“In today’s economy, Arkansas’s prosperity hinges on the collective potential of its people — all 3 million residents of the state’s 75 counties. While strides have been made in gender equity, a critical gap persists in wealth building for women. The Save10 initiative of the Women’s Foundation of Arkansas intends to change this reality by addressing the disparity head-on and unleashing economic opportunity for Arkansas women.
Launched in 2019 with an ambitious goal of engaging 10,000 women to commit to saving 10 percent of their income for life and retirement, Save10 is not just a financial literacy program. It is a catalyst for economic transformation. By equipping women with the tools and knowledge to secure their financial futures, Save10 empowers them to feel more confident making financial decisions, build a secure tomorrow and actively contribute to the state’s economic engine.
The foundation fully believes in the life-changing power of financial independence for women. By paying themselves first, eliminating debt and building up savings, women set the stage for brighter, more secure futures. The impact of Save10 extends far beyond individual finances, however. When women gain financial independence, they become more empowered decision-makers within their families and communities. They are better equipped to weather financial storms, invest in their children’s education and actively participate in the local economy. This ripple effect creates a stronger, more resilient Arkansas where everyone has the opportunity to thrive
Save10: Delivering Tangible Results
Save10’s success is not just theoretical. It is borne out of real-life stories of women transforming their lives. In addition to the program equipping Arkansas women with the tools to save for the future, one of the most significant achievements since the program’s inception has been in the realm of public service loan forgiveness. In partnership with the Arkansas Department of Education, Save10 works with educators across the state to empower women to get on track for loan forgiveness through PSLF. To date, these efforts have resulted in more than $1.2 million in reported debt relief. This life-changing impact speaks volumes about the program’s ability to address immediate financial challenges and empower women to plan for a brighter future.
Save10 also underscores the importance of the Arkansas Teacher Retirement System and encourages educators to ensure they’re contributing to the program in order to save for retirement and get the most out of the system.
The Power of Community:
Building a Culture of Financial Wellness
Recognizing that financial empowerment thrives in a supportive environment, the WFA and Save10 uplift initiatives that are designed to encourage collaboration and mutual support, including encouraging women to start their own women’s finance club. Similar to a book club, the women’s finance club brings women together to learn, share experiences and motivate each other on their financial journeys. This peer-to-peer support system breaks down barriers, fosters confidence and creates a safe space for women.
The WFA and Save10 created A Leader’s Guide for Save10 Women’s Finance Clubs to equip groups with the tools and ideas to establish their own clubs, multiplying the reach and impact of the program. This grassroots approach fosters a culture of financial wellness where women feel empowered to take charge of their finances and contribute meaningfully to the state’s economic landscape. The guide is available to download for free at WomensFoundationArkansas.org/Save10.
Investing in Women and the Future of Arkansas
Without a doubt, Save10 is an investment in Arkansas’s future. Empowering women to achieve financial security unlocks their full potential and unleashes a wave of economic growth and prosperity that benefits everyone.
Business leaders in Arkansas have a crucial role to play in supporting this key initiative. By advocating for Save10, sponsoring workshops or creating environments where women feel supported, they can contribute to building a stronger, more equitable Arkansas where women are not just empowered, but thriving.
Learn more about Save10 and its importance and access free financial education information and resources at WomensFoundationArkansas.org/Save10.
Megan Godfrey is an experienced educator, policymaker, researcher and team leader. She spent 14 years as a public school educator of immigrant students, has a doctorate in curriculum and instruction, and served two terms in the Arkansas legislature. She is the founder of Room 100, an educational and political consultancy built on her core values of excellence, engagement and empowerment.”
To read the original AMP article visit: https://armoneyandpolitics.com/how-save10-strengthens-our-economy/