Moms Model Money Muscle!
Celebrate M-O-M as the Household CFO
Tips from Women & Co. on Being a Financial Role Model
Today’s women are more involved in financial decision making — not because they have to be, but because they want to be. A recent Women & Co. study found that 63% of women are the Chief Financial Officer (CFO) of their household, responsible for making the majority of financial decisions. And women who are the CFO of their household are more likely to come from mothers who are CFOs and have daughters who become CFOs. While only one third of today’s adult women feel they had a female financial role model, 92% now consider themselves a financial role model to their children!
Lisa Caputo, Founder, Chairman and CEO of Women & Co., and Linda Descano, CFA®, President and COO of Women & Co., offer the following tips to help women continue to be an inspiration to the next generation:
- Talk to your children about money: Similar to the birds and the bees, money should be an ongoing topic of conversation with your children. It’s never too early or too late to help your children develop a strong foundation of financial knowledge.
- Get financially fit: Financial fitness, like physical fitness requires exercise. Get a piggy bank (or make one!) and create a scenario in which your children can “work” for money, such as payments for household chores or tasks outside the household routine like wrapping presents for charities at holiday time.
- Practice what you preach: The financial decisions you make today have a lasting impact — now and for future generations. Be financially responsible, and your children are more likely to follow suit. Define your financial goals and put a plan in place to work toward them.
- Create a common goal: Get your kids involved in financial planning early by starting a family fund that will be put toward a common goal such as a vacation, gift, or a specific charity that family members would like to support. Let the whole family experience the positive end results of saving and budgeting.
- Know why money matters: Strike a balance between your family’s finances and your family life as a whole. Your finances should support your life, not control it. Help children build a positive relationship with money by demonstrating that money is not a status symbol, but one of the many components to building a stable and fulfilled life.
And, perhaps most importantly, If you need financial help — ask. Talk with a financial advisor or visit womenandco.com, which provides access to a suite of financial education resources and a vibrant community of financially-minded women.
About Women & Co.
Women & Co. is a financial resource program from Citi, dedicated to helping women achieve their financial goals. Women & Co. provides members with education on a vast array of financial and investing topics, which members access through womenandco.com, where members can read newsletters, listen to audio conferences, and find out about Master Class seminars in major metropolitan areas. For more information, visit womenandco.com.
