I know what it’s like to feel stressed out about money, believe me. I’m a recent college graduate and a new mom to boot. I’m working a job that I love – but it doesn’t pay quite as well as I wish it would. My partner and I are staying afloat, but we need to be smart about our finances. And the thing is, I’m far from alone. In a survey done by Bustle, almost 30% of millennial women feel stressed about money every single day. In another survey, done by CreditCards.com, 2 out of every 3 Americans lose sleep over issues with their finances. A whopping 32% of Americans feel that they live paycheck to paycheck, just barely able to make ends meet. And many, many people, myself included, feel that college did not adequately prepare us for the financial world. I learned a lot about really interesting things that I care deeply about, but not necessarily enough about how to budget and manage my money. Again, it’s more than accurate to say that I’m far from alone in this.
Women are rising in the world. We have proven our strength, our intelligence, and our drive. I believe that women and money should go hand in hand, and this is why money coaching for women is so important. Based on how many middle-aged women feel insecure in how to manage their finances (a whopping 55%), money coaching for women is very much needed. These women are also worried about how this stress will affect their mental and physical health, and justifiably so!
While three out of ten men have $10,000 or more in savings, only two out of ten women can say the same and studies have shown that the majority of millennial women are not saving for retirement. Financial coaching for women could be instrumental in bridging this gap. When thinking about money coaching for women, we should think about the steps we can take to get the help that we need. Though admitting we need help can be a humbling and difficult experience, it’s important to know when we need a professional. In fact, three quarters of people surveyed said they would accept help if it was offered. An individual finance coach could provide personal support and help to educate about financial health. Financial classes for women can help to further this education, as well as building camaraderie and the sense that we are not alone in this, that other people are going through it as well.
Money coaching for women is incredibly important. We need to support the women in our lives, we need to support ourselves, and we need to educate ourselves to be the best and most efficient that we can be. We shouldn’t have to worry about money to the point that it’s a detriment to our health – we should be empowered to take help when it’s offered, and to seek it when we need it.