Mydoh is Empowering the Next Generation of Women Leaders Through Financial Literacy
Women are a crucial part of the workforce, yet they – specifically women of colour and the LGBTQ+ community – remain underrepresented in managerial and leadership positions while being overrepresented in low-wage jobs. Despite strides being made in many industries to be more equitable, many women – whether they are C-suite or emerging into the workforce –are still expected to choose between their personal and professional lives while the same can’t be said for their male counterparts. In order to bridge existing gaps and improve gender dynamics, there needs to not only be a shift in our current corporate culture but a more systemic shift in the foundation and education we’re providing young women. Enter Mydoh, a money management app committed to providing financial literacy to the next generation of leaders and bridging the gender gap.
“How do we create and maintain that inclusive space? For everyone; men, women, and marginalized individuals?” asks Mydoh Co-Founder and CTO Megha Sharma. “It comes down to creating a space that emphasizes equity, diversity, and accessibility.”
Today, the platform’s Senior Management Team is made up of 90 percent women powerhouses, who are experts in their respective sectors and reflect the company’s commitment toward a more equitable business landscape. Featuring a team that has overcome gender-based barriers throughout their own careers, Mydoh understands that supporting and championing women starts with providing them with the tools to teach the next generation of women business leaders the financial skills needed to be successful.
For our Women of the Year issue, Bay Street Bull is celebrating platforms that are promoting gender equality through leadership, representation, and the services they provide to instil the next generation with necessary life skills. Mydoh’s platform does just that by teaching money basics through active learning and an allowance-based structure.
The app has been designed to be as experiential as possible – users learn money management through fun facts and financial trivia with Mydoh Play and earn money through tasks, which are set and monitored by parents and foster budgeting skills, all while improving their understanding of the value of money. Parents can be sure kids are spending smartly through the app and with their (digital and physical) Mydoh Smart Cash Card, which lets parents see spending activities. The Mydoh Smart Cash Card is also completely secure, powered by the Royal Bank of Canada (RBC).
By instilling kids – and particularly young women and girls – with financial literacy and the importance of money management, Mydoh instils the importance of responsibility, accountability, and negotiation. The ultimate goal is for the daily lessons taught by Mydoh’s tasks and allowances to instil self-advocacy, the value of negotiation, and notions of equitable worth for their work.
In the corporate world, interruptions to women’s careers are more frequent and longer than men’s while also being 30 percent less likely to be promoted out of an entry-level position and 60 percent less likely to move from middle management to executive ranks. While these systemic issues need to be addressed immediately, Mydoh has built a platform with a long-term vision of developing the way in which young women advocate and negotiate for themselves. But the company’s impact isn’t reserved for the next generation of women leaders, as reflected by Mydoh’s predominantly-women Senior Management Team.
“While Canada – especially in the corporate world – has made strides, there is still room for industry growth and improvement, especially in the tech space,” explains Sharma when reflecting on the current state of Canada’s corporate landscape. “Equity will come by taking a more balanced approach. […] We should also recognize that one of the first steps in fostering an inclusive environment is acknowledging that people – women specifically – need to see the true commitment from their leadership and respective industries.”
We often chalk up financial skills to dollars and cents, but when we understand the value of money, we are creating a space to understand what something is worth; and that is transferable to all areas of life – including advocating for ourselves. Teaching young women proper money management, how to negotiate, and how to advocate for themselves (and their worth) is the start of building the inclusive environment that Sharma is referencing.
Mydoh’s mission is to foster healthy relationships with money –specifically for women and girls from a young age, so they can build their independence and grow as professionals with the support of their parents along the way. This October, celebrate the future of women in business by supporting Mydoh, a platform not only teaching financial literacy to the next generation but uplifting the current generation through its women leaders.