Women and Finance
3rd in a series of 5 posts
Thanks to modern educational, professional and social advancements women have never been in a better position of equality than we are today when it comes to comparing our status to that of male counterparts. Yet, despite all that progress for females, many of us still defer to dads, husbands, brothers and male significant others when seeking financial advice.
Me on a Shopping Trip in LA
MBE partnered with Genworth for this post
According to the U.S. Department of Education and National Center for Education Statistics nces.ed.gov since the 1970s large gaps in educational levels between men and women have virtually closed. In some cases we've even fared better than males with women earning many more college bachelor's and master's degrees than men in the same age group as early as 1992.
Ironically, though better educated than ever before, study after study still indicates that few of us ladies -- whether single or married; career workers or stay at home moms -- are comfortable with financial topics like general money management and life insurance.
Here I am with my first new car
From buying and financing my first new car to acquiring 100s shares of stock by the time I was 22, to paying my credit card bills in full every month, to setting up both 401(k) and IRA retirement accounts in my mid-20s, I know personally I always relied on my father for sound financial advice. Now, since I've been married, I've deferred the lion's share of money decision making and management to my husband.
Apparently I'm not alone in being fearful of all things to do with numbers. I confirmed that suspicion when I came across an informative article in Time magazine about that female weakness and why women need to take control over money and financial choices.
Money can be overwhelming for women
The reality is the thought of correctly handling cash freaks women out all too often. The good news is that it doesn't have to, especially if you take advantage of all the resources and information that are available to you online.
One example, that I've tried out myself, is Genworth's free Plan for Living Workbook. Truly no discussion about women's finances -- regardless of your marital status and whether or not you have children -- is complete unless the inevitable is addressed: retirement.
This guide, which took me about an hour to fill out, will get you thinking about something you may not have considered before: assessing your projected expenses and financial resources later in life.
Watch for a dedicated Genworth Financial post applicable to both men and women with more on the secret to successful retirement in August.
The plain and simple solution is each of us gals -- whether in our 20s now or already approaching the Golden Years -- needs to make the immediate effort to educate ourselves about the basics of smart money management so we are equipped to manage our finances wisely. If we do just that, we won't be feeling so in over our heads and be afraid to deal with it ourselves instead of having to always ask someone with a male brain for help.
Knowledge really is power. Now's the time to leverage it.
About Genworth
Genworth, headquartered in Richmond, VA, offers a range of services to client living in all 50 U.S. states. Among the products available are retirement income, life and long term care insurance and mortgage insurance. For more information visit Genworth.com and their Twitter and Facebook pages.
FTC Disclosure: Information for this post is sourced from Genworth Financial in partnership with the SheHeard Influencer Network, however all opinions are my own. See complete FTC Disclosure information that appears at the bottom of MommyBlogExpert's main page and at the bottom of every individual post on this blog, including this one.
