For countless reasons, mothers are loved and held in high esteem. But according to a recent poll by the National Foundation for Credit Counseling, many children view their mom as uncomfortable managing money.
The NFCC poll asked peoples' opinions of their mother's personal finance skills. Sixty-seven percent said their mother is intimidated by money, views money as a necessary evil or has never managed money. Thirty-five percent said that their mom "is pretty savvy managing money and enjoys it."
Many children feel close to their mom and find it easy to talk with her and ask her for advice. According to a recent Goodhousekeeping.com article, 61 percent of women who were polled say they turn to their mothers for advice on life in general.
For this article, "Are you a good mother? As good as your mom?" Good Housekeeping polled 585 mothers. Ninety-nine percent of those polled rate themselves as good or excellent when it comes to parenting. Almost three-quarters of those polled say it is harder being a mom today.
Being a mother is a difficult, challenging job. Without amazing love and kindness, who would sign up for a job description that includes requirements like this:
Wanted: Tireless person to work 24/7. She must possess encyclopedic knowledge about life, patiently answer endless questions, prepare more than 20,000 meals, and plan countless memorable family celebrations. This unpaid position offers challenging emotional situations, love, anxiety and priceless memories.
Being a mom is a tough job. To their credit, many women attend our budgeting class, called "The Power of Money" so they can improve their financial knowledge, be better prepared to answer questions about finances and teach their children practical financial skills.
We always ask attendees at this workshop, "How many of you had a good personal finance class in school or had a parent who shared helpful knowledge about personal finances?" Consistently, less than 10 percent of people had a good personal finance class and less than 25 percent had a helpful parent that taught them about money.
So, it shouldn't be surprising that many adults are uncomfortable managing money. Thankfully, many financial skills are easy to learn and pass on to our children. Financial literacy is lasting gift that can make a profound difference in our lives and in the lives of our children.
If you identify with the 67 percent who wish they knew more about money, contact FISC to learn more about "The Power of Money" workshop or ask for a free brochure, "Financial Tips for Women" prepared by the Women's Council Wisconsin (www.womenscouncil.wi.gov).