With Christine Lagarde as Managing Director of the International Monetary Fund (IMF) and Janet Yellen serving as chair of the Federal Reserve, women are achieving more prominent positions in the once male-dominated world of high finance. On a more domestic level, you can be a great role model to your daughters by teaching them a few important lessons.
Although two of the most high-profile roles in economics are occupied by women, I meet many female clients who seem hesitant about making important money decisions. When I dig a bit deeper, I often discover that when they were growing up, their mothers occupied a more traditional, housewife role; moms didn’t generally discuss money management or budgeting with their kids.
Regardless of whether you control the household purse-strings or share that responsibility, you can help raise your daughters to feel more at ease with financial decision-making. The more these finance-related discussions become matter-of-fact and routine, the more confident and competent you can expect your child to be as they mature. Here are some of the ways you can help your daughter grow into a money-savvy young woman:
Although kids need to make their own mistakes to really learn life’s hard lessons, the best thing we can do as parents is teach by example; include children in budgeting for grocery shopping. Let your kids observe you making good financial decisions; simple things, like paying bills on time and comparison shopping for the best online deals. Your daughters will thank you.