In honor of International Women's Day I choose to challenge gender bias in financial education

Women are playing an increasingly larger role in the day-to-day management of their household finances, and yet, there is still a sizeable gap in financial confidence between men and women. This disparity begins with an imbalanced approach to education and I challenge my fellow parents and educators out there to help close this gap.

According to a study by Hearts & Wallets, 58% of millennial men say they are at least somewhat confident about their saving and investing decisions compared to only 32% of millennial women. Confidence is what drives action, which could explain why a 2018 Charles Schwab study found that women are less inclined to invest than men. Schwab’s survey of 2,000 adults ages 16-25 found that nearly twice as many men had investment accounts and were choosing to invest their spare cash compared to women.

Building confidence around any form of “adulting” has to begin before our kids leave the nest, and parents can play a significant role in building a strong knowledge base around financial topics. Here are some suggestions for creating an open dialogue and building financial confidence with kids of any age.

Start the conversation

Whether your kids are 3 or 23, it’s time we take the stigma away from talking about money. Managing money doesn’t have to be something complicated that only adults talk about. All it takes is a conversation with your kids to let them know that it’s ok to ask questions, and better yet, to be curious about how it all works. Everyday situations like going to the grocery store can be opportunities to discuss concepts such as making trade-offs, paying with cash vs. credit, or sticking to a budget.

Ask questions

Sometimes it’s hard to gauge when your child is ready to grasp more complicated concepts. You’ll never know how ready they are unless you ask. Asking questions to a child is like opening a window into their brain. It’s a way to see things through their eyes. Try flipping the script and asking your kids the questions you would expect them to ask you such as “where does money come from?” and “how do credit cards work?” It can be an eye-opening experience. It can also be a jumping off point to a more in-depth conversation around a topic that you would have never realized they were ready to discuss.

Learn together

As parents, we like to have all the answers but that’s not always possible. If you’re hesitant to talk to your kids about more complicated financial topics like investing or insurance because you don’t know it well enough yourself, use it as an opportunity to learn together. We are in the age of information! If you are looking to improve your own financial aptitude, involve your kids in the process. Let them learn alongside you and it will set them on a more confident path when they approach something unfamiliar in their own journey.

On this International Women’s Day, I choose to challenge our outdated approach to financial education and make my own contribution toward closing the gender confidence gap.