Empowering Women to Achieve Financial Confidence
In the United States, women are making remarkable strides in various fields, including education and the workforce. They now earn more college and graduate degrees than men, comprise half of the workforce, and are steadily closing the gender gap in middle management. On top of this, the share of woman-led Fortune 500 companies has hit a record high in recent years, with 44 women CEOs at the helm.
Furthering this positive momentum, women’s confidence in managing finances is on the rise, with KeyBank’s Key4Women 2023 Financial Confidence Survey revealing that 52% of women are feeling very confident about their personal financial future, compared to 43% just three years before. This growing financial confidence among women is an encouraging trend, and KeyBank is committed to seeing it continue by empowering women both financially and professionally to help them turn their goals into reality.
To aid in building financial confidence, here are some strategies and tips:
Seek Help: Building a financial plan, finding the right money tools, and creating an effective budget can be daunting tasks. It's essential to remember that seeking assistance is perfectly acceptable and encouraged. Reach out to female colleagues, friends, and network connections for support. Consider connecting with Key4Women advisors who can provide valuable guidance. The mutual support of women is a powerful way to boost self-assurance.
Embrace Positive Change: It's crucial to reevaluate your perspective on money. Examine your beliefs and attitudes about finances by reflecting on your past experiences around money. It might hurt a little, but this self-reflection can help you understand and potentially alter your money-related beliefs, promoting a healthier and more positive outlook as you move forward.
Celebrate Small Wins: As you progress on your financial journey, don't underestimate the significance of small victories. At the end of the day, it’s the little things that matter – especially when it comes to your finances. Financial victories come in all sizes; whether they involve saving a particular amount, paying off a debt, or holding off on a purchase, they deserve recognition. Don’t be afraid to give yourself a pat on the back every now and then.
Building financial confidence is a journey that hinges on commitment, courage, and the acquisition of essential skills and knowledge. These intangibles lay the foundation for financial confidence and pave the way toward a secure financial future.
Commit to Your Goals: Financial goals typically require a long-term commitment that can span months or even years. With that said, setting a specific and realistic time frame is crucial in establishing positive financial habits. Whether you're working toward reducing debt, saving for a significant purchase, or planning for future investments, a clear commitment is a crucial step toward building financial confidence.
Find Courage: Courage is a fundamental component to financial confidence and develops further as you take concrete steps towards your goals. This stage may not always feel comfortable, and visible progress may be gradual, but embracing courage is vital for the challenges and uncertainties that may lie ahead on your journey toward financial confidence.
Acquire Capabilities Leading to Success: As you commit to your financial goals and build courage, you'll start to acquire the skills and knowledge needed to make more informed financial decisions and to navigate the intricacies of personal finance. Tracking your progress and setting measurable goals are integral aspects of this stage. By doing so, you'll deepen your understanding of your financial journey and develop the confidence required to achieve your goals.
It’s important to understand that financial confidence doesn’t have to be a prerequisite before embarking on your financial journey. Instead, it is something that gradually materializes as you gain knowledge and experience. While setbacks may be encountered along the way, they should be viewed as opportunities for growth and learning.
To further support your journey, seek out our trusted advisors who can help navigate your career, business growth, and financial goals. Key4Women is dedicated to advocating for, connecting, and empowering women, providing access to valuable local and national programs and networking opportunities. To enroll, visit key.com/joinK4W.