March is Women's History Month and as we celebrate, we wanted to share a bit of women's financial history. Abigail Adams is the earliest documented female investor in the U.S. She was the wife of President John Adams and the First Lady from 1797-1801. A book authored by Woody Holton reveals that Abigail was a very successful bond speculator. Like many families during the Revolutionary War, John Adams spend a great deal of time away from his wife so he asked her to manage their finances and the family farm including investing in additional farm land. Abigail chose to ignore her husband's advice and instead invested in U.S. bonds which brought them far greater returns.
Many modern women in the U.S. and Europe never question their right to open a bank account, own property, or even buy wine or beer. These rights, however, were hard won as for much of history, and even up to 40 years ago, women were not expected (nor in many cases permitted) to manage the household finances. Things have changed greatly since the ’50s, when only one-third of women were in the workforce.
Today, women have taken the reigns when it comes to managing household finances. According to U.S. News and Money, a survey found that 51 percent of women consider themselves the “CFO” of their household. In addition, 54 percent said that they have either complete or a great deal of responsibility when it comes managing their household's long-term savings and investments. Despite maintaining a dominant role with household finances, 63 percent of women wish they knew more about financial planning and investing.
The next generation of women is particularly eager for greater financial knowledge. The same survey mentioned above found that the majority of young women are interested in understanding financial concepts on a deeper level, but over half of those women don’t know where to seek out that information. According to a Prudential Study, fewer than 2 in 10 women feel “very prepared” to make wise financial decisions. Half indicate that they “need some help,” and one-third feel that they “need a lot of help.” This is the reason that the Women’s Financial Wellness Center was founded.
The mission of The Women's Financial Wellness Center is to build a woman’s confidence in themselves as they navigate their personal financial journey by connecting them to educational tools, vetted resources and practical, action-forward solutions.
The Women’s Financial Wellness Center curates a safe space for recently or soon-to-be single women to receive independent financial coaching, create their own fiscal support team and make sound decisions about their money. Take ownership of your financial education by connecting with us.
A woman’s best protection is a little money of her own. -Clare Boothe Luce