May 18, 2007

United Way Hosts “Mothers, Daughters and Money"

Forum aimed to build the knowledge and confidence that women and girls bring to personal finance management

BOSTON—Today, nearly 100 women participated in United Way of Massachusetts Bay and Merrimack Valley (UWMB/MV) “Mothers, Daughters and Money,” a free forum to help women of all ages increase their financial skills and build a more secure future for themselves and their families.

According to a survey released in March by Charles Schwab and the Boys & Girls Clubs of America:

• American teens believe that when they get older they will be earning an average annual salary of $145,500, a sharp contrast to the current median household income of $46,326.
• The majority of teens said they knew about money management, including budgeting, saving and investing, but when tested, fewer than half knew how to budget.
• More of the surveyed teens had cell phones than savings accounts.

In addition to the challenge of educating young people about money, Massachusetts parents are beginning to face new financial obstacles. Since 2003, child care costs in Massachusetts have risen almost 18 percent for families with two children, and healthcare costs have risen nearly 35 percent, according to Crittenton Women’s Union.

Increased confidence in financial literacy is an essential component to building life skills of girls and empowering them to pursue leadership opportunities in their careers. The forum gave mothers and daughters a chance to come together to talk about money management and learn methods for saving, debt reduction, investment and retirement. The forum focused on three main areas: Budgeting and Savings, Assets and Liabilities, and Investing.