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Financial inequality starts at home — here’s how parents can combat it

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  • Carrie Schwab-Pomerantz is a Certified Financial Planner and president of Charles Schwab Foundation.
  • She writes that girls and young women still fall behind their male counterparts when it comes to a firm financial start in life.
  • Young women are actually more practical when it comes to everyday financial issues — like budgeting — but fall short on bigger financial goals.
  • This gap can come from home — parents are more likely to talk to boys about more sophisticated financial matters.
  • Have honest conversations with children, and educate them equally about financial matters at home.
  • Visit Business Insider’s homepage for more stories.

When it comes to getting a firm financial start on life, girls and young women still lag behind their male counterparts. But the biggest surprise is that the financial gender gap often starts at home. 

According to Schwab’s Financial Literacy Survey, young women express positive financial attitudes and are even ahead of young men in some areas. For instance, 67% of females versus 58% of males don’t want to be financially dependent on others, and more females (51%) than males (40%) want to live independently from their families. Young women also show a greater understanding of day-to-day financial concepts such as budgeting and spending. 

 

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