Financial Literacy for Women: How to Raise a Fearless Woman

Being open with your daughters about your own financial planning and focusing on the areas of financial literacy, budgeting and investing can help her become a financially secure woman.

A teen girl, her laptop open, holds a credit card in her hand and looks at her smiling mother.
(Image credit: Getty Images)

From an early age, I’ve been interested in money and how it works. As a lifelong member of the Girl Scouts, I have fond memories of selling those iconic cookies. But not only did selling Thin Mints and Samoas help my troop achieve its objectives, but it also supported my financial literacy — I learned how to set my own financial goals and prepare a plan to achieve them. After all, that trip to HQ in Savannah, Ga., wasn’t going to pay for itself!

Those childhood experiences gave me the self-reliance and assuredness that have carried me throughout my life as a wealth adviser and mother. Sadly, many other women cannot say the same. According to a recent study from the George Washington University School of Business, while women disproportionately say “I don’t know” to most financial questions, they are more financially literate than they realize. However, that lack of confidence scares them away from things like investing and saving, which are key financial strategies for building long-term wealth.

As a parent, you are your daughter’s number one role model, so you can start by being open and transparent with her as you engage in your own financial planning — from choosing investments to setting savings goals and preparing your budget — so she can see how it’s done. Here are three areas to focus on, including some fun activities she can engage in at any age to get her feet wet and set her on her way to confident financial decision-making.

Laura Schultz, J.D., IAR
Co-Owner of Preservation Retirement Services, Wealth Adviser

After 12 years of working as a successful commercial litigation attorney, Laura Schultz made the transition to being a wealth adviser to connect with clients and change their lives for the better by preparing them for retirement success. Now the co-owner of Preservation Retirement Services with her husband, Tim, she is a Series 65 securities-licensed and insurance-licensed financial professional and holds a Series 65 license and is an Investment Adviser Representative of Creative One Wealth, LLC. When she’s not helping clients understand and simplify their investment options, she loves cheering on the University of Iowa and spending time with her family.