trust, a race equality think-tank, for every £ 1 of white British wealth, Black African households have 10p. Wealth8 is hoping to help change this.

“We can not have true equality without economic equality – the future of black wealth is in the hands of the younger generation so it’s imperative that we provide access and education to our communities to help make that goal of generational wealth become a reality,” says Wealth8 co-founder and chief executive Bimpe Nkontchou. “Our message is that everyone should have the ability to build wealth, even by starting with as little as £ 8.”

She adds that with a new generation of black individuals coming into the workplace, Wealth8’s mission is to educate them on how their money can work for them.

In 2021, Nina Mohanty started Bloom Money with a simple question: how can financial services better serve migrants? Its aim is to provide fair credit access to migrants and refugees through an app, which Bloom hopes will receive authorization from the UK’s Financial Conduct Authority by the summer.

It is refreshing to see broader representation among the new crop of financial products, as so many parts of society have for far too long been overlooked by the financial industry.



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