16 Daughters Share Timeless Money Lessons from Their Moms on Mother’s Day 2021
A Note From Marguerita Cheng, CFP® — Dear friends, I wish all of you a Happy Mother’s Day! I share with you insights on money lessons that my mother taught me for this article on Debt.com. See below. I know that your Mom certainly taught you similar lessons, and would love to hear what they are. I invite you to send me an email with your thoughts! In the meantime, have a wonderful day!
Debt.com, Mother’s Day May 9, 2021 — In today’s issue of Debt.com, reporter Elizabeth Ayoola writes: According to a Standard & Poor Financial Literacy survey, in the United States – the largest economy in the world – only 57 percent of American adults are financially literate. That puts us 14th globally. A good place to start improving financial literacy and financial outcomes are at home.
Seeing as 61 percent of caregivers are women, mothers can play a significant role in educating their kids on money matters. A survey by CreditCard.com found one in four US. Adults with children under 18 say their parents never taught them about money as kids. However, research shows teaching kids about money from a young age can cause positive outcomes later in life.
What are the consequences of a lack of personal finance knowledge? Poor credit scores, high debt levels, limited employment opportunities, and financial losses. The National Financial Educators Council found in 2020 financial illiteracy cost the U.S. an estimated $415 billion – $1,634 per person.
In honor of Mother’s Day, we spoke to 16 women at the forefront of personal finance to see how money lessons from their mothers shaped their philosophy on finance. They share topics ranging from how to use a credit card to how to the importance of having an emergency fund.
Marguerita Cheng explains: My mom lost her father when she was 10 years old. She shared how difficult it was for her mom to raise four kids as a widow. The most valuable tip my mom shared with me was to live within my means. She stressed the importance of not incurring debt to buy things I can’t afford or don’t need just to impress people.