3 Tips for Raising Financially Confident Daughters

Content Type: Article

Start early, preach preparation and promote teamwork.

Elizabeth Winter, a Private Wealth Area Business Manager at Regions, recalls a client who avoided asking her husband questions about finances. “Women tend to be afraid to ask financial questions. We need to make a point of being involved in the conversation,” says Winter.

When the client’s husband unexpectedly passed away, she felt unprepared to take over the family finances. She wanted to ensure her 7-year-old daughter would never feel the same way.

Winter says that women are actually often more prepared than they think. “We often know just as much as men when it comes to money, but we shortchange ourselves.” By teaching our daughters the basics of finances, we can help instill confidence at a young age. Start with these three tips.

Get an early start

Talk to your children about finances when they are very young. “You should have these conversations at an age where they won’t even remember there was a conversation,” Winter says. Once your daughter is a bit older and is more aware, take her to the bank and talk about the basics, such as saving, interest and budgeting. “Don’t let money be a taboo subject in your house,” says Winter.
Preach preparation and organization

Teach your daughter how to prepare for the unexpected. Discuss how you build up an emergency fund. “It’s important for them to understand where their assets and important documents are located, as well as the contact information for their attorney, accountant and advisor,” says Winter.
Work with professionals

One indispensable piece of advice, Winter says, is teaching your daughter the importance of building the right financial team. “Be direct with advisors. Ask how they get paid, what services they offer and how they help with financial education,” she says. “You have to find someone who has your best interests at heart.”