Women and Money: Navigating Financial Obstacles

In the Philippines, where bayanihan and close-knit families are deeply cherished, women play a pivotal role in shaping households and communities. Yet, amid these social responsibilities, many Filipinas encounter unique financial challenges that can impact their long-term security and well-being.

This blog explores some common financial issues faced by Filipino women and offers encouraging advice for overcoming them.

Common Financial Issues Faced by Women

The Gender Pay Gap

It's no secret that the gender pay gap exists across industries and occupations, and the Philippines is no exception. Despite having strong representation in the workforce, Filipino women often earn less than their male counterparts for the same work. This discrepancy can lead to long-term financial disparities and impact overall economic stability.

If you find yourself in this situation, know that you have the power to negotiate for fair pay. Research salary ranges for your role, build a strong case and confidently discuss your worth with your employer. You deserve to be compensated fairly for your skills and contributions!

Career Interruptions

Many Filipino women prioritize family over career, often taking breaks for child-rearing or caring for elderly relatives. While these sacrifices are honorable, they can lead to career interruptions, impacting long-term career growth and retirement savings.

If you're taking a career break, consider exploring remote work or flexible job opportunities to stay engaged in the workforce. This can help you maintain skills, build a network, and earn income while still caring for your family. When you're ready to return to work, leverage your transferable skills and emphasize the strengths you've developed during your break.

Financial Literacy

Financial literacy is crucial for making informed decisions about saving, investing, and budgeting. Unfortunately, many women may not have received adequate education on these topics, leading to uncertainty and hesitation in managing their finances. According to a study by the Bangko Sentral ng Pilipinas (BSP), only 2% of Filipinos could correctly answer all six basic financial literacy questions in their 2021 Financial Inclusion Survey. The survey indicated that women generally exhibit slightly lower financial aptitude and overall financial literacy compared to men.

It's never too late to start learning about personal finance. InLife Sheroes offers a wealth of resources and access to financial advisors who can guide you through the basics. Don't hesitate to ask questions and share insights with other women in your community. When you empower yourself with financial knowledge, you're also empowering those around you.

Limited Access to Credit and Investment Opportunities

Access to credit and investment opportunities can be challenging for Filipino women, especially if they've had career interruptions or lack collateral. This can limit opportunities for business ventures, property ownership, and long-term financial planning.

Begin by building a solid credit history. You can do this by opening a small credit card account and using it responsibly—making timely payments and keeping your balances low. This approach helps establish a positive credit record, which is crucial for accessing larger financial opportunities down the road.

Cultural Expectations

In the Philippines, cultural expectations often place women in caregiving roles, which can limit their career and financial opportunities. This can lead to a sense of duty to prioritize family over personal goals, impacting long-term financial stability.

Remember that taking care of yourself is just as important as taking care of others. Set personal financial goals and work towards achieving them. It's okay to pursue a fulfilling career while being a loving caregiver. The more financially secure you are, the better equipped you'll be to support your family in the long run.

Final Thoughts

Filipinas are strong, resilient, and resourceful. By acknowledging the common financial issues and taking proactive steps to overcome them, you can create a brighter financial future for yourself and those you care about. Seek support from your community, stay informed, and never stop striving for your dreams. You've got this!

Ready to take control of your financial future? Join InLife Sheroes today! Connect with a community of empowered women, access valuable financial resources, and get personalized support to help you reach your goals. Whether you're looking to boost your financial literacy, start investing, or grow your business, InLife Sheroes has the tools and insights to guide you every step of the way.

Join our movement and become a Shero today! Send us an email at inlifesheroes@insular.com.ph to learn more.