A Commitment To Learn
The Market with your Espresso was born out of curiosity, determination and star alignment. Those three ingredients continue to power the scheme that ensued and transformed into a much more complex passion-fueled initiative.
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Keep on reading to understand our story, our mission and hopefully what follows.
And So It Went
I don't know if it is the story but it is a story
It all started one Friday afternoon in late August Madrid. The heat was sizzling and inertia was at an all-time high. My dad had been pressuring me on what I was doing after graduation, and while I had clear what I wanted to do, my carefully laid out plans were out the window due to Covid drama (need I say more?).
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My mom is an extraordinary human, both of my parents truly are. Still, she dedicates a lot of time to making investment decisions. And while we all have one or two things to say about those decisions (business school is meant to make you a bit less financially illiterate), our unfulfilled promises of helping her out spanned years. So enough was enough, and The Market with your Espresso was born.
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The initial idea was for me to compile the most important news of the day before the NYSE opened for the day and send it to my mom. And because I don't like to do things halfway, I decided to take it a step further and make an aesthetically pleasing newsletter out of my daily task. And so it developed, sending it to friends worldwide and aiming to inform readers about the most important market and daily news out there.
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The rest, as they say, is history.
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An Issue Come to Light
A concerning problem but one with a solution
At first, the newsletter was just to inform my mom, then my friends, but in the process its mission changed.
My mission changed. I have struggled the past four years to understand the financial markets and a crippling fear of failure prevented me from giving myself a fair go at it. And while The Market with your Espresso was a means to an end, to inform myself and others, as well as get over my fear of failure, it shed a light on a bigger issue.
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Through conversations with girlfriends, I realized my fear was not uncommon and another consternation became my main focus. According to the OECD, 18% of millennial women have high levels of financial literacy, versus 29% of millennial men. And it's not only literacy, women are more likely to take on too much credit card debt, not have rainy day funds and default on student debts.
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What's more, many women affected by the financial literacy gender gap may be ashamed of their lack of a financial education or of their dire financial situation. As a result, they are reluctant to seek help or educational resources. Withal, about 51% of American wealth is currently controlled by women. By some estimates, women will control as much as two-thirds of the nation’s wealth by 2030, as the number of wealthy women is growing twice as quickly as the number of wealthy men.
Put that together with the financial literacy gender gap and we have on our hands a financial disaster in the making if there ever was one. But good news, it's an avoidable one.
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Our Why
An ever-expanding philosophy to educate ourselves
A 2016 study by the National Institute on Retirement Security found that women 65 and older were 80% more likely to be impoverished than men their same age. While the gender pay gap is partly to blame, women also tend to save and invest much less than their male peers. Prudential found in 2018 that women actually save 43% less for retirement, on average, and put it at 5th place of their financial priorities while men put it as their first.
Now, while these statistics are important to consider, we are here to tell you that they don’t mean women are less capable of investing than their male friends, brothers or boyfriends. All they tell us is that while women have come a long way in the past 100 years, the system is still failing us in many ways. Women are less likely to get retirement benefits at work, they prioritize paying off debt over saving and have a perceived lack of knowledge about investment and saving strategies.
These are real challenges, but the good news is that they are challenges that are ours to change, and we are here to help you take proactive steps to feel empowered to shake up the world a bit.
"We keep our promises to ourselves"