In honor of the 50th anniversary of the passage of the Equal Credit Opportunity Act (ECOA), Venus Williams, SoFi, and Los Angeles Sparks forward Cameron Brink partnered this month to launch the “Give Her Credit” campaign and award $500,000 to 50 recipients to support of women’s financial independence.
According to an Oct. 15 press release, Venus Williams is a judge for the national campaign initiative, which aims to create real opportunities and drive progress to help women build a secure financial future. The “Give Her Credit” campaign will award cash prizes of up to $10,000 each. A recent SoFi survey revealed that 77% of female SoFi members are confident they can accomplish their financial goals. However, only 51% of women feel confident managing their own finances. “At an early age, I had clear ambitions and drive to be the best, with the discipline and determination to win, but soon learned of the inequalities and imbalances I would have to face to succeed,” Williams said.
The Equal Credit Opportunity Act has allowed women to acquire loans, credit cards, and other financial opportunities without a male co-signer. Since the passing of the act, 90% of women have managed or shared financial decisions among their households, and single women now own more homes than single men. “Imagine as a woman not being able to access credit. These are rights my mom didn’t have when she was growing up, which is crazy,” Williams told PopSugar in an October interview.
Williams was taught she wasn’t supposed to talk about money growing up. Now, she’s doing just that with a net worth approaching $100 million and an active appreciation for personal financial advocacy. Taking control of her own money became vital for the tennis champ after a shopping trip in Italy almost resulted in Williams being swindled by shopkeepers. Williams recalled the incident, shopping around and not wanting to seem “cheap,” asking for prices. “It was this wake-up call; after that, I was completely changed,” she said. “You have to not only ask for the price but also a discount. It’s my money; it’s how I want to spend it. It doesn’t matter if I seem like Ebenezer Scrooge. I have to talk about it.” Williams asserted that knowing your self-worth is a major factor when it comes to financial success because institutions won’t always acknowledge it.
“Not all debt is bad debt,” the Wimbledon champ said. For people of color like herself, she wants her community to understand the power of using debt as a tool to build wealth. “You can leverage debt or borrow against your account, and I just didn’t understand the opportunities before that,’ she said of knowledge she obtained in previous real estate development courses.
As a woman who loves jewelry and clothes and spoiling her dog, Williams remains a stickler when it comes to her mother’s advice to “never live beyond your means.” In 2018, the seven-time Grand Slam singles champion told CNBC Make It that her first big check went right in the bank, and she didn’t really spend “any of it.” As a professional athlete, she never wanted to be known as one of those who “had it all and then lost it all” due to poor spending habits.
Williams made history in 2007 after winning the Wimbledon championship and becoming the first woman to receive a paycheck equal to the men’s Wimbledon prize. She recalled her advocacy for equal pay and better sponsorships for women during a Sept. interview with SoFi. “Not only was it not equal, but nobody really cares if it is,” she said. Williams shared that she wasn’t worried about the consequences of being outspoken at the time. “There was no consequence, in my opinion, outside of suffering through another year of being paid unequally.”
Individuals interested in submitting applications for the $10K “Give Her Credit” campaign can apply between Oct. 15 and Nov. 13. Winners will be notified in early December, followed by an official announcement in January 2025.
