New report shows Arkansas women struggle with financial literacy | How local groups are trying to change that
Across the state, women report carrying the responsibility of household finances while learning through trial and error.
SPRINGDALE, Arkansas — A new effort is underway to help women across Arkansas build stronger financial futures, as many say they’ve been managing money without ever being formally taught how.
Across the state, women report carrying the responsibility of household finances while learning through trial and error. To help bridge that gap, the Women’s Empowerment Mentor Network (WEMN) is working to connect women with guidance, resources, and real-world financial tools.
“I realized they weren’t getting it in school, but they were making money… they’ve got jobs they’ve got children and their juggling it but are they creating a future or living in the now,” said Simona Butler, founder of the WEMN.
Butler said one of the biggest issues is how early financial education begins. That’s why she’s now focused on reaching girls before they enter adulthood, helping them build confidence and better habits with money.
“All of that starts in their early years to be able to have a good positive relationship with money and that starts as soon as you want to buy that candy or t-shirt or whatever you want to buy as a little kid,” Butler said.
Financial institutions said they’re seeing similar trends. Arvest Bank said many financial habits are formed long before adulthood, often without formal guidance.
“We know that less than 60 percent of adults are financially literate then we can assume that that knowledge is not trickling down to their children maybe they learn it in school, but most don’t seek financial help until they have a problem,” said Rob Keys with Arvest Bank.
Keys said even small steps can make a difference. Tools like the “50-30-20 rule,” which breaks income into needs, wants, and savings, can give people a simple place to start.
“So, we tell people to use the 50-30-20 rule: pay bills with the 50, 30 percent for wants, and 20 percent for savings,” Keys said.
Both advocates and financial leaders said the key is starting early and building habits over time.
“Don’t be afraid to ask for help, it’s something most of us didn’t have so its generational,” Butler said.
If you’re interested in getting involved or learning more, you can apply to the program here or check out financial resources through Arvest Bank’s Empowered Program.
