The Problem

More women today have money than ever before. So what’s the problem? For most women, money promises fewer problems, greater freedom, and more security. In a Ms. Magazine survey of 23,000 readers, a full 73 percent believed money would buy happiness. Yet for many women, having money in the bank is like finding a time bomb in the basement. They know they need to do something, but they haven’t a clue what it is they need to do.

-Barbara Stanny, Prince Charming Isn’t Coming

Women and Financial Power

Too many women lack the confidence necessary to take control of their financial lives. Women fear making investments, managing their finances, planning and monitoring their spending, managing investments, and increasing their wealth.

Why aren’t women more confident with their finances?

The answer is that women are stopping themselves from being assertive. Many women leave their financial lives to their husbands, boyfriends or parents, and because of this way of thinking, they lack financial power. Financial empowerment must come from within. Women must seize it with fervor, reflecting an unshakable determination to take control of their financial lives. You must tell yourself that you can become empowered, and that you will not let outdated notions of gender hinder your success. Keep “EMPOWER” in your mind as an acronym representing these concepts:

Education is critical
Motivation inspired by your values
Protection against risk
Ownership of your future
Work — claiming what is yours requires effort
Emotions should be kept out of decisions
Responsibility to yourself

Do you use any acronyms to motivate you with your finances? I’d love to learn about yours!

Source: Gibbons, EmpowHer! Why more women are taking the financial lead