Quote Of The Week: Why You Need To Talk To Your Daughters About Money

In recognition of International Women’s Day March 8, 2021, women everywhere are encouraged to educate themselves about investing so they can close the earnings and wealth gap between men and women.

A better understanding of personal finance will help women provide financially for themselves and their families.

Women can also do their share to bring the next generation on board by talking about money with their daughters and granddaughters, starting at a young age.

Here’s an excerpt from an interview with financial literacy activist Carrie Schwab-Pomerantz, the daughter of Charles Schwab, about the importance of bringing young women into the money conversation. Schwab-Pomerantz is board chair and president of the Charles Schwab Foundation; senior vice president of Charles Schwab & Co.; and board chair of Schwab Charitable, a donor-advised fund.

“As parents, we have to step up and make sure our children—especially girls—are exposed to the financial world and investing. Our studies show that when it comes to money, parents talk differently to their sons and daughters. To their daughters, they emphasize saving and budgeting. With their sons, they are more likely to talk about investing and estate planning.”

Carrie Schwab-Pomerantz, “A Talk With Carrie Schwab-Pomerantz,” Kiplinger Personal Finance, January 27, 2021

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