When David Bach was a child, his grandmother, Rose Bach, taught him the basic principles of financial literacy. She made David understand that to become financially successful, one does not have to be rich to begin with. Rose herself went from working for $10 a week to becoming a millionaire, all thanks to smart investing. She prompted seven-year-old David to acquire three shares of McDonald’s Inc. In 45 years, they suppressed 360 shares, proving the long-term capacity of early investment.

During his employment at Morgan Stanley, David learned that the majority of women learn about finances only after experiencing financial struggles due to widowhood or divorce. Before that, no one explained to them how to manage their money. Wanting to change it, Bach dedicated his life to educating women about finances.

Today, women are more financially capable than ever before. According to the Boston Consulting Group, women worldwide currently control $39.6 trillion in wealth. They also hold 30 percent of global private wealth, and this number will continue to grow. The reason for this is a significant increase in the number of female entrepreneurs. Women are three times more likely to start a business than men. In the U.S., women own 11.6 million businesses, representing 114 percent growth since 1997.

The Bureau of Labor Statistics states that the number of employed women constitutes 73.5 million. A 2017 study found that 20 percent of women with 401(k) accounts have more than $1 million in them, twice as many as in 2007. American College of Financial Services claims that 45 percent of American millionaires are women.

Yet, women still experience significant challenges in the financial sphere. Throughout history, they have earned 80 percent of men’s earnings, with an even wider gap for Latina and Black women. Compared to men, who spend only 16 months unemployed, women lose around 12 years of working time due to caring for their parents and children. Subsequently, women have 34% less money in their retirement accounts. This becomes even more alarming when considering that women live approximately seven years longer than men.