As a woman I can understand how within certain cultures they can be neglect to be taught about money, for I was raised in a traditional Jamaican family and we were expected to grow up, find a husband and take care of the home. Having a college education back then for us was only a plus, to make us more marketable to prospective suitors, and our careers were tossed aside once we bought the home had babies.
So happy to see that times have changed for I don’t believe the 21st century young women are being raised with these ideals. I will pass on my Jamaican mothers ideals of the importance of having the skill to cook, clean and sew to my daughter, but will influence her to see that she has more to offer than just being a wife and mother. I will talk to her about money and teach her how to become financially fit, in hopes that she will always be able to take care of herself or her family regardless of her present circumstance. Nothing against the stay at home moms for I know that is a job too, but you still have to be financially educated, for at the end of the day…YOU ARE THE PLAN B FOR YOUR FAMILY.
In my early 20s I had no clue of the power of the mighty dollar and how coupled with compound interest it could make me rich in the future. I didn’t grasp the concept of how having good credit was a priority and how not learning about finances 101 can have a negative effect on my life. It’s no secret that statistics have shown that women since the beginning of time have a horrible relationship with their money. Below are some startling statistics that support this long time struggle.
Women’s Financial Security
- Forty-two percent of all women lack financial security
- Three out of five women over 65 cannot afford to cover their basic needs
- Only 18% of families headed by single mothers have financial security
- Marriage eases the financial burden, but most women outlive their male partners. Two-thirds of men over 65 live with a partner, while less than half (44%) of women over 65 live with a partner.
- The average annual income for an elder man ( $24,300) is almost 75% higher than an elder woman’s annual income ($14,000).
- The number of older women living in poverty is 50% higher than older men living in poverty.
Source: Analysis of U.S. Census data by Wider Opportunities for Women
In lieu of Women’s History Month I urge all women to really look at how financially fit you are and how financially prepared you are for the future. Whether you’re married or not it’s so important to have a financial plan for although money doesn’t bring you happiness it sure can make your life here on earth a lot more comfortable. Also as a woman whose life took a major unexpected detour after a failed marriage, I realize how important it is to have a financial plan B. When the second income moved out of my home, I struggled for years to make ends meet.
As a fellow blogger with a uterus, I am proud to be one of many female bloggers who are trying to bring awareness to this major problem in our society thru their blogs. I can also testify that the feeling of having financial control is priceless, and can be achieved by anyone during any point of your life. You just have to want it enough.
If you are older (you know what I mean) and started to get your finances together a little later in life, I would love to share your story on Debt Free Martini. Send me an email at firstname.lastname@example.org and be an inspiration to others.