Blog | Personal Finance

The Sad Financial State of Millennial Women…and What You Can Do About It!

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Make it your personal mission to spread financial education

Ladies, we still have a lot of work to do.

According to a survey recently completed by T Rowe Price, Millennial women are seriously lagging behind in retirement planning compared to men.

As Fortune reports, “For women ages 18 to 33 participating in a 401(k), the median 401(k) balance is $11,000—but for men in that cohort it’s twice as much: $22,000.”

Not only are women contributing less to their retirement accounts, but they’re also still suffering from a large pay gap. “The median personal income for Millennial women is $48,000, while men are earning $63,000.”

And to top it off, “Millennial women are also deeper in debt, carrying $20,000 in student loan debt versus $14,000 for men.”

What could be the cause of all this? The lack of financial education.

As Fortune again reports, “a recent FINRA study found that only 18% of Millennial females demonstrated high financial literacy, compared to 29% of males.” This occurs despite the fact that more women have higher degrees than ever.

Rich Woman was created specifically to tackle these types of statistics head on through financial education and sound personal finance advice—to help women take control of their financial future.

But we can’t do it alone. We need an army of women committed to the Rich Woman cause.

If you’re reading this and you’re a mother, aunt, or mentor to a Millennial woman, I challenge you to personally make it your mission to instill the value of a financial education in that young woman. If you’ve found Rich Woman to be valuable in your own life, please share what we do and teach it to them. Consider this one of your greatest and most important investments.

If you’re a Millennial woman reading this, first of all thank you! I encourage you to explore what Rich Woman can offer you by joining our free community or exploring Rich Woman Coaching. I challenge you to do everything you can to reverse the statistics mentioned above. Share the principles we teach with your friends and family. Make it your personal mission to open up the conversations around money in your social circle!

Ladies, the future is bright! The conditions are right. We can and must help our mothers, sisters, and daughters gain the financial literacy they so desperately need…and we can have a lot of fun while doing it!

Original publish date: July 09, 2015

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