Your Daughter Will Thank You for Teaching Her These 5 Financial Lessons

On her first Mother’s Day as an expectant mom, a financial adviser shares five fantastic reasons to teach our daughters about finances, along with specific tips on how to go about it.

A mom and grown daughter smile and hug.
(Image credit: Getty Images)

Mother’s Day arrives this year amid mounting financial difficulties for women and girls. COVID-19 has driven millions of women, particularly mothers of young children (opens in new tab), out of the workforce, leading to disproportionate female wealth loss and some of the highest unemployment rates for women (opens in new tab) seen in the 21st century. I’ve seen this firsthand in my work helping young people at Albert (opens in new tab), a personal finance app whose customers (which skew 20-something and female) can text me and the other Geniuses for financial guidance. Since the pandemic started, I’ve gotten frequent messages from young women who are navigating unemployment or underemployment while simultaneously struggling with credit card debt, student loans and everyday costs, such as rent and groceries.

Mother figures are often our first teachers; they’re the ones who set us up for success in school, friendships and our professional lives. Because this is my first Mother’s Day as an expectant parent, I’ve found myself thinking a lot about the many life lessons my mother taught my sister and me, especially when it came to saving, spending and budgeting.

While it’s important to teach all children about money, I believe it’s especially critical to give our daughters the money skills and know-how they’ll need to overcome financial obstacles later in life. For every person with a young female in their lives, here are five reasons to remind you why every teen and pre-teen girl should be taught about personal finance, paired with actionable strategies to set them up for a financially healthy adulthood.

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Trina Patel
Financial Advice Manager, Albert

Trina Patel is a Financial Advice Manager at Albert, an app that simplifies your finances and provides financial advice. She has over 10 years of experience in the financial industry, ranging from private banking to running her own financial coaching business, and she is passionate about helping individuals reach their financial goals.