For many folks, the thought of money can be scary. A fear of money can result from many factors, including a lack of financial education, stressful financial experiences, and negative money messages.
Money can be especially daunting for women – who tend to earn and learn less about financial matters from a young age. It’s no easy task to juggle work, take care of family, and be bombarded with questions like how long will my money last? Is it too early or too late to start saving for retirement?
Rather than getting haunted by the uncertainties, there are things we can do to make finances less scary. It is possible to overcome your fear of money.
Don’t know where to start? Take time to educate yourself. Many fears of finances are rooted in a lack of financial knowledge. States like Iowa are required to teach financial education in schools.The Iowa Insurance Division sponsors the Iowa Financial Literacy Program through EverFi,providing an engaging online platform for high schools to teach essential financial literacy concepts and skills at no cost.
But for the folks who haven’t benefited from these school courses, there are more resources available than ever to educate yourself. The Iowa Department of Insurance and Financial Services helps Iowans understand important financial literacy and investing concepts. We know finances are different for women, and that’s why SmartHER Money was created. Additionally, the Save4Later program has a large variety of courses that help Iowans learn about and take control of their finances.
The more you understand how money works, the better you can optimize your resources instead of letting fear limit your true financial potential. Start small, ease yourself into money management, and celebrate milestones like building an emergency fund or making a first investment.
Become SmartHER about money, and fear one less thing this Halloween.