“Financial Catfight? 3 Reasons I Support Personal Finance Books For Women - Forbes (blog)” plus 1 more

Financial Catfight? 3 Reasons I Support Personal Finance Books For Women - Forbes (blog)

Posted: 18 Jan 2011 10:39 AM PST

ForbesWoman

Jan. 18 2011 - 1:21 pm | 220 views | 0 recommendations |

By MANISHA THAKOR

Do personal finance books written by women for women perpetuate the myth that women are bad with money?
Why is there a "money management for women" section but no "money management for men" section at Amazon and other booksellers?
What's up with all the diet analogies in these books – could they be any more demeaning?

A recent Slate article entitled "The Shopaholic Myth" and follow up piece at GetRichSlowly called "Women and Money: Slaying Stereotypes and Facing Reality" raised these very important questions. As a 40-something woman who co-authored two personal finance books for women, those questions hit me smack in the gut. These well-written articles (by two journalists I very much admire) forced me to think long and hard about whether my focus on financial literacy for women… was actually hurting women.

My conclusion: With the exception of age-based asset allocation guidelines (where I feel women should invest their retirement funds slightly more aggressively than men to prepare for statistically longer life spans), I'd argue that the fundamentals of personal finance 101 are identical for women and men. The reluctance of some younger women (notably in their 20s and 30s) to read female-oriented finance books is in a sense a victory for the equality movement. So here are the reasons why I still support personal finance books by women for women (if you prefer video, click on the player above to watch me talking about this subject on ABC News Now's Good Money).

Women are not worse than men with money. Poor personal finance skills are rampant across gender lines. Why? The financial landscape has increased geometrically in its complexity over the past 20 years while financial education has not kept up. We all can use help.
But modern life still has a tendency to spit in women's eyes as their career paths progress. The twin combinations of what economists call "occupational segregation" (the tendency of women to voluntarily choose to work in less remunerative fields) combined with the time commitments of child rearing and elder care (which lead to women spending an average of 11 more years than men out of the paid workforce) mean learning financial basics are all the more essential for women. It also means we need more dialogue on these areas of inequality…
The default language of finance is still male. As Nicholas Kristoff pointed out… our financial system might be in a very different (and better) place had it been Lehman Sisters instead of Lehman Brothers. As someone who worked in the financial services world for 15 years, I'd argue the reason there is no "money management for men" section at Amazon is that "male" is still the default speak of the industry. Personally, I'm not interested in talking about my personal finances through the lens of football or golf metaphors nor do I want to socialize over cigars and scotch (well, I'd drink the scotch…). Thanks to pioneers ranging from Women & Co. and Directions for Women to DailyWorth and LearnVest – there are more organizations focusing on the way in which women enjoy learning and digesting the very same personal finance information as men. As for the prevalence of dieting analogies – personally I just think that's smart. The equation for financial and physical health is identical (inflows vs. outflows). We all eat, we all spend money… so why not compare the two? As Occam's Razor suggests, when faced with choice the simpler the path the better the outcome.

How do you feel about personal finance books written by women for women?

[This post originally appeared at ManishaThakor.com.] Want more financial love? You can follow Women's Financial Literacy Initiative founder, Manisha Thakor, on Twitter at @ManishaThakor, sign up to get her email updates delivered right to your inbox here, and enroll in her innovative new online personal finance course called "Money Rules."

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GreenPath Debt Solutions Releases Debt and Personal Finance Survey Results - MLive.com

Posted: 18 Jan 2011 07:33 AM PST

Nearly one thousand respond to questions on financial obligations

- 95 percent would not be able to pay unexpected bill of $1,500;

- 80 percent stressed out about finances;

- 72 percent pay only the minimum amount (or less) on credit cards;

- 26 percent skip or pay housing bills late.

FARMINGTON HILLS, Mich., Jan. 18, 2011 /PRNewswire-USNewswire/ -- GreenPath Debt Solutions, a nationwide, non-profit financial organization providing consumers with financial education and debt management assistance, recently announced the results of a new financial survey. The online survey was completed by 999 credit card holders from across the United States who inquired about credit counseling services from June-December 2010.

"While we were surprised at some of the statistics, they really do reflect the tough economic situations many Americans experienced in 2010 and likely are still experiencing today," said Jane McNamara, GreenPath president and CEO.

Findings included:

GENERAL FINANCES

95% of respondents could not easily pay an unexpected repair bill of $1,500.
80% of respondents usually feel stressed out about their finances.
41% of respondents have experienced some level of collection activity (notices or phone calls from bill collectors) in the past 3 months.
26% of respondents sometimes pay their housing bills (rent, mortgage, gas, electric) late or skip housing bill payments all together.
15% of respondents said they follow a budget and track their spending

"Most respondents clearly don't have emergency funds for unexpected expenses," said McNamara. "If possible, we should all try to set aside a 'rainy day fund' for emergencies. On the other hand, I was pleasantly surprised that only forty-one percent received a recent collection notice or call. That means fifty-nine percent are seeking assistance before their financial situation becomes a crisis."

CREDIT CARDS

82% of respondents had at least 3 credit cards;
50% had 5 or more credit cards;
72% pay only the minimum payment amount on their credit cards or don't make a payment at all, if they can't afford the minimum;
25% pay more than the minimum but less than the full balance;
2% of respondents said they pay their credit card statement balance in full each month.

"These numbers suggest that people are finding it necessary to use credit cards to help make ends meet," said McNamara. "It's alarming that only two percent pay off their balance in full each month. The other ninety-eight percent must seek assistance or it will be extremely difficult for them to lower their balances."

INCOME SOURCE

Ninety percent of respondents have income from a source other than unemployment or disability.

"Most people who responded had some source of income," remarked McNamara. "This shows that the economic downturn has affected all people, not just those who have lost jobs. We at GreenPath talk to thousands of employed people each day who have real concerns about getting their debt under control."

About GreenPath Debt Solutions

GreenPath Debt Solutions is a nationwide, non-profit financial organization that assists consumers with credit card debt, housing debt and bankruptcy concerns. Our customized services and attainable solutions have been helping people achieve their financial goals since 1961. Headquartered in Farmington Hills, Michigan, GreenPath operates 46 full-time branch offices in eight states. We also deliver licensed services throughout the United States over the Internet and telephone. GreenPath is a member of the National Foundation for Credit Counseling (NFCC). For more information, visit www.greenpath.com or call (866) 648-8122.

Available Topic Expert(s): For information on the listed expert(s), click appropriate link.

Andrew Johnson

https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=94921

SOURCE GreenPath Debt Solutions

Personal Finance

Tuesday, January 18, 2011