Young men and women are faced with the challenge of not being financial literate. It is more prominent for women who according to the U.S. Bureau of Labor Statistics, make 78 cents for every dollar earned by their male counterparts and who traditionally spend 10 years out of the workforce to raise children or provide care for older family.
Young women are coming out of college and joining the workforce with large amounts of debt. They are then posed with the option of joining their new employer’s healthcare program or staying on their parents plan if this is an option for them. It goes even further when the young woman is then asked about starting their 401k plan. These young women are overwhelmed because they are not completely financially literate and are suffering from information overload. This raises the questions at what age should women achieve financial literacy and when does it occur.
It is never too late to learn the basics; it is important for young adults to understand budgeting and consumer debt. It is never to earlier to start teaching children financial education. When it comes to a long-term decision it is important encourage people to find a trusted advisor.