Helping Women Claim Financial Power

Helping Women Claim Financial Power

January 7, 2025 Rejina Rahim
Femme Finance

As we step into the new year and halfway through the decade, it’s time to reflect on where we are now and what can be done to empower more women to take control of their finances.

In 2024, we saw extensive coverage of Employees Provident Fund’s (EPF) efforts to educate the public on the need to take retirement savings seriously.

At the same time, there were too many grisly news of violence against women in Malaysia. I don’t intend to make it sound that women are always the victims, but it’s clear that women often bear the brunt of financial hardships, whether stemming from a struggling economy or personal challenges at home.

The growing amount needed for retirement, highlighted by recent EPF updates, is a stark reminder that we must take charge of our finances.

With that in mind, here’s my 2025 wish list: 10 actionable goals that can pave the way for greater financial confidence among women in Malaysia and beyond.

Financial literacy in schools.

Incorporating personal finance topics like budgeting, investing and saving into primary school empowering girls early on would be a game-changer. Let’s make financial education as common as math or science and history in classrooms. Start them young before bad habits come into play.

I am aware that Finco (Financial Industry Collective Outreach) does work on this, but the focus is on secondary school students.

We should start financial literacy education as early as possible as it is proven that children between the ages of two and eight absorb the information and behaviours that they observe from adults. These early lessons can have a lasting impact on their financial habits well into adulthood.

Accessible female-focused financial resources.

We need more platforms, blogs and apps designed specifically with women’s unique financial journeys in mind - whether it’s advice on negotiating pay, invest-ing with confidence or planning for life transitions like motherhood or retirement. I hope more women out there take the lead and join me in entrepreneurship and help make a better future for all.

Equal pay transparency

Companies should implement transparent pay structures that promote equal pay for equal work. Knowing your worth is the first step toward financial confidence, and transparency fosters empowerment. I know it is difficult enough for Bursa and our regulators to get companies to be transparent about their executive pays, but privacy and security aside, transparency of data allows better information dissemination that in turn helps to instil trust and good corporate governance.

Mentorship networks for women.

Creating more financial mentorship networks led by women for women can inspire confidenoe through relatable success stories and personalised guidance. I am glad to see the likes of Lean in Malaysia, Project Girls For Girls, Leadwomen and 30% Club Malaysia, but more needs to be done as we need to normalise the fact that women are capable and are able to do anything they set their hearts on, given the right support and infrastructure.

Support for female entrepreneurs.

Access to funding for female-led startups should no longer be a hurdle. A quick google search shows that in 2023 about RM300mil was budgeted for women and the youth, but only RM22.6mil was given out to 1,065 women by SME Corp. It is unclear whether the budgeted amount is in fact fully allocated. It is a well-known fact that women do not get funding as easily as men anywhere in the world where only about 2% of funding goes to women. So, if we want to mobilise more women to be economically viable, let’s push for more grants, lower barriers to small business loans and venture capital initiatives dedicated to women entrepreneurs. We need proper funding and not only for small micro loans. We have ambition too.

Investing as a norm, not an exception.

It’s time to normalise investing for women. Initiatives that demystify, teach women how to build wealth and highlight female role models in finance could make 2025 the year more women invest fearlessly.

Improved workplace financial wellness programmes

Workplaces can play a big role by offering tailored financial wellness programmes, covering everything from retirement planning to navigating maternity leave policies.

More female-led financial content.

Podcasts, books, YouTube channels and columns created by women for women are crucial. We need relatable content that dismantles jargon and makes financial literacy accessible.

Breaking down cultural barriers.

In many cultures, discussing money is still taboo. Let’s advocate for open conversations that break down these harriers and encourage financial confidence without sigma and guilt.

A focus on generational wealth.

Let’s encourage more women to think beyond short-term savings and embrace the power of generational wealth. Teaching concepts like compounding interest and long-term investments can create sustainable financial legacies.

As we envision a financially confident future for women, let’s remember progress doesn’t happen overnight.

But with collective action and an unwavering commitment to change, 2025 could be the year women everywhere claim better financial power.

What’s on your wishlist for female financial empowerment in 2025?

Let’s make it happen together!