- Posted by Debbie Gerlicher
- On January 31, 2015
- 1 Comments
- diversity, financial education, financial literacy, financial planning, financial solutions, women's initiative
In 2015, LiSA Initiative will be laser-focused on Financial Illiteracy in the United States. The data and statistics tell us that women are increasingly becoming responsible for a growing portion of the U.S. economy ($22 trillion by the year 2020). Yet, besides making great strides in so many areas, women feel poorly prepared to deal with managing their finances. They want information, and they want it badly. I always tell women:
“It is not a matter of IF you will be solely responsible for your finances; it is a matter of WHEN.”
And waiting around, hoping someone will show up to make it all better is a really bad financial strategy for women in the 21st century.
The data overwhelmingly supports the fact that women lack basic knowledge about finances. They desperately want that information, but they just don’t know where to get it.
In general, women are not taught about money at home as they are growing up. They are not taught about how to handle their finances after 12, 14 or even 16 years of education.
In many cases, women are not aware of things, such as budgeting, savings, and establishing credit, or even the importance of good banking relations, until they find themselves in a crisis. And once they are in trouble, things can spiral out of control rapidly. If they get out of the cycle at all, they will mostly likely need a lot of help.
It can take 7 to 10 years to get out of debt and repair credit. Add to the mix some children and possibly unstable relationships with men (which are often perpetuated because the women have no money and no way out), and the situation can become outright dangerous. Again, these scenarios are not relegated to low-income women only.
The good news is that entire country is in a listening mood when it comes to money. People, by the millions, are realizing that they need information, education and help in the area of personal finances.
Women from all walks of life want financial security and peace of mind. In most cases, they just don’t know where to turn for help. Chances are our parents were just as bad at handling money as we are. Chances are your local school is teaching everything BUT how to handle money and thrive in the real world.
The LiSA Literacy Project intends to challenge the state of financial education in the United States, particularly among women. We are here to encourage all women from all walks of life that they CAN and MUST take the financial reins of their lives.
You are the only one who can take responsibility for your financial future.
No one else can do it for you.
Let us help.
Chair, LiSA Initiative
CO-CEO First Financial Security, Inc.