Our Moms and Money

by Galia Gichon on May 29, 2013

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.

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