Barbara Provost and her daughter Maggie Nieman created Purse Strings, a platform dedicated to helping women make better financial decisions. They joined The Savvy Entrepreneur Radio Show recently to share how they got started, and some of the challenges they’ve faced along the way.
Barbara spent many years working with financial institutions as a consultant. She felt their really was no part of the sector that was truly serving women’s needs. The focus was on sales, and the assumption was that the man of the household was making the decisions.
And then she went through her own divorce. She spoke with lots of other women going through the process, and realized how poorly prepared many women are to make sound financial decisions. She realized again how financially disadvantaged most women are because they earn less and are out of the workforce more.
Barb launched Purse Strings as a side business, but when Covid struck and her consulting business dried up, she decided it was time to dedicate herself full-time to Purse Strings. And at that point, her daughter Maggie had finished her MBA, and they decided it was time to team up.
Like most platforms, the business has gone through some different iterations to find the right delivery and pricing model. Today, Purse Strings offers a paid membership to vetted financial experts of all types, along with lots of free financial education for women.
It’s a great story, and a business filling a huge need. Click on the arrow to take a listen!
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