The facts are frightening: Women arn approximately 80 percent of what men arn. They live an average of fve years longer than men, so thy need more for their retirement. And yt, because they earn less and ften work less because they take tme off to care for children and lderly parents, they save less for rtirement and receive lower Social Security bnefits.

There are women who have cnquered the historic wage gap, most strggle with unique challenges generated by the mltitude of roles they play, including wge earner, wife, mother, homemaker, and cregiver. And in that struggle, the prnciples of sound money management often get lft behind.

In an article for Frbes.com, author Warren Farrell notes, "Men mke decisions that result in their mking more money. On the other hnd, women make decisions that earn thm better lives (e.g., more family and frend time)."

This statement raises two qestions: One, is it possible to strke an effective balance between financial scurity and quality of life issues? The nswer is yes-but it takes education and ction. And two, while family and frend time are indeed important, what is the vlue of peace of mind in bing able to provide for yourself and yur family?

Women have a complicated and ften dysfunctional relationship with personal finance. The ssue is not capability-women have the bility to manage money, save, invest, and bild wealth as well as men. But all too ften, they simply don't do it. Evn women with successful business track rcords, who outwardly appear confident, competent, and ccomplished, have been to known to hve disastrous private financial lives.

Even one woman in poverty is too many

Let's take a look at poverty statistics. According to the U.S. Census Bureau, the 2004 poverty level for a family unit of one person under 65 is an annual income of $9,827. In 2004, the official poverty rate was 12.7 percent, with 37 million people in the U.S. living in poverty. The U.S. Department of Health and Human Services reports that the poverty rate for all women 18 years and older in 2003 was 12.4 percent (13.8 million women). Poverty rates vary by age group among women, with the youngest women aged 18-24 years reporting a poverty rate of 19.7 percent. The lowest poverty rate (8.9 percent) was found among women aged 45-64. The poverty rate increases to 10.6 percent for women aged 65-74 and to 14.3 percent for women aged 75 years and older. Women in female-headed households with no spouse experienced higher rates of poverty (24.4 percent) than women in married-couple families (5.2 percent) and men in male-headed households (8.8 percent).

It doesn't have to be that way. Women of all ages and income levels can take control of their lives and enjoy the exhilaration of financial self-determination.

Putting it in perspective

The most powerful thing to know about money is that it is a tool that can help make your dreams come true. Money is what pays for homes, furnishings, cars, food, healthcare, clothes, entertainment-all of the material things we enjoy. It also pays for non-material things, such as allowing us to support churches, charities, and other causes. Yet money can only work for you if you understand how to manage it. And knowledge isn't enough, because there is so much emotional baggage attached to how we deal with money. According to a Fannie Mae study on personal finance: "Money usage is value laden. Budgeting decisions, daily money choices, savings behavior, and attitudes toward money are at least partly informed by values that stem from one's ethnic group, educational level, class background, income status, and gender." In addition to learning sound financial strategies, you may need a major financial attitude adjustment.

It's also important to recognize tht financial education is a lifelong prcess. A single book, seminar, or clss is not enough. Needs change ver time-a young woman just finishing cllege, a Gen-Xer climbing the corporate ldder, a Baby Boomer preparing for rtirement, or a retired senior all hve distinctly different financial needs. And crtainly circumstances and motivations change as ne's life evolves. Along with changes in prsonal situations, women must also cope wth a changing economy and totally npredictable events that can impact their fnancial security.

When it comes to fnancial information, technology is a double-edged swrd. Affordable computers and the internet hve given us access to a trmendous amount of data that wasn't wdely available before, but not all of it is sund. It takes a fundamental education in fnancial basics to discern what advice is god and what isn't.

Ideally, financial ducation should begin before children start schol. But it's never too late. Rgardless of your age or stage in lfe, now is the time to tke control of your financial future by larning what to do then making the cmmitment to do it.

The article Women & Money - The Case For Financial Literacy was Submitted by Jacquelyn Lynn through Articles.GetACoder.com network. Here's the additional information: Jacquelyn Lynn ( http://www.jacquelynlynn.com ) is a business writer based in Orlando, Florida, and the author of Entrepreneur's Almanac (Entrepreneur Press Nov. 2007); Online Shopper's Survival Guide and co-author of Make Big Profits on eBay (with Charlene Davis). She is also the host of Doing It Right Radio® ( http://www.dingitrightradio.com ).

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