Abstract
An anthropological and historical framework elucidates the layered challenges underlining the financial status of Black, Indigenous, and People of Colour (BIPOC)/ non-WEIRD women, highlighting the difficulties in obtaining the United Nations Sustainable Development Goals (SDGs) 1-No Poverty, 5-Gender Equality, 8-Decent Work and Economic Growth, and 10-Reduce Inequalities. Approximately 2 billion people globally are financially impoverished, and two in three adults worldwide are financially illiterate. As a result of systemic inequality and conditions of poverty, women and girls make up most of the poorest people. Women earn 60–75% of what men earn, with BIPOC women averaging 60%. Histories of cultural, interpersonal, and structural traumas perpetuate the intergenerational transmission of maladaptive social and economic effects and responses, including financial well-being. Multiple organizations and nations have identified that those psychological aspects, including mental health concerns, beliefs about money, and relationships with money, significantly impact financial empowerment and economic well-being. This conceptual chapter will explore the intersection of gendered and racial challenges to financial well-being. Financial well-being is the ability to have personal wealth serve life goals. It entails informed decision-making and a healthy relationship with money via saving, investing, using credit wisely, and planning for the future. Psychological principles are examined to support efforts toward BIPOC women’s empowerment. Moreover, the current status of women’s empowerment activities, with a particular focus on the emerging field of financial psychology, is discussed. Themes of financial psychology include identifying and changing how individuals think, feel, engage with, and make meaning of money and finances.
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Soares, S., Sidun, N.M. (2023). Psychological Perspectives on Financial Empowerment of BIPOC/Non-WEIRD Women. In: Mayer, CH., et al. Women's Empowerment for a Sustainable Future. Springer, Cham. https://doi.org/10.1007/978-3-031-25924-1_8
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