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Last year, our friend Christine Luken wrote a guest post here on our blog. The topic: Owning Your Financial Power. I took her advice to heart and felt that I had at least accomplished two of her recommendations—I had a good relationship with money, and I had (mostly) gotten over that pesky habit of undervaluing myself. I knew that there were areas where I could advance my financial literacy (hi, investments) but that I was doing a good job in other areas. I manage the financial aspects of the Gild Collective business as well as my personal life and each time I learn something new I feel like giving myself a high five.
What I have been reminded of recently with new research coming out is that I can always learn more, get more comfortable, and share that with others. So, while I’m not going to dole out any financial advice here, I am going to do a roundup of some recent resources that drive home the many reasons we should all be spending a bit more time beefing up our financial savvy.
New Studies Highlight Why Women Must Become More Financially Savvy
By Elizabeth Harris, Forbes
Key takeaway:
According to new findings in a Merrill Lynch/Age Wave study, most American women face a roughly $1 million gap in lower lifetime pay compared to men. The survey also found most women lacked sufficient investment knowledge — 60% reported not having knowledge to invest as their top barrier. And while women were as confident as men in completing financial tasks such as paying bills (90%) and budgeting (84%), only half (52%) were confident about investing, compared to men (68%).
Here Are 5 Ways Women Can Invest In Closing The Wealth Gap
By Tanya Tarr, Forbes
Key Takeaway:
One of the main ways to close the gap is to break the silence on money. A recent “study found that 61% of women would rather discuss details of their own death over money topics. This is impeding women’s financial empowerment and preventing them from taking needed action to build up wealth."
Women Need to Take an Active Role in Their Financial Lives
By Marguerita Cheng, co-founder and CEO of Blue Ocean Global Wealth for CNBC
Key Takeaway:
"Equipped with the right attitude and education, women can feel empowered and confident about their financial future."
Here are some things women can do to be more confident and save for retirement: Make a Budget, Prioritize, Invest in Retirement, Protect Against the Unknown, Get a Financial Education.
How have you grown your financial education? Share your favorite resources with us below!