It’s Important for Women to be Confident with their Money

I have always enjoyed being a steward of money. Even as a kid, I would count my money; I was excited to open a bank account; I would plan on money expenditures, I thought about money and how to best use it.  As a young adult, I thought about how to ensure I had extra saved money; I enjoyed the world of investing, although, as a woman, back then, there was not a lot of support for women in money matters.

So, I was stunned to recently read an article about women and money that included sobering findings from a Fidelity Investments Money FIT Women Study. Surveying 1,500 women, this survey found that 8 out of 10 women don’t talk to family or friends about money. That is chilling to me. The study also revealed that 50% of those interviewed, mostly Gen X and Yers, said they are nervous talking about making financial decisions! What the what the?!

Even today, where so much is available and expected of us, it seems we don’t include financial literacy as an area to master. As a result, and according to the Fidelity study, women have a confidence gap when it comes to financial literacy.

Is this true for you? Do you feel yourself avoiding money conversations? If so, what can you do to change this behavior and mindset. Here are three tips to begin your positively affect your relationship with your money.

  • Take a moment to answer this question: How do you want money to play an active an enabling role in your life? Answering this question allows you to finally understand what money means to you. Knowing this gives you clarity about how you really view money. It may be that you don’t get money, or, you don’t respect it or, conversely, that you want to get a handle on it but don’t know how.
  • If it is easy for you to accumulate debt and spend more than you have, ask yourself: What is in it for you to continue this habit? Really stop and respond to this with clarity. We tend to do things either because there is a benefit to doing so, because we want to sabotage ourselves, or because we are avoiding dealing with the topic of money.
  • What first step can you commit to make a, one, not all, just one, present unproductive habit move into the shadows of your life rather than being in the driver’s seat to your life? Taking a small step can begin a journey of steps that eventually become a pathway to sustainable and successful habits and behaviors around money.

Need more help? Contact me. Having women be successful in life with their money is important to me! I hope it is to you, too.

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2 Comments

  1. Financial literacy is something I talk about all the time with my teen daughter. Choices she will make in the next 3 years will affect her lifestyle in her 20s.

    Reply
    • Jen-I am impressed with your proactive stance on financial literacy with your daughter. If you are not already doing so, be sure to add the 5 S.I.D.E.S. (Saving, Investing, Donating, Earning and Spending) of Money (c) to her learning!

      Reply

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