While women frequently handle the household budget, making sure there’s enough money for the grocery bill, to buy new shoes for the kids, and make the monthly car payment, that doesn’t always provide them with the knowledge base to ensure they are in the right place financially for the future.
“I think there is a day-to-day management in getting by, versus a financial awareness to prepare for the long-term, and having to suddenly deal with financial situations that arise for which they weren’t prepared,” said Carrie Miller of the Hebrew Free Loan Association (HFLA) of Northeast Ohio, an organization that provides interest-free loans to people in need, including many women.
To help raise awareness of the need for women to take control of their own financial future, HFLA is presenting the free event “$avvy-Women. Money. Freedom.” The two day event on Sun. Oct. 10 and Mon. Oct. 11 includes the screening of documentary filmmaker Robin Hauser’s latest film “$avvy” which addresses the need for financial preparedness for women, as well as a post-film panel discussion.
Reasons vary on lack of financial preparedness
HFLA provides interest-free loans to promote economic self-sufficiency and growth among Northeast Ohioans unable to access safe and fair lending resources. Miller said there are a myriad of reasons why women find themselves without a long-term financial plan.
“Women are coming to us because of the income gap between men and women,” she said. “We see women who are trying to leave domestic violence situations, who are with a partner who is using finances to control them, or women who want to leave a situation but they just can’t afford it.”
Often, partners keep women in the dark about the state of household finances, so that when a major bill arrives, like a tuition payment, the money the women assumed was available, isn’t there, creating a financial crisis.
Miller said a lack of financial education in primary and secondary schools, also provides an impediment, in particular for women, who are not only not taught financial literacy, but also not encouraged to pursue it, as a course of study.
This lack of a knowledge base often makes women reluctant to become involved in managing their money.
“Women often feel like ‘Oh, I don’t know everything about this,’ so I’m going to let someone who appears to be more confident in this, handle it, and therefore pass it on to someone else,” Miller said.
Relevant to the work we do
Last fall, HFLA’s executive director Michal Marcus attended a virtual event sponsored by JumpStart, the venture development organization that encourages entrepreneurship in Northeast Ohio, featuring a screening of Hauser’s film “Bias” as well as a post-film discussion.
When Hauser mentioned that her next film, “$avvy,” was going to be the importance of women educating themselves about creating their own financially solvent future, Marcus thought staging an event around screening the film would allow the organization to raise awareness about this important need, as well as allow HFLA to call attention to its work in helping women achieve long-term financial stability.
“This film is very relevant to what we do, because 60 percent of our loans go to women,” Miller said.
How to participate
Viewers can register now by visiting the HFLA website, to receive 24 hour access, beginning on the morning of October 10, to view “$avvy.” Then, on October 11 at 7:00 pm, Hauser will join Margaret Mitchell, President and CEO of the YWCA Cleveland, and Heather Ettinger, founder and CEO of Luma Wealth Advisors, for an online panel discussion about the status of women in Northeast Ohio and ways to assist women in taking charge of their financial lives.
Registrants will receive both a link to watch the film, as well as the panel discussion, the latter of which will be archived. Viewers are invited to send their questions for the discussion to the HFLA website, as well as on the organization’s social media channels.
The Land is a media sponsor of HLFA’s screening and post-film discussion of $avvy.
Dan Polletta is a veteran Northeast Ohio broadcaster and writer. He has written extensively about arts and culture, with a special interest in jazz.
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