She Banks Community Page
From Our Founder Julie Rasmussen
She Banks Speaks the Language of Personal Financial Health
Tell me if this sounds familiar. The kids have new clothes for school. The refrigerator is stocked. The bills are paid. Things are as they should be, but there’s a lingering doubt. What about retirement? What about wealth? What about your personal financial health?
Traditionally, women control 80 percent of household spending, but they do not feel empowered to make long-term financial and investing decisions, often leaving these matters to a spouse or partner. And, even when they take a more active role, they encounter a banking and financial system that doesn’t speak their language or understand their daily challenges.
She Banks wants to change that.
“You still have this legacy system built by men for men,” according to She Banks founder and CEO Julie Rasmussen. “So even now, when the financial industry has realized that women are taking more active roles and that they have their own money that they can invest, it’s still very slow to change.”
At its core, She Banks wants to help women overcome financial challenges to build wealth and secure a financial future for themselves and their loved ones.
“This is a huge socioeconomic issue for the society and the community at large,” Rasmussen said. “When women don’t have money and don’t have financial security, they can’t leave abusive relationships; they cannot take time out to train for better jobs. It’s a vicious circle that tends to compound over time. And if you don’t get on that investment ladder early, you can never catch up.”
Women and men often start on even footing to begin their careers. However, women are more likely to stop working because they want to raise children or they have to take time off to care for elderly parents.
“Besides being paid about eighty cents for every dollar that men earn for a similar level of work, women usually face an interruption in their earnings path and career advancement that really affects their lifetime earnings,” Rasmussen said.
“We want to address this by helping women make the money they earn go further,” Rasmussen added. “It’s crazy that collectively women control over six trillion dollars of consumer spending in the US but on an individual basis suffer the most from lack of earnings and buying power.”