Ep 214: Why Financial Literacy Is a Social Justice Issue

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In this podcast episode of “Money & You,” host Michelle Perkins discusses financial literacy and empowerment, particularly for women, with guest Irene Kelly, a bilingual financial educator and investment advisor. Irene’s experience as a Latina woman and her work with WEV, which focuses on economic and gender equity, shapes her commitment to addressing financial education through a lens of inclusivity and empowerment.

The episode underscores the importance of addressing financial education early, advocating for a shift from a scarcity to an abundance mindset. Irene notes that participants in their programs often experience a sense of agency and liberation as they confront their financial pasts and learn to navigate the financial system. The discussion also touches on the need for trauma-informed financial education and the role of community support in fostering financial empowerment.

This episode aims to dismantle financial taboos and promote inclusive financial education, ultimately helping individuals take control of their financial futures.

00:01 – Introduction to financial mindset

05:42 – Healing financial trauma

17:15 – Building wealth through support

28:35 – Empowerment and community growth

34:59 – Understanding credit basics

45:34 – Resources for financial empowerment

The podcast emphasizes starting financial education with mindset and personal financial history rather than conventional banking formulas, aiming to heal past financial traumas before moving on to practical financial skills.

Participants in WEV often struggle with feelings of discomfort around money conversations, limited financial literacy, and the need for support systems, which can hinder their ability to take proactive steps in their financial empowerment.

Community is portrayed as a vital support system that fosters openness and curiosity, helping individuals feel empowered to take charge of their financial paths and encouraging them to engage in meaningful money conversations.

Key Takeaways:

– Mindset Matters: Your relationship with money is foundational to your financial success. Healing past financial wounds can lead to a more empowered future.

– Curiosity and Openness:  Approaching financial education with curiosity leads to greater understanding and empowerment.

– Community Support: Engaging with a community can provide the necessary support and encouragement to take charge of your financial journey.

– Credit is one of our most powerful tools for building wealth: Deep dive  into the challenges and opportunities around credit.

– Invest in Yourself: Seeking expert help and investing in financial education is crucial for long-term financial health and well-being.

WEV offers virtual, free credit building and other financial empowerment courses as well as other resources – reach out to WEV at: https://www.wevonline.org/financial-empowerment/

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