Mother’s Give Children Financial Advice About Every Two Weeks
Financial advice is something we easily dismiss in our youth, but our financial priorities change as we grow older. As mothers we speak to their children about money about every two weeks. As our economy changes and many homes find themselves in economically stressful situations, these conversations hopefully instill a seed for their children to be better off financially.
With Financial Advice, Women Become More Financially Literate with Age
Interestingly, a study by Joanne W. Hsu, an economist at the Federal Reserve Board, proves that women become more financially literate with age. Perhaps it’s those conversation mothers have with their children about money management, budgeting, saving and being frugal.
As I grow older, my money seems to have more value to me. As a young woman savings wasn’t nearly as important to me. Now, I want emergency savings and I think before I make purchases. I remember working in my mid-twenties and one of my co-workers, who was a decade older than me, pulling me aside after I made the comment, “Well, it wouldn’t be the first, and probably won’t be the last $5 mistake I’ve made if it doesn’t work out”. She gently smiled and told me “those $5 add up. Choose wisely.” Those words are often thought about as I am out and about and want to spend money on something I don’t really need.
Women are Realizing They Can Take the Lead on Financial Advice
Women are realizing more and more that we cannot stay home as June Cleaver did and expect to be cared for financially. Our world has changed and so has our money management. Women are working hard both inside and outside the home. It’s not because they are afraid of financial dependence, it’s because they understand they are able to make decisions.
As we grow older we have stronger incentive to gain financial literacy. We are taking charge of our money. We are setting some aside for emergencies. We are investing wisely and looking after what we have worked hard to acquire through the years. While we aren’t living the generation of the Cleaver’s, the majority of household financial management is still typically the husband’s role, but as a woman ages, she has a greater incentive to learn financial management tools in order to survive widowhood.
Don’t be a prisoner and find yourself feeling you can’t care for yourself if something should happen to your loved one. Take action and seek financial advice that will give you the security you need to live a quality life.