Girls Are Our Future & It's Our Job to Financially Prepare Them For It
April 4, 2019 .2 min read
Many of the lessons we’ve learned about money come from our childhood and what we observed through our parents. Were our parent's savers or spenders? Were we taught to save, spend, or invest? What we learned dramatically affects how we view money today. And, a new study is showing that the way girls are taught about money is not the same as boys.
Building Wealth vs. Budgeting
A survey of 1,000 parents conducted by Giftcards.com, showed that parents were more likely to teach their daughters how to save and budget while their sons are more likely to be educated on building wealth.
Girls are 13% more likely to learn how to track their spending, while boys were 9% more likely to be taught how to pay taxes. That also goes with credit, bank accounts, and investing education - boy’s were more likely to be taught those lessons early on, while girls education is often limited to only budgeting.
So how does this affect our children later in life?
Women have a higher chance of being financial abuse victims later in life because they were taught early on to take a backseat when it comes to money. When financial literacy isn’t a priority, women are the victims of falling behind.
In a study from Wells Fargo on affluent women, 41% said they were not at all confident in their investing ability. While another study via Prudential reveals that only 10% of female breadwinners felt very knowledgeable about financial products and services.
So how can we teach our girls to have the financial confidence they need to get through life?
Lead by Example
Many children learn about money through the examples that their parents set. Instead of complaining about having no money or openly showing worry about the cost of something, rephrase those thoughts to be about the importance of saving, or how with smart investments our money can grow.
These types of conversations will help teach our children healthy personal finance habits. Teaching our daughters more than just the concept of budgeting will help them in ten folds later in life. Credit, investing, taxes, protection, and charity are all critical parts of financial literacy, and the more our daughters know, the more successful they can become.
Ande has made it her mission to break down the emotional, behavioral and societal barriers that stand between women and strong financial foundations.
She's widely recognized as a driving force in the financial community, having risen to the top of the primarily male-dominated insurance world as the former head of a multi-million-dollar fintech company and a VP at Penn Mutual.
Ande launched myWorth to inspire a financial awakening among women who are eager to take control of their financial journeys. Her first book will be published in October 2019.