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Financial Literacy: Mothers More Likely to Educate Children

Mother Hugging DaughterIn 2013, Daily Finance reported on Visa’s International Barometer of Women’s Financial Literacy Survey, a study of 25,000 people in 27 countries that examined how men and women handle their finances. The survey gathered information on the things you’d expect—budgeting and saving—but it also gathered information on how often participants talked to their children about money.

While women around the world were much more likely to discuss money management with their children, it was most often men who actually lived out those principles through budgeting and saving. The article is straightforward in saying that, “The lack of emergency savings among women could be tied to the fact that in many countries, men control the household budget and women may not have any income of their own.” The glimmer of hope is in the fact that women are willing to discuss finances with their children, thus increasing their offspring’s financial literacy, giving future generations a better foundation to being managing money in different ways.

The women of Brazil ranked highest and were equal to men in their country in budgeting and educating their children about finance. Women in the United States ranked fourth overall financial literacy and made it into the top five countries for budgeting category.

Other categories were: “emergency savings, frequency in talking to children about money, perception of young peoples’ money skills, and the desired age for beginning formal personal finance lessons.” How would you rank yourself in these areas?

Fee-Only financial planner Claire Emory’s parents started her on a journey towards financial literacy, read to her from financial publications and provided an example of creative money management. Women from all walks of life, whether they are mothers or not, need to invest in their financial futures. Claire Emory is dedicated to helping people, and women especially, take care of themselves and the people they love.