Financial literacy is vital for everyone. While we don’t need to know absolutely everything about finances, it is beneficial to have a solid understanding of basic financial concepts, including investing, saving, and debt which provides life changing benefits.
Unfortunately, it is quite common for women to be less financially literate than men. This can lead to a significant disadvantage for many women who find themselves with lower retirement savings, and increased stress when it comes to making financial decisions.
For mature-aged women, the financial literacy gap is even more common as it is often the case that their husbands/male partners have always taken the lead in managing the finances. Although this is becoming less and less prevalent in today’s society.
These facts remind us that women struggle more when making their own decisions in terms of their financial future. This should be a wake-up call for more women to get informed about how to widen their views on reaching financial stability.
Got Money Honey’s goal is for all Australian women to be just as financially empowered as men.
Financial literacy is a life skill that is often underrated and brushed aside. However, being financially literate will usually positively affect the rest of a person’s life.
Having financial education and knowledge means you will be able to confidently manage your finances without the usual stress. Also, the earlier you gain financial knowledge, the longer you will be able to benefit from both the short-term and long-term effects of sound money management.
Financial literacy will not only improve a person’s finances but their personal wellbeing as well. It is crucial for women to make an effort to become financially literate because studies have shown that women are more likely to retire with much fewer savings and money set aside for their retirement than men.
There are many positive rewards that come with being financially literate. Here are just three benefits you will enjoy:
It’s extremely hard to keep track of what you are spending your money on if you don’t have a solid understanding of budgeting. Being confident about managing and handling money will help you keep track of your finances effectively.
And by keeping track of your money, you will have confidence knowing you can afford all your daily and living expenses. Plus, you will likely be able to budget for some of the nicer things in life – like your manicure, blow wave at the hairdressers, or a new pair of shoes – all without feeling guilty about it!
By having more knowledge, understanding, and control over your finances, you can begin to make smart plans for the future. You can be confident in making decisions to get your money to work hard for you instead of the other way around. Whether you start to make investments, cut back on unnecessary spendings, or build up your nest egg for your retirement – the options are limitless!
Have you ever been a part of a financial conversation about the stock market, or purchasing a home, or making investments and felt stupid because you can’t contribute?
Don’t worry, you’re not alone. So many Australian women feel the same way. Whether you are talking in a group of friends, or to a financial professional, or even to your partner, so many women are left in the dark in financial conversations. But by taking steps to better understand your money, you can not only take part in these discussions, but lead them and feel empowered along the way.
While everyone should have financial literacy, it’s especially important for women due to the current financial literacy gap. The good news is that it is never too late for you to take control of your money and learn how to get your finances on track.
If you are looking to achieve financial freedom, sign up for the Got Money Honey financial masterclass! Our online course is for women who want to get ahead of their financial situation.
Sign up today so you can enjoy all the benefits that come with understanding your finances. Sign up here.