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Women lag behind men in financial confidence—with over half (60%) of women anxious they may not have enough money to last through retirement.
This begs the question: how can we start our daughters off on the ideal financial foot, during the formative years that are so vital to personal development?
The answer? learning through experience; that means—give them an allowance! Introducing a weekly allowance supplies an opportunity for mothers to show three crucial skills vital to financial success later in life: willpower, autonomy and negotiation.
Willpower: Delaying gratification can go a long way toward creating financially safe adults. encourage your daughters to save part of their allowance for something special. Willpower is paramount to reaching savings goals and preparing for retirement.
Autonomy: Independent decision-making can help teenagers be less prone to peer pressure when growing up. offer your daughters the chance to speak up and make their own decisions to help cultivate this skill early on. try using a “bonus” allowance incentive for participating in financial exercises that benefit the family. For example, ask your daughter to help plan your family’s summer holiday (keeping within limits, of course!).
Negotiation: research has shown that even a slightly higher salary can substantially impact earning potential. By encouraging your daughters to discuss purchases with their own money, you kick-start the development of persuasion, communication and problem-solving skills—all of which are vital to financial prosperity.
Wondering if you’re starting your daughters off ideal financially? get in touch with your financial advisor to ask about their ideas for inspiring financial confidence in the next generation.
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By Nancy Anderson, senior financial Planner, crucial private bank for the healthy mommies Magazine
Nancy is a certified financial Planner™ professional with crucial private Bank. She has over 20 years of experience helping service owners, professionals and families make sound financial decisions.
Source: https://www.carsonwealth.com/locations/portland/.
Link to this post:3 ideas to help Your daughter Land on the ideal financial Foot
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