In 2023 … We must help each other work toward financial empowerment

Editor’s note: To usher in the new year, we asked more than a dozen women who live across the state to write about their hopes, dreams, and things to keep in mind for women’s advancement and gender equity. Read the full collection of columns here.

By Marcie Ordaz

Diversity, equity and inclusion (DEI) has become a focus to improve our communities. As a Latina, a commissioner for the Iowa Civil Rights Commission, a single mom of two daughters and someone who is active in connecting women to resources, DEI is personal. 

The painful question I ask myself today is, “How can being a woman still mean I am part of a protected class? What does this say about how far we’ve come, or not come, in gender equality?” 

Women and girls make up half of the world’s population, yet we still need laws to supplement gaps in basic human rights because of barriers that slow the progression of women in life, including financial health.

Understanding such barriers can help identify solutions. Looking at education alone, 44% of women, compared with 39% of men, say they cannot afford college. Systemically, this is a major factor in wage gaps. 

A 2019 U.S. Census Bureau article stated that women with a BA earn 74 cents to the dollar earned by a man with a BA, which is less than the 78 cents earned by workers without degrees. 

Lower pay results in financial disparities including purchasing health care, smaller retirement funds, especially if employment gaps exist when caring for kids and parents, and less savings for purchasing homes.

How can women experience financial empowerment? Know the industry pay average and negotiate wages and benefits accordingly. 

I encourage women of all ages to seek out organizations that offer free financial services and classes. Most importantly, share what you learn with the other women in your life. It became a priority for me to be a part of the solution. 

Marcie Ordaz is the first executive director of the Lift Women’s Foundation, whose mission is to uplift women’s economic status by investing capital and expertise to inspire financial independence. She also serves as a mentor and committee member for Lead(h)er.