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International Women's Day 2024: Money is Power - Let's Build a Future Where Women Have More of Both.

March 7, 2024

Headshot of Vrinda Gupta

Vrinda Gupta

Sequin CEO & Co-Founder | Women's Finance Expert | Visa Alum

There’s so much to celebrate this International Women’s Day. But, as I look at women’s financial progress - I can’t help but feel we’ve regressed as a society.

Did you know? Gen Z women express higher concerns on nearly every economic or personal finance topic - whether it be about their current financial situation or future financial potential.

A Man's Financial System

For a quick bit of (not fun) history: It was just a few decades ago when women finally won the right to open our own bank accounts and hold our own credit cards. Even then, many banks still required a husband’s signature to do so. It took until 1974 — and the passage of the Equal Credit Opportunity Act — for us to finally earn the right to open a bank account, credit card, or business loan on our own terms.

Women's Spending Power

Fast forward to today:

💸 Women contribute over $30 trillion to worldwide spending.

👛 By 2028, women are projected to own 75% of discretionary spending.

👩‍🎓 Women currently outpace men in today’s college-educated labor force and Gen Z women are more ambitious than ever.

Gendered Financial Gaps

However:

😧 Gendered financial gaps are not reserved to “adulthood” challenges like caregiving - on nearly every metric, Gen Z women express higher concerns on economic or personal finance topics - whether it be their current financial situation or future financial potential.

❗️Women are still paying 30% more in overdraft fees, higher interest rates, and aren’t growing wealth as effectively due in part to financial education gaps that start in childhood and do not close.

💰 The gender wage gap, “Pink Tax” - gender-based price discrimination, and similar hidden costs to being a woman are still costing us hundreds of thousands of dollars over a lifetime.

Women's Financial Futures

Despite these stats, I feel optimistic about the future - primarily because I believe in women.

I believe in our ability to drive societal change and question the status quo towards a society that values women, our wellbeing, and our spending power.

When women unleash our spending power, economies thrive - even the Federal Reserve has noticed women’s economic prowess.

Women are the largest underserved segment in financial services, representing a $700 billion global opportunity.

Money has always been, and will continue to be, associated with power - and I look forward to a future where women have more of both.

To learn more about what we’re building at Sequin, head over to www.sequincard.com!

Disclaimer:

Opinions expressed here are author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.