Financial autonomy is important to us all. 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.
Unfortunately, many women are deprived of this freedom. In abusive relationships, financial dependence on, or control by the abuser, makes it hugely difficult for women to leave, let alone spend their money how they choose. Plus women are generally more vulnerable to poverty because of wage inequality, gender discrimination, and importantly, lesser access to capital.
It is estimated that 1 in 6 women have been subject to financial abuse in their lifetime, and the cost-of-living crisis is making this worse. When affordable credit is hard to find, many women’s only option is continued dependency upon their abuser, according to some accounts even literally begging their abuser for money.
Wave Community Bank is committed to alleviating these problems and supporting women financially and women make up 55% of our membership. We’ve helped women in different economic positions and for different reasons. We issued 152 Family Saver Loans last year, totalling £70,000, enabling these women to access affordable credit. Many mothers have used Family Saver Loans to cover to costs of their children’s needs – buying clothes, school uniforms, furniture and more. At the same time, our Engage bank account helps women access their benefits and manage their own money.
Women are often targeted by loan sharks. In 2021, we ran a campaign to raise awareness of the dangers of being approached by loan sharks through online dating apps. This increased during the pandemic when women were often lonely and short of money so were targets for Loan Sharks.
This Mother’s Day, we can help you take control of your money. We are here to help women build their savings and financial resilience as well as accessing affordable, fair credit.
