Every Woman Should Invest In Acquiring Financial Literacy
Financial ignorance can be costly for anyone, of course, but the consequences are worse for women, because their influence goes beyond the individual. Women are the unspoken advisers to their husbands, siblings, friends and relatives. Because they have so much influence in the home, women inadvertently set the tone of their families’ wealth and investments.
Yet with all this influence, even after taking into account marital status, education and income, a majority of women lack financial confidence, they are conservative and have less exposure to financial trends. Most of the women have trouble managing their cash flow and debt, allocating their investments and ultimately planning for their evening years.
This is why enhancing women’s financial knowledge and equipping them with the tools to make sound financial decisions should be a top priority for policymakers, but since in Uganda this a neglected issue, the responsibility now lies with individual initiatives like Prosperous Coach.
Jackie Nuwamanya, the brain behind Prosperous Coach decided to start an eight week master class because she realized that an overwhelming majority of women want to learn more about financial planning and get more involved in their finances. “Without financial literacy, crucial things like planning for retirement, saving for education or a home, and other important goals become virtually impossible. Women are afraid to make big decisions because they lack the confidence that comes from financial knowledge.” Jackie revealed.
A number of factors put women at a significant disadvantage to men from a financial-planning perspective. On average, women still make less money than men in similar occupations. They take more time off from their careers to raise children and care for parents than men do—the results being lower lifetime income, less personal savings and lower Social Security benefits. They have higher health-care expenses than men. And they live longer.
There is some hope, though, at least for the women, as they seem to understand their shortcomings in financial expertise. And more importantly, women are increasingly intent on actively addressing their financial challenges. Because of the rampart divorce, more chances of ending up unmarried, women should realize that at some point in their lives, they will end up having to deal with their finances and should be well equipped when that time comes.
Unfortunately, there is no quick fix to this situation. Like every good thing in life, being empowered to make great financial decisions takes a lot of time and money but it is worth every minute and every cent. You can’t be a financial whiz within just one seminar; it’s a process.
For registration and more information on Prosperous Coach go to their Facebook page or call 0772 860 961