These words above were uttered by one of America’s most prominent women’s rights leaders 110 years ago. Yet they are as appropriate today as they were during the late 19th century. For a variety of reasons, some women have not had experience making financial and/or investment decisions. For men and women alike, financial knowledge and economic self-sufficiency are important life skills to develop.
Lack of financial savvy can put women (and men) at a substantial disadvantage. Statistics say it is only a matter of time before 85% to 90% of women will be on their own financially. Some will never marry, some will see their marriages end in divorce, and many will outlive their husbands. Women also have lower average earnings than men, more gaps in their employment history due to child rearing and/or care of elderly parents, and more severe impacts resulting from life events like widowhood and divorce.
The 192-page workbookMoney Talk: A Financial Guide For Womenwas developed to teach basic financial topics with an emphasis on women’s unique financial needs. There are five chapters: Financial Basics, Insurance Basics, Investing Basics, Investing for Retirement, and Planning for Future Life Events. The book is available for free downloading online or print copies can be purchased from the publisher.
Simply reading printed material or attending a seminar will not change anyone’s financial situation, however. You need to take action (e.g., starting an IRA) to achieve your financial goals. A more contemporary twist on Ms. Stanton’s quote is “If it is to be, it is up to me.” Today is the first day of the rest of your financial life. Make the most of it.