In the heart of Cottage Grove, Wisconsin, Summit Credit Union is spearheading a groundbreaking initiative that aims to bridge the financial divide and empower women to achieve long-term financial security. The "Equity in Money" program is a comprehensive effort to provide women with the knowledge, tools, and support they need to navigate the complex world of personal finance and overcome the persistent gender pay gap.

Unlocking Financial Empowerment for All

Addressing the Financial Literacy Gap

At the core of Summit Credit Union's mission is the belief that financial education should be accessible to everyone, regardless of their background or gender. "People aren't born with the knowledge of financial education and managing money, and so we're here to help with that," explains Kim Sponem, the CEO and President of Summit Credit Union. By offering personalized guidance and tailored resources, the credit union is working to equip individuals with the skills and confidence they need to make informed financial decisions.

Tackling the Gender Pay Gap

The "Equity in Money" initiative also aims to shed light on the complex factors contributing to the persistent gender pay gap. Sponem acknowledges that the issue is often misunderstood, with many people overlooking the nuanced realities that women face. "There are many different factors that go into the pay gap and why women earn less over a lifetime. One, is that they choose lower-paying careers and fields. Two, women are still behind in making it into the higher-level positions."

Understanding the Holistic Approach

Through their research, the financial educators at Summit Credit Union have identified distinct differences in how women and men approach their finances. "Women tend to look at their finances as holistic, where men tend to look at it product by product," Sponem explains. By recognizing these differences, the credit union is able to tailor its services and resources to better meet the unique needs of women, empowering them to take control of their financial futures.

Driving Positive Change for Families and Communities

The far-reaching impact of the "Equity in Money" initiative extends beyond individual women, as it aims to strengthen families and communities as a whole. Sponem emphasizes the importance of this work, stating, "So many of society's challenges are when women and their families are stressed, and so being able to move this needle and being able to help individuals reach financial security and feel really good about their financial plan when they retire is so important."

A Commitment to Closing the Gap

While progress has been made in recent years, the gender pay gap remains a persistent challenge, with current projections indicating that it may take another 150 years to close the divide globally. Sponem and the team at Summit Credit Union are undeterred, driven by a steadfast commitment to empowering women and creating a more equitable financial landscape. Through their innovative "Equity in Money" initiative, they are paving the way for a future where financial security is within reach for all.