April is Financial Literacy Month. At Atlas Wealth Strategies, we talk a lot about Knowledge and Empowerment. We want our clients to feel self-assured when discussing their financial goals. Unfortunately, there is a true gender gap that exists when it comes to feeling confident about making financial decisions. 96% of women are sharing in, or oversee, financial decisions.1 Yet, "Women consistently score lower than men on financial literacy measures, and this gender-based gap may negatively impact women's long-term financial well-being," said FINRA Foundation President Gerri Walsh. Financial literacy—having the knowledge to make informed financial decisions—has been linked to a number of important outcomes, including wealth accumulation, stock market participation and retirement planning. 2 This gap can be seen in the graph below.
Source of graph: Women and Financial Literacy, Annuity.org
We believe we can help close this gap, and empower more women, by doing the following:
- Awareness – understand the unique financial situation women are in due to longevity, wage gap, family responsibilities. Why Financial Planning is a Womens Issue
- Talk about key financial concepts and share information - We routinely post informative and interesting articles on our Facebook page Atlas Facebook Page and our website is a wealth of resources. The Atlas Approach We encourage everyone to read at least one article a week in increase their knowledge.
- Set up an emergency fund - Having a strong safety net is important for all of us. It is usually not a matter of if something will go wrong, but when, be it a broken furnace or an unexpected medical bill. Having an emergency fund can keep you out of unexpected debt and costly credit card interest. It can also contribute to a sense of confidence and well-being because it can reduce worry and stress. Your Emergency Fund
- Set financial goals - The first step in achieving financial wellness is to set financial goals. Maybe it is paying down debt, buying a house, a dream vacation. A financial goal can be short term or long term. Every goal is different and there are many available paths an investor can take to work toward achieving that goal. Write down your goals and measure your progress! Once Upon a Goal
- Work with a financial advisor – Working with a qualified financial advisor can help you create a plan that works toward helping you achieve your financial goals, keep you from making emotional decisions, provide you with investment advice and keep you informed about financial topics. Why People Work with Us
Help us close the financial literacy gap – ask us a question!
1 Five Reasons Women are Taking the Lead in Financial Planning, Forbes 8/8/2017
2 Talking Money with Mom: Gender, Generation, and Financial Knowledge, FINRA.org 5/11/2018
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.