Financial autonomy is so very important. If we believe that the purpose of money is to buy the freedom to look after ourselves and live how we please, then the decision of how, when and where you spend your money should be yours.
But unfortunately, many women are deprived of this freedom. In abusive relationships, financial dependence on, or control by the oppressor makes it hugely difficult for women to leave, let alone spend their money how they choose. And that’s just during relationships! Women are generally more vulnerable to poverty because of wage inequality, gender discrimination, and importantly, lesser access to capital.
Wave Community Bank is committed to alleviating these problems and supporting women financially. Women make up the larger part of our membership, totalling 55%. For every women who improves their financial and therefore social position with us, we take enormous satisfaction.
We’ve helped women in different economic positions and for different reasons. We offered 152 Family Saver Loans last year, totalling £70,000, enabling women to access affordable credit. Many mothers have used Family Saver Loans to financially support their children’s development, buying clothes, food, furniture and more. At the same time, our Engage bank account helps women in poorer positions access their benefits and manage their own money.
A watch out, ladies! Those dangerous Loan Sharks are still biting. In 2021, we ran a campaign to raise awareness of the dangers of being approached by loan sharks through online dating apps. This was a very serious issue during the pandemic when women were often lonely and short of money so were targets for Loan Sharks.
This Mother’s Day, we can take control of our money. We hope here at Wave Community Bank that women across East Sussex, Kent and Medway are free to do with their money what they want, and we encourage them to make use of our ethical banking services to support you along the way.
