Leadership and Executive Development for women of all races, cultures and backgrounds
Issue link: https://diversitywoman.epubxp.com/i/579568
d i v e r s i t y w o m a n . c o m Fa l l 2 0 1 5 D I V E R S I T Y W O M A N 51 By Sheryl Nance-Nash T here's a special bond between mothers and daughters. It's of- ten harmonious and close, but at times the relationship can be con- tentious. A mother's instinct is to pro- tect her children, especially daughters. Mothers often feel nervous when it comes to talking about the birds and the bees. And knowing how to talk to a daughter about money can be just as challenging, and so it is often barely dis- cussed, if at all. In T. Rowe Price's recent Parents, Kids & Money Survey, 72 per- cent of parents polled said they experi- ence at least some reluctance about talk- ing to their kids about fnancial matters, mostly because they don't want their children to worry. But avoiding the subject has conse- quences. Just as children need parental input on matters of the heart and on college and career choices, they need f- nancial guidance. Te secret is to take advantage of ev- eryday activities to teach money lessons. Women leaders talked to Diversity Woman about what they have shared with their daughters and what they wished they had shared, as well as what their daugh- ters likely learned from watching them. ANDREA FOREMAN, owner, Andrea Foreman PR, Chicago, IL "I hid my head in the sand throughout my 20 years of mar- riage. I let my hus- band handle all fnancial matters—big mistake! It wasn't until two years ago, when going through my divorce, fnd- ing myself penniless, almost homeless, and on food stamps, that I said to my daughter, 'I don't want you to wind up like me!' I was raised with the idea that it was the man's job to plan for the fu- ture. I never asked questions until it was too late." Foreman began talking to her daugh- ter about saving, learning a trade so she can get a good job, buying only want she needs, not everything she wants, and the wisdom of establishing good credit. Not only is Foreman talking to her daughter about money, but she has formed a group called Financially Fit Women Chicago to help educate women about how to save and plan for their re- tirement. "I hope women, including my 20-year-old daughter, Shayna, won't fol- low in my footsteps. I am teaching her that she needs to live like a single woman, even if she gets married. Chances are women will be alone, through either divorce or THINKSTOCKPHOTOS Money Matters Mothers, Daughters, and Money, Oh My! How to talk to your daughters about fnances DW Life >