These women can teach you financial literacy that sticks

Is financial literacy the answer to improving your relationship with money? Our recent BDO Affordability Index shows that the majority of women (59 per cent) are living paycheque-to-paycheque and unable to save. It’s why so many are unprepared for retirement: almost four-in-10 (38 per cent) women aged 35-54 have no retirement savings.

Why is this? A big contributor is the gender pay gap that makes it harder for women to save. According to Statistics Canada, women earn $0.87 for every dollar men make. Maternity leave, longer life expectancies and the need for more retirement savings complicate things further.

The recent BDO Affordability Index shows that a growing number of women are living paycheque to paycheque (59% vs 54% in 2018) and more admit to having no retirement savings (43% vs 35% in 2018).

However, one of the most troubling findings is the pessimism that too many women feel towards their financial futures. Over three quarters (76 per cent) believe that even if they do save, they still won’t have enough for retirement.

Feeling defeated isn’t just about lacking the means to save, it’s also about understanding how to use available resources in order to effect change.

Hearing from other women can help.

Financial literary by women, for everyone

While many women face financial challenges, there is a growing number of resources aimed at teaching women how to improve their relationship with money.

Let’s be honest, a great deal of online content about personal finance can be intimidating and even a bit boring. It can be difficult to see how certain concepts relate to everyday habits. The following websites, all written by women, are compelling precisely because they make financial literacy a lifestyle essential. They encourage you to consider your overall relationship with money in a holistic way. It also helps that they write in a language that is engaging and highly motivating.

Here are our top 7 personal finance blogs

Golden Girl Finance – This is a great comprehensive resource from a whole team of women with backgrounds in wealth management, financial literacy and publishing. This high-quality website is definitely worth bookmarking and checking weekly for its original content. Here’s a great post about the difference between balanced saving and aggressive hyper-saving. Financial freedom doesn’t have to mean self-denial or anti-social behaviour.

Rubina Ahmed-Haq – With articles, podcasts and videos, Rubina is an approachable, realistic and extremely knowledgeable source of financial education. She recently hosted a personal finance podcast based on questions she received from the online network Reddit (which has a community or “subreddit” dedicated to personal finance). She makes your money questions the star of the show.

Squawkfox – Meet Kerry Taylor, a personal finance expert who teaches you how to use behavioural science to rewire your brain and improve your relationship with money. Kerry Taylor is well known in the industry; the way she talks about money is infectious and galvanizing. Check out this post about setting money goals using the SMART method (Specific, Measurable, Achievable, Realistic and Time-based). You can also find worksheets to help get you started or fine-tune some goals you’re already working on.

The Budget Mom – Kumiko went from being a stressed out mom with a pile of credit card debt to an accredited financial counselor with a mission: to help as many women as possible find the same success and peace that she has found. She walks you through her own debt repayment journey in a very honest, open and instructional way. This video shows you how to pay off your debt using an online calculator and two debt reduction strategies. She really breaks it down for you.

Gen Y Money – This personal finance blog doesn’t engage in any sugar coating. For millennials that feel they need a wake-up call, GYM’s no pain, no gain attitude might provide the inspiration they’re looking for. Reading this blog unleashes a healthy competitiveness within yourself with respect to your savings and net worth. The frequent blog posts are to the point and helpful. She’s disciplined, yet very accessible. This post about how to calculate your net worth is ground zero for understanding her money management philosophy.

Smile & Conquer – This is another inspiring blog that covers the basics, from debt to investing to buying your first home. Sarah is a self-proclaimed feminist working in the finance industry. Her perspective is refreshing and relatable. She addresses many of the social and cultural gender biases around money. Here’s a great post about why women are still having to do the brunt of household chores and childcare while still earning less than men.

Refinery 29 – This site’s cutting-edge content is aimed at empowering young women through optimistic and diverse points of view. They’ve recently launched a new section, Money Diaries, that strives to get women talking about the taboo subject of money. All the entries break down a women’s weekly spending in different parts of the country. They are not only eye-opening and entertaining, but will hopefully inspire you to look more closely are your own spending.

What personal finance websites do you love to read? Join our conversation on Facebook or on Twitter #FinancialLiteracy #FLM