While millions of women are primary or sole breadwinners, and women drive close to 80 percent of household purchasing decisions, many women still find money a difficult subject. Some 61 percent of women would rather discuss their own death than their finances, according to a 2018 survey. Interestingly, this resistance often has almost as much to do with confidence as it does with financial knowledge. And this underlying sense of fear and shame about their finances holds many women hostage to their current financial state, struggling to save – or even get from paycheck to paycheck - and worried about the future.
It's not that women don’t want to be stronger and healthier, financially speaking. Despite professional successes, women often feel ashamed about their money habits. Additionally, they are unsure of where to turn for unbiased help. All the worry—from the reality of current finances to long-term stability and retirement security—causes many women to avoid financial tasks, shy away from long-term planning, or both. And that’s a big issue, one that has grown larger since the onset of the COVID pandemic. A 2021 survey found that nearly half of women anticipate the pandemic having a long-term negative effect on their finances, and almost two-thirds admitting they would have managed their finances differently if they had known what was coming.
Joining us for our discussion on Control Your Future is Kelley Holland who is calling in from her New Jersey office. Kelley Holland is the founder and CEO of Own Your Destiny, which provides financial coaching and empowerment programs to help women gain the confidence and knowledge they need to achieve well-being and live life on their terms. She blends her knowledge of finance with communications expertise developed over two decades as an award-winning business and personal finance journalist with The New York Times, BusinessWeek, and CNBC. Kelley has appeared on CNBC, PBS’s Frontline, and dozens of radio shows to speak about banking, investing, and personal finance. She graduated from Amherst College and holds a graduate business degree from the Yale School of Management. She is a Chartered Financial Analyst.
WELCOME TO MASTERING YOUR MONEY, KELLEY HOLLAND