There are a lot of professional women in this world who are incredibly smart in so many ways, but managing money isn’t one of them.
When women don’t feel confident about money, they will often avoid talking to their spouse, bankers, investment advisors, insurance agents, car salesmen, or mortgage lenders because they lack the confidence to make the best decisions for their financial situations.
On a recent episode of Influencers Radio with Jack Mize, Wealth & Women Founder Stacey Swanson discussed how she is helping professional women to increase their Money Confidence.
During the interview, Stacey explained her perspective on Money Confidence and why she feels it is especially important for women, saying, “Money confidence, in my eyes and what I teach my clients, is having the confidence to understand, manage, and talk about your money. It’s an issue for people all around the world, and the main reason for that is that we’re never really taught how to handle or manage our money. We’re not taught the concepts about money, even though it affects everyone’s life. We’re earning money and then we’re just kind of thrown out into the world to try and figure it out. That goes for men and women. But I think it’s mostly important for women because often they are raised to rely on a man to help them with their money or handle their money for them. So it’s easy to ignore it and just kind of tell yourself, ‘oh, somebody else will take care of that’. Maybe it’s Dad or Grandpa, and then when you get married, a spouse, and it’s easy to just think ‘I’m not smart enough, that it’s too complicated. I’ll never understand that.’ And then at some point, you’re on your own, maybe you go through a divorce, or you’re widowed, or you don’t get married. And then you’re sitting there trying to figure all this out. On top of that, 80% of the financial professionals that we’re dealing with are male. So then we’re still having that feeling of ‘Well, I’m not going to ask questions, because I don’t want to be embarrassed because I don’t understand things.’ And we continue to ignore it and push it to the side and let somebody else handle it. That’s not often the best course of action. Many women get taken advantage of because of their lack of knowledge and end up in their 50s or in retirement, barely making it and not having enough money. Financial information and literacy are the keys so that future generations can be educated and we can all handle our money. I really feel that if that happened all over the world, especially in the United States, we would not have these economic issues that we have been dealing with for so long.”