Our Moms and Money
I don't like to stereotype about women and money. However, when I read reports that have JUST come out and the numbers are staggering in describing women's lack of interest in money management, I have to continue my crusade in changing how women approach money. A recent article in the Wall Street Journal reported that 65% of people say their mother is INTIMIDATED by money, considers money-management a NECESSARY EVIL or has never managed money (according to a poll by National Foundation for Credit Counseling).
On a positive note, the 35% who thought differently had wonderful comments about their mom's money habits: such as "pretty savvy managing money, and enjoys it." Plus our mothers are such positive influences that we can change this going forward. This can be in a conversation with your mom, your children or your own practice.
Moving forward....Look at the big picture. Women tend to be great daily money managers. However, we don't think about longer-term goals and specific dollar amounts of saving for retirement, paying off a mortgage or saving for college. We need to make plans around these topics. We should find out these numbers and have ongoing conversations. It is a moving and continuing conversation that reduces our stress and helps us feel more confident. Let's pass that on to our children.