The U.S. Senate has passed a resolution designating April as Financial Literacy Month. Many accounting firms and other financial institutions are sponsoring a number of activities to educate the public about personal money management.

I know you have heard me say this again and again and I’ll say it again today -  financial literacy is crucial for women! As a group women are more financially illiterate than other groups. In a study conducted by Professor Annamaria Lusardi of Dartmouth College titled “Planning and Financial Literacy: How Do Women Fare?” her research finds that “women display very little financial literacy. And Financial illiteracy is widespread among older Americans and women in particular”. Her research further finds that “financial literacy is so limited among women as to raise concerns about their ability to make sound savings and investment decisions”.  Not a pretty picture for women.

 In her book “Money, A Memoir” Liz Perle cites some scary statistics about women and finances:

·         Women still earn only 78% of what men earn for the same jobs.

·         Only a third of women have positions that even offer retirements plans.

·         And because about half of all working women take time off at some point to care for their families, the value of their retirement funds is lowered even further by these interruptions.

·         Between one-third and two-thirds of women now thirty-five to fifty-five years old will be impoverished by age seventy.

It’s great that April is Financial Literacy Month but if we want to effect real change we need to include financial literacy in every middle school, high school and university curriculum. If we don’t then the statistics I have cited will only get worse – and it’s women who will suffer the most!