It is easy to think back on the history of women in the workplace and believe that we have progressed hugely as a society. Yet, we only have to look to the news to see that this is not true. Whilst we may have left behind the stereotypical 1950s housewives for the most part, key terms such as “wage gap” and “glass ceiling” are still very much a part of modern vernacular. What is most alarming is the attitude towards women when it comes to finance.
Women and Finance
In a study looking at how strong traditional gender roles are when it comes to money and finances, it was found that 73% of finance articles targeted at men focus on investing. Conversely, 90% of finance articles targeted at women focus on spending less. The gender roles are so ingrained in attitudes to finances that it affects financial education for women.
The Consequences
This has severe long-term ramifications as it ultimately affects how much women are able to earn and save. As such, when looking at pension figures, women receive a third of what men retire with. They also hold around half of the amount of investments that men hold. The situation has been worsened still by the pandemic which disproportionately claimed the jobs of women in the workforce.
The Solution
Three millennial women took matters into their own hands during lockdown, combining their expertise and experience. The brainchild of a financial advisor, data analyst and entrepreneur, Juno looks to educate women about finances, from the roots. It starts by looking at the way women are taught about finances, aiming to be the “Duolingo of Finances” for women. Utilising edtech strategies, Juno provides a personalised financial education for every woman.
Women Leading Women
Each module is taught by a leading woman in her field, in the ethos of Masterclass, and topics include ‘buying property’, ‘saving for retirement’ or ‘investing in the stock market’. On the community platform, the users are also encouraged to share their money journeys, enabling conversations that are still taboo on any other platforms. The beta version of Juno is launching at the end of January, and people can sign up to the waiting list on the website.
“It’s time to fight against the message that women are ‘bad with money’. We want to give our generation of women the confidence to make their own money decisions and take advantage of opportunities to be more financially secure!” says Margot de Broglie, one of the three founders.
