Britt Baker, a Harvard Business School graduate, started a financial education startup called Dow Janes from her living room in Fairfax, California. This venture began in 2016 when her friends asked her for investment advice. Today, Dow Janes has gained significant traction, boasting nearly half a million followers on Instagram.
Baker’s financial wisdom, however, did not originate from her business school education. Instead, she credits her parents and grandparents for instilling in her the importance of managing money wisely from a young age. She recognizes that many of her peers did not have the same fortunate upbringing. Research indicates that many parents in the U.S. do not discuss financial literacy with their children, especially daughters.
A recent Fidelity survey revealed that over half of Americans reported their parents never talked to them about money. This gap in financial education is particularly pronounced among women. For instance, 22% of women reported never receiving financial education from their parents, compared to 15% of men. This disparity contributes to lower financial literacy rates among women, especially those in Generation Z.
In response to these challenges, Baker and other finance influencers have stepped in to provide accessible financial education through social media. With the stock market’s volatility and the economic uncertainties surrounding global events, many young Americans are seeking guidance on managing their finances.
Dow Janes offers free resources on platforms like Instagram and YouTube, covering essential topics such as budgeting and credit scores. For those seeking more personalized assistance, the company provides a 12-month financial literacy course called Million Dollar Year, which costs $4,000 but is available at a 50% discount for those who attend a webinar. The program includes weekly coaching calls and mindset sessions to help participants improve their relationship with money.
Among the current participants is Meg Collins, 72, who appreciates the psychological aspects of the program. She has learned to understand her spending triggers and has reflected on her financial upbringing, recognizing the gaps in her education.
Baker emphasizes the importance of controlling what one can in uncertain economic times. She encourages her clients to focus on long-term investing strategies, as historically, the market tends to rise over time. As enrollment in Dow Janes’ programs increases, especially among younger women, Baker hopes to empower them to take charge of their financial futures.