Reading, Writing and Asset Allocation
Unlike other life skills, financial literacy is not taught in our schools. Forbes’ Executive Editor Brett Nelson called financial illiteracy among teens in general “nothing short of a travesty.” A survey by Bank of America/USA TODAY Better Money Habits, of 18 to 26-year-olds across the country, found the majority expressed regret about not learning more about financial matters before moving out on their own.
Teens who lack financial acumen will become women who lack financial acumen. Women with lower financial literacy skills are more likely to use high-cost methods of borrowing and are far less prepared to deal with financial emergencies.
Empower Your Financial Future
Good financial decisions need to start early in life and can prevent catastrophic financial ruin in the future. Women will live longer and need their money to work harder for them, especially during retirement when earning years decline and health reasons may prevent working at all.
The average male life expectancy is 76.5, and for women, it’s a little over 81 years. This means women ages 75 and older are almost twice as likely to live in poverty versus men of the same age. Women simply can’t afford to remain uneducated about personal finances.
Learn to Embrace Financial Responsibility
Women control $14 trillion of personal wealth in the US according to the Bank of Montreal’s Wealth Institute. And over the next two generations, women stand to inherit 70% of future wealth. What good is inheriting wealth without a clue on how to manage it? If we don’t take an active role in planning our financial future, who will?
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