While many women in the United States do have the knowledge necessary to manage their finances, others, unfortunately, do not. A 2017 MassMutual study found that 55% of middle-class women claimed they did not have this level of financial knowledge. It may be surprising to learn that many younger women find themselves in this same situation.
A recent survey was conducted by Bustle with over 1,000 Millennial women. The results showed that 28% of these women felt stressed-out about money on a daily basis. Furthermore, the MassMutual study showed that 59% of middle-class women worry about money. Since worrying about money increased their stress levels, it had a negative impact on their mental health. Due to thinking about their finances, a CreditCards.com survey revealed that two out of every three people in the United States lose sleep at night. This, too, can obviously affect a person’s overall health and quality of life.
While some students may take financial literacy courses in high school and college, others may not have this opportunity. Even though the prevailing belief may still be that college is supposed to prepare individuals for the proverbial “real world,” this is not the case for many graduates. A Bank of America and USA Today study showed that 40% of their participants stated that they didn’t feel prepared.
Another survey was conducted with both Millennials and Gen Zers. The results of this survey showed that 43% of the participants wished that they had learned about how to make investments. Learning how to manage monthly bills was also something 26% of the participants wished they had learned.
Would you like to have a better understanding of financial literacy? Were you aware that there are womens financial literacy programs? Whether you’re concerned about your financial health, are experiencing stress due to just getting by, or want to learn how to create a workable budget to save for the future, you may be interested in participating in a womens financial literacy program. When you take the first step to be financially aware by receiving money coaching for women, you’ll be able to learn a variety of strategies that you can put into practice. Furthermore, you will also have a support system to assist you with making proactive decisions.