Money Is Empowerment

May 21


Esther Kane

Esther Kane

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Financial independence is a cornerstone of empowerment for women. This article delves into the insights of a psychotherapist and the wisdom of various women on the importance of financial literacy and independence for the younger generation.


The Importance of Financial Independence for Women

As a psychotherapist specializing in women's issues,Money Is Empowerment Articles I frequently encounter concerns about the younger generation of women and their journey to adulthood. One of the most crucial pieces of advice I offer to older women is to become mentors, guiding younger women through the complexities of life. With years of experience and wisdom, older women have invaluable lessons to share, particularly about financial independence.

The Power of Money

Money is undeniably a form of power. Countless clients have shared stories of being trapped in unhappy or abusive relationships due to financial dependence on their partners. This issue becomes even more pressing when children are involved, as the cost of living continues to rise. According to the U.S. Bureau of Labor Statistics, the average American household spends over $61,000 annually on basic necessities like housing, food, and healthcare (BLS).

A Positive Trend

Fortunately, there is a positive trend among young women today. Many are learning from the experiences of their mothers and grandmothers, realizing the importance of financial independence. With nearly 50% of marriages in the U.S. ending in divorce (CDC), women can no longer rely solely on their partners for financial security. Financial independence is not just practical; it is empowering and a source of pride.

Wisdom from Women

In my book, What Your Mama Can’t or Won’t Teach You, I interviewed over 20 women on various topics, including financial management. Here are some of their invaluable insights:

Get Educated

"My biggest advice about money is: get educated. Learn about it. Read books on investing. Start investing young. Be a balanced spender/saver and be disciplined with money so that you’re saving for things you want, instead of ‘instant gratification and pay for it later’."

Control Your Finances

"It’s very important for young women to learn about managing finances. Have control over your finances and know where you’re going so you can plan for the future and for retirement. Don’t depend on someone else to do that for you. Relationships aren’t lasting as long, and women should be aware of that. Don’t be emotionally and financially dependent on men, because if the relationship ends, you are left broke."

Be Independent

"An elderly German woman once told me, 'Honey, if you’re not alone, you’re going to be.' What she meant was: don’t count on somebody else providing for you. This is what I tell my daughters. You need to be independent, and if you share with somebody, that’s wonderful. But you need to set yourself up to be financially independent."

Start Early

"It’s hard to think about when you’re a teenager, but start investing as soon as you have money of your own. Save at least five percent of your earnings and put it into some kind of savings. You can start an RSP when you’re 18. Put some money away because you do not want to depend on somebody else for your livelihood. Understand how money works. The best way to save money is to not spend more than you make. Pay your credit cards on time and don’t ever be in debt."

Interesting Stats

  • Women and Financial Literacy: Only 22% of women in the U.S. are confident in their financial literacy skills (FINRA).
  • Gender Pay Gap: Women earn 82 cents for every dollar earned by men, which can significantly impact their ability to save and invest (Pew Research Center).
  • Retirement Savings: Women are 80% more likely than men to be impoverished in retirement (National Institute on Retirement Security).


Financial independence is not just a practical necessity; it is a form of empowerment for women. By educating themselves and taking control of their finances, women can ensure a secure and independent future. The wisdom shared by older generations can serve as a valuable guide for young women navigating the complexities of financial management.