Financial Empowerment for the Next Generation of Young Women

Young Women's Financial Network

About Young Women's Financial Network

Did you know that:

Young Women's Financial Network If you saved just $50 dollars a month at a return of 7% over 3 years, you could save a total of $2008.15?

If you were to pay an accrued credit card bill of $5,000 over one year at a rate of 18%, you would pay $818.32 in interest and if you were to extend that amount over two years, you would pay double the amount in interest?

Statistics show that bankruptcies among the under-25 rose 51% during the 1990’s.

50% of college students carry four or more credit cards. According to the Department of Education, the average balance on these is more that $3.000.

NOW A PROGRAM THAT CAN TEACH SUCH FACTS AND ENSURE THAT PARTICIPANTS GAIN A SOUND EDUCATION IN PERSONAL FINANCE.

Young Women's Financial Network In 1997, Stanford economists found a positive correlation between states with financial education programs in schools and high levels of net worth and savings. Similarly, economists at the Federal Reserve report that people who receive financial education in school are more apt to save for retirement.

All pertinent research suggests that while there are many women today who are financially savvy, these women have had a firm education base in financial and/or business education. On average, women lack the skills and knowledge that will prepare them to b financially independent.

However, women face many obstacles in their quest to secure a financial future - they tend to live longer, but have to take time out of the workforce to raise and take care of their families. The time to educate them to become strong and independent is when they are young so that they can learn the lessons, apply then and gain form their knowledge. We need to ensure that the next generation of women are financially independent so that they in turn can empower e future generations.

Over one-third (38 percent) of teens believe they will make under $25,000 in their first job out of college. The reality according to the Collegiate Employment Research Institute is that the average college graduate with a bachelor’s degree makes between $29,300 and $34,600. One in five survey respondents think they’ll make more than $36,000 in the first year. Teens are planning to get credit cards; 58 percent say they’ll get their first credit card before they graduate from college.

This interest in credit cards is noteworthy since over half (52 percent) wrongly believe that a credit card is an informal agreement to pay money owed. And where are they learning this? Sixty-three percent say they get most of their information about money, credit, and other financial matters from their parents. But parents might not be the best resource. The average American family carries almost $9,000 in credit card debt. And even if their parents are providing sound advice, over half of the teens admitted that when they do talk to their parents about money it’s to ask for some to spend.

National Consumer League, Washington, DC

To join this exciting and unique presentation or for more information about this program, parents and students can call (508) 695 7899 and talk to Attiya Chaudary.