“Teach Your Daughters Money Lessons They Will Never Forget “-  REBLOGGED FROM FORBES BUSINESS

 

 

Nancy AndersonContributor

“When you teach your children about money, you have to be aware of the unspoken messages you impart to them — especially to your daughters.

My parents always told me that the sky was the limit, and that I could be anything I wanted — but their actions told me something different. When my brother was 12 years old, he was gifted 200 shares of stock for his birthday. When I turned 12 the following year, I was filled with anticipation of receiving my very own shares. But none came.

I am sure I received a wonderful present for my 12th birthday, but for the life of me, I can’t remember what that gift was. All I remember is that I didn’t get stock shares like my brother did. The unspoken message I heard was, “Investing is for boys.”

Years later, remembering these messages from childhood, I’m not surprised when I read the research on women lacking financial confidence.

Fortunately, I found mentors in college who encouraged me to go into financial planning. I heard the message loud and clear: Financial planning (and investing) are for women, too.

However, many women grow up without this type of guidance. As a result, women still lag behind men when it comes to confidence in making investment decisions, being on track for retirement and saving for retirement.

Women admit their lack of confidence freely: In a recent study from Wells Fargo on affluent women (with investable assets of $250,000 or more), 41% said they were not at all confident in their investing ability. Additionally, according to a study by Prudential, only 10% of female breadwinners felt very knowledgeable about financial products and services.
Moreover, women lag behind men when it comes to retirement preparation. A 2013 Ameriprise study on retirement contributions reports that fewer women have contributed to 401(k) plans than men, with only 47% of women contributed versus 55% of men. The women who are contributing are contributing less than their male counterparts, as well. A newly released study from Wells Fargo reported that 43% of men are saving at the recommended “contribution index” level — a target rate of 10% including employer match. Only 39% of women are contributing at the recommended level.”

REF

FORBES BUSINESS – http://www.forbes.com/sites/nancyanderson/2014/05/08/teach-your-daughters-money-lessons-they-will-never-forget/

Nancy L. Anderson, CFP ™ is a Certified Financial Planner ™ professional in Park City, Utah and a blogger for Deer Valley Ski Resort.  Follow Nancy on Facebook –Twitter.