Financial literacy is critical for men and women alike. However, financial education is necessary for women to make informed decisions about their money. When it comes to women and money, there are many challenges.
Here are some facts:
Women are less likely than men to feel confident about understanding financial issues. A recent survey from Bankrate found that only 24% of women say they are “very knowledgeable” about personal finance, compared with 32% of men who say the same thing.
Female-headed households are more likely than male-headed households to be in poverty. In 2013, 23% of female-headed households lived below the federal poverty level compared with 16% of male-headed households.
Women’s incomes have grown but still lag behind men’s. According to the Bureau of Labor Statistics, in 2021, median weekly earnings for full-time wage and salary workers were $998. Median earnings for women were $912, or 83.1 percent of men’s earnings.
A recent study from the FINRA Foundation showed that only one in five Americans has a high level of financial literacy. Of those who do, men are more likely than women to know how to manage money and make sound investment choices.
This means that many women are not equipped with the knowledge they need to make smart financial decisions—and it can be holding them back from achieving their full potential and enjoying more financial security in their lives. At Financial Fitness Group, we believe financial literacy is one of the keys to empowerment.