![]() As a financial professional, you can steer them to specific books or educational events. Educate your children, friends, family members and even your clients.It is a nonprofit that champions women in taking control of their finances and achieving financial security and offers free financial education, support services and many education resources to advance women’s empowerment. For example, I founded Savvy Ladies nearly 20 years ago. Whether that is reaching out to schools or professional groups, find out how you can get involved to start educating those suffering from financial illiteracy. What can we as finance professionals do to play a role in increasing financial education in our communities? It is important to remember that everyone’s financial situation is different. The financial industry is well-positioned to get involved in adult financial education by offering resources and advice. Financial Literacy and Education Commission recommended that colleges require financial literacy courses as part of their curriculum, and this year, 25 states have introduced bills requiring personal finance education for high schoolers.Īdult financial education is just as important, though. This is good news because eight in 10 women will end up divorced or widowed, according to a 2018 report by UBS, meaning they’ll need to shoulder the responsibility for their finances alone.īringing financial education into schools is a good start. This leads me to believe that the lack of knowledge is simply a function of one spouse managing the finances, as the evidence shows that divorcees, whether they be women or men, are just as capable of gaining the financial literacy needed to manage their finances. However, one study found that divorcees tend to gain more financial knowledge for each year they are divorced, closing the financial knowledge gap in 13.7 years. With the financial responsibility on the shoulders of one spouse, the other may not feel the need to expand their knowledge of making, saving and investing money. For example, historically in affluent households, the male partner in a marriage has more often been the one in charge of making financial decisions. ![]() ![]() The lack of financial literacy applies to both men and women, but on average, women score lower when answering financial literacy questions than men, the Federal Reserve found. Although it is not entirely understood why the gap in financial literacy exists, one factor may be the gender roles that have defined societal standards in dealing with finances. ![]()
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