Every month is Financial Literacy Month at Savvy Ladies.

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Apr 05, 2022, 09:10 ET

The Free Financial Helpline advises women every single day.

NEW YORK, April 5, 2022 /PRNewswire/ -- Beginning in 2003, April is designated by US legislators as National Financial Literacy Month; it is also the year Savvy Ladies, a nationally recognized non-profit organization championing financial literacy and supporting free financial education for women, launched its free Financial Helpline.

The Savvy Ladies free Financial Helpline's mission is to help reduce the economic and racial disparities in financial education for women. The Savvy Ladies Financial Helpline provides one-on-one, personalized financial guidance by certified financial volunteer professionals.

"Women from all backgrounds face daunting barriers to financial security, including income inequality, a wide gap in retirement savings, the impact of caregiving on income and savings, and now the disproportionate impact of the pandemic on women's livelihoods," states Stacy Francis, Founder & Board Chair Savvy Ladies

Since the pandemic, the Savvy Ladies Helpline has been growing month over month; now connecting over 150+ women each month who seek answers, advice, and guidance to their personal financial questions. 68% of the helpline clients tell us they are anxious, unsure, and have no idea what to do about their financial situation. Upon receiving their personalized financial guidance, they state they now are more knowledgeable and have a positive outlook to move forward with their financial journey.

Currently, 85% of women Savvy Ladies serves on the helpline meet Lower/Middle Income (LMI) criteria; 70% self-report a household income of under $50,000. And have questions dealing with debt management(28%), , investing/retirement (22%), divorce & money(18%), family money management(16%), health & money(15%).

Single women of all types — unmarried, divorced, and widowed— are underprepared for retirement from 44 to 64. IRA and 401(k) balances fall short compared to male equivalents. Single and married women tend to focus on priorities other than retirement, like paying for their children's needs and owning a house. One of the worst outcomes of not prioritizing savings is missing opportunities to leverage time in your favor.

"Financial knowledge is power," states Judy Herbst, Executive Director Savvy Ladies.

With the help of the Savvy Ladies Helpline, women start learning about and making their own choices about money. They realize the importance of financial planning to protect themselves against economic hardship and proactively begin building their wealth for themselves and their families.

Learn about volunteer opportunities; donate.

SOURCE Savvy Ladies