Empowering Financially Literate Women
With a new year comes the need to set goals and plan ahead. Often, financial goals are on the radar for most people - but not everyone has that luxury. While financial planning and independence are things a lot of us strive for, they are a privilege that many people do not have access to.
Financial literacy is having the knowledge, skills, and confidence to make responsible financial decisions, and it is a huge part of financial empowerment for everyone, especially women.
While Canada is considered to have some of the highest rates of financial literacy globally, immigrants and newcomers are disproportionately affected due to variables such as language barriers, having to navigate new, unfamiliar systems, and financial exclusion. As a result, 34-46% of newcomers to Canada experiencing financial hardships.
This number is even greater when it comes to women specifically, as women tend to have less financial knowledge and confidence, are more likely to be under- or unemployed or experience breaks in their employment due to primary caregiving responsibilities, and are often financially-dependent on their partners.
Women’s economic insecurities can also make them more vulnerable to victimization and financial abuse. Lack of access to housing and money can also become a barrier for women trying to leave abusive or violent relationships. Empowering women to develop good financial habits and access resources is important not only for themselves, but also for future generations.
At Sakeenah, we’re on a mission to help empower women and help them thrive and gain independence, which is why financial literacy is also one of the life skills that we teach women in our transitional homes programming. It’s an important tool for women in all situations, and we recommend exploring the resources available to you to learn more.
2024 is the year we empower financially literate women.
Written by Hira Irfan - Marketing Coordinator at Sakeenah Canada. I love anything creative and using that creativity to serve my community. I’m a proud cat mom of two!
About Sakeenah
Sakeenah Canada, a national charitable organization, was founded in 2018 in response to a gap in culturally and religiously sensitive services available for women and children facing domestic violence and homelessness. Since then, our services have expanded to include mental health therapy and counseling. Sakeenah has also started The People’s Market, a food program that helps combat food insecurity, and has become the first licensed foster care agency for Muslim children in all of North America. We currently operate 8 transitional homes across Canada: Toronto, Brampton, Milton, London, Montreal, Ottawa, Winnipeg, and Regina, in addition to the first long-term housing program for Muslim women and children in Canada, in Windsor.
