Advocacy

This past week President Biden signed a bipartisan debt ceiling agreement that “codified” an end to the payment pause for student loan borrowers. In response to this seismic event, there has been a steady stream of articles about the adverse impact of the resumption of payments: according to a recent survey by Student Debt Crisis, 89% of fully-employed borrowers aren’t “financially secure” enough to restart payments and this event will have a “severe” impact on the economy. 

What has been overlooked is that the lives of WOMEN will be disproportionately impacted by this event because WOMEN account for almost 2/3rds of student loan debt!!

        Harvard Ed School graphic

“I can promise you that women working together – linked, informed and educated – can bring peace and prosperity to this forsaken planet.” Isabelle Allende

If you are nervous and understandably confused about the resumption of student loan payments, you are not alone. If you are worried about managing this new monthly payment, you are not alone. The good news is that by working together and taking advantage ofthe resources available to borrowers in the WMM community, you can find a workable solution. The key is to become fully informed about your loans and understand the menu of manageable repayment options.

What Women Borrowers Can Do Now:

• Log into your account at the federal student aid website: https://studentaid.gov/
• Verify that your contact information is accurate, including mailing & email address
• Review your loan balances, print out a copy for your records and verify your loan servicer; every borrower is assigned a company (loan servicer)
• If you are unemployed, do not ignore your payment; if you are enrolled in an Income Driven Repayment Plan (IDR), you might be eligible for 0$ per month payment
• Make sure you are enrolled in a more affordable income-driven repayment plan and use auto-pay; it automatically provides you with a .25% savings on the loan interest rate
• Begin to budget for the resumption of federal student loan payments in September

There is no need to panic. “Working together,” WMM can help you to create a manageable and affordable repayment plan. 

 

Robert J. Miller, Advisor for Women’s Money Matters

 

In a recent Census Bureau survey, 40% of Americans indicated that they are struggling to afford household expenses, saying that they are finding it “somewhat difficult” or “very difficult” to cover these costs. 

With inflation rates increasing year over year according to the U.S. Department of Labor costs are higher than we have seen in years on everything from household goods to cars to gas. 

In the Boston area, food prices have jumped 7.1% since March of 2021, with electric and gas services increasing by 14.5 and 27.0% respectively. Gasoline prices are up 53.6%!

Women’s Money Matters, formerly Budget Buddies, knows and has seen first hand that these economic downturns have a greater impact on women living on low incomes (or economic margins) as they are consistently hit hardest by inflation, increasing gas prices, and recessions. 

This comes on top of the COVID-induced “she-session” that caused many women to lose income as female workforce participation dropped to 57%, the lowest since 1988. Since the pandemic started, over 5.4 million women have left or lost jobs.

We spoke with some of the women who have participated in our Women’s Money Matters Collective, comprehensive financial health programs for women living on low-incomes, about how they have been impacted by recent rising costs. 

Ninety one percent of the women we surveyed indicated they are being forced to think differently about all aspects of their daily lives, including limiting driving to conserve gas, avoiding brand names (especially on groceries) and delaying large purchases. 

As budget constraints become even tighter, some women have begun putting off necessary expenses, like medical procedures. Marjorie, a recent graduate shared that she “needs a $1,300 crown on my tooth,” that she can’t afford right now. 

Many women have begun comparing prices at different grocery stores, couponing and are making cuts to more expensive grocery items such as meats and healthy foods. 

From the women we spoke with, 56% said they are adjusting how much they drive to conserve gas. 

“I think about how much driving is going to cost me. I get my haircut 26 miles from my house, which adds $10 to the price of my cut,” said one participant. 

Carol M. shared that in order to save money on gas, she now does her “grocery shopping online 90% of the time and whenever I make a doctor’s appointment, I ask if possible to do Telehealth.”

For younger individuals, some are being forced to live at home longer as housing prices increase by 6.3 percent. One of our participants shared that she has had to delay moving out of her parents’ house and becoming completely independent due to the increasing housing cost.

We also continue to see rising impacts on mothers and single mothers. In Massachusetts alone, 33% of single mother households live in poverty. We have heard from participants that the rising cost of childcare and inflation is causing women to reflect and change their budgets. 

One of our participants shared, “It generally affects single mothers with minimum wages and few working hours, food is twice as expensive and it limits parents to cover other household expenses.”

Women’s Money Matters is here to help women living on the economic margins navigate this challenging financial time of high inflation and future economic uncertainty. We encourage women who are struggling to reach out to us and learn more about joining a Women’s Money Matters Collective program directly for access to 1:1 coaching, peer support and a series of comprehensive and tailored financial health workshops. 

Our welcoming community of volunteers and participants understand the challenges many women are facing in these difficult times and are ready to assist those who need our help. 

 

Media Inquiries please contact Laura Giordano [email protected]

Women’s Money Matters Announces Expanded Access to Customized Financial Wellness Workshops and Personalized Coaching for Women Living on Low Incomes

The organization is announcing robust strategic priorities aimed at advocating for women to address financial inequalities and providing direct support to bridge financial gaps.

BOSTON – Women’s Money Matters, which has operated as Budget Buddies, is announcing a significant expansion to its work supporting women living on low incomes on their financial wellness journey. Increasing access to virtual and in-person financial wellness workshops and personalized one-to-one coaching will allow the organization to elevate the voices of the women who take part in these programs and ensure that all who need access to financial wellness programs, peer support and one-to-one coaching will have access to it. The organization will also increase its advocacy work to empower women to build more resilient futures with financial security.

“Our mission is to empower women and to build up the women who participate in our programs and support their efforts to build their financial wellness, confidence and financial security,” said Danielle Piskadlo, Executive Director for Women’s Money Matters. “By expanding our strategic goals, brand identity and programming to fully encompass and represent what we do for women, we can focus on awareness-raising and advocacy efforts elevating the voices of our clients.”

Formed in 2010 as Budget Buddies, Women’s Money Matters assists women on their financial wellness journey, providing robust programming, one-on-one mentoring, and access to financial resources. The organization works with women, all living on low incomes and from underrepresented communities.

Women’s Money Matters operates financial wellness programs tailored to meet women where they’re at in their financial journey. The programs are guided by volunteer presenters and coaches, and workshops cover budgeting strategies, managing credit, keeping money safe, saving for larger expenses, and protecting against fraud. Each volunteer coach works solely with one participant every week to support her unique life goals and any money-management challenges.

Women’s Money Matters is also excited to provide direct financial relief to participants to help cover unexpected emergency expenses, like a broken car part or rental support. Recently Women’s Money Matters has partnered with organizations to provide this relief and to bridge gaps in budgets that can cause women to fall into debt.

During the COVID-19 pandemic, the organization was able to expand into virtual programming, reaching participants directly and working with new partners. This allowed for the opportunity to assess the strategic brand and mission of the organization, and to push forward with advocacy efforts aimed at addressing why women need to utilize these programs.

“When the COVID-19 pandemic hit, the impact on women was severe and we quickly made adjustments to reach women directly when they needed us most and provide them with some direct financial relief,” Piskadlo explained. “We also recognize the importance of building financial resilience for women, which means addressing the financial inequalities that women face.”

 

Through Women’s Money Matters mentorship and resources, participants have the opportunity to improve their financial health to create a more secure future for themselves, their families and their communities.

 

“We don’t just build budgets, we build community. We build confidence. We empower women to build more resilient futures with financial security,” Piskadlo said.

BOSTON – A statement from Women’s Money Matters on the Massachusetts FY2023 Budget:

“We are grateful to the Massachusetts Legislature for its continued commitment to improving the financial lives of women in Massachusetts living on low incomes. Thanks to the funding Women’s Money Matters received in the Fiscal Year 2023 budget, we are able to offer our programming directly to women across the state.

“We are thankful to State Representative Dr. Tami Gouveia and Senator Jamie Eldridge for leading these efforts and to Conference Chairs Rep. Aaron Michlewitz, Sen. Michael Rodrigues, Rep. Ann Margaret Ferrante, Sen. Cindy Friedman, Rep. Todd Smola, and Sen. Patrick O’Connor for their support. We are excited to continue serving women wherever the need is greatest statewide.”

The Supreme Court’s decision to overturn Roe v.  Wade and end federal protections for access to abortion affects every aspect of women’s equality including financial equality, especially since women living on low-incomes will bear the brunt of this ruling. Women’s Money Matters is committed to creating a future where all women are financially empowered, allowing women to choose the timing, size, and circumstances of their families. This decision is a threat to a woman’s right to determine their family’s future, their own medical care, and their financial stability and security.

We cannot overlook the direct impact this will have on communities already suffering from a lack of government support for childcare, healthcare housing and food security: women living on low incomes, mothers, and minorities. Women who live on low incomes do not have paid time off or means to travel to another state for these procedures. 

Women’s Money Matters will continue to help all women living on low incomes who seek financial assistance. While Massachusetts is currently a state with legal access to abortions, millions of women who can no longer choose to terminate a pregnancy are at risk and lack the means to get the care they deserve. We look forward to advocating for the rights of women and ensuring that all women have the opportunity to succeed without limitations.