Globally, women lag behind men in financial education, with a 2020 Organisation for Economic Co-operation and Development (OECD) study revealing that men score an average of 4 points higher out of 100 in financial literacy tests.
Regardless of income level, women also tend to have significantly less confidence in their financial skills compared to men. This disparity spans several areas, including saving and investing, personal tax management, and credit management.
In Aarau, Soroptimists are tackling this issue head-on with their ‘Finance courses for women’ project, aimed at boosting women’s financial literacy in their community. Soroptimists identified a crucial gap: many women were not fully aware of their personal finances, social insurance, or the options available within the Swiss pension system. They also noticed that various lifestyles affected budgeting and pension planning, leading to potential financial difficulties.
To address this, Soroptimists partnered with Budget-und Schuldenberatung Aargau Solothurn, a local state budget and debt counselling service, to develop and offer three tailored courses. These courses, focusing on budgeting and retirement planning, were held at a co-working space in Aarau and provided free of charge. The primary goal was to empower women with the knowledge and tools needed to take control of their financial futures.
To reinforce the lessons learned, the Soroptimists created a comprehensive brochure titled ‘Everything about your budget’. This resource allowed the 45 participating women to revisit and apply the course material in their daily lives.
The project’s impact has been profound. One participant shared that, “For the first time, I am able to create and stick to a budget, significantly reducing my stress levels, especially at the end of the month.” Her story underscored the initiative’s importance and transformative potential.
Overall, the project aimed to empower women through education, equipping them with the financial literacy skills necessary to confidently navigate their economic landscape. The positive feedback and success stories from participants affirm the value and necessity of the Soroptimists’ efforts.
