Six-and-a-half years ago, Financial Coach Amelia “Mills” Bender, founder and owner of Mills Knows Bills, had $1.50 in her bank account – that’s it. She had no savings, no cash on hand, or credit card to fall back on. In other words, beyond having no backup plan, she didn’t know how she got to this situation and had no idea where to start to get herself out of it (improving her finances). She knew she needed to improve her overall financial literacy but wasn’t sure of the proper steps to take and found herself overwhelmed with all the information she needed to learn. This situation is common for many – especially women.
It is essential for individuals to have strong financial literacy; however, women are disproportionately disadvantaged when it comes to this “know-how.” The three key reasons why females are more likely to struggle with their finances as opposed to their male counterparts include:
1.     Women often have less financial literacy
2.     Women live longer and earn less on average
3.     Women typically don’t lead financial conversations in relationships

Women Have Less Financial Literacy

In an American College of Financial Services study, thirty-five percent of men passed a financial literacy test, whereas only eighteen percent of women passed the same test. With less financial education, it is not surprising that women are more likely to make financial decisions that aren’t in their best interest. This includes not planning (at all, or early enough) for retirement or long-term care, taking on debt, defaulting on loans, and mismanaging money in general (read more).

Women Live Longer and Earn Less

On average, American women live to be 81 while American men live to 76 years of age. According to the U.S. Census Bureau in 2019, the average age for a woman to retire in the United States is 63. As you can expect, the longer someone lives in retirement, the longer they need to make their money last to cover their expenses. Furthermore, the older one becomes, the more likely they are to need additional medical attention. Covering expenses for a longer time is difficult enough, and to make matter worse, women earn on average 85 percent of the amount that men do. That means women need to earn significantly more and effectively manage their money to make it go further (read more).
Covering expenses for a longer time is difficult enough, and to make matter worse, women earn on average 85 percent of the amount that men do. That means women need to earn significantly more and effectively manage their money to make it go further.

Women Don’t Lead Financial Conversations in Relationships

Although 85 percent of women manage the day-to-day finances of a “household,” men still manage the long-term finances (read more). Not to bring up more bad news, but, according to the American Psychological Association, 40 to 50 percent of marriages end in divorce in the United States. That means that half of the women who are out of the loop on decisions about retirement, investments, and more, are going to be blindsided about their “share” of the assets upon divorce.

How You Can Master Your Money

Since Mills’ $1.50 fiasco, she has poured herself into the world of personal finance, educating herself on the best ways to reach financial goals and how to achieve them through proper money management daily. Mills can now proudly say that she is a quarter-millionaire just a few years later and looks forward to continuing to improve her finances.
To help others improve their finances, Mills offers a 90-day Master Your Money program where individuals and businesses can learn how to:
·      Stop living paycheck to paycheck
·      Payoff debt 2x faster
·      Reach financial goals
Mills also believes that those who need financial literacy the most are the ones who cannot afford it, so she takes a proactive approach to start making this change. Every time a client signs up for the Master Your Money program, an equal number of sessions are donated to the youth within a community in need. These are highly impoverished areas that can’t break their poverty cycle simply because they don’t have access to the proper support. With financial literacy sessions, the narrative of the next generations’ financial future can begin to change, breaking the poverty cycle, and creating a life of financial freedom.
If you find yourself struggling with where to begin with your finances, start here.
·      Step 1: Download Mills Knows Bill’s free budget-setting tool (find here), and have a budget set within a couple of hours
·      Step 2: Increase your financial literacy by taking advantage of Mills Knows Bill’s additional free resources (find here)
·      Step 3: Elevate your finances and streamline your goals by signing up for Mills Knows Bill’s 90-day Master Your Money program (find here)

Changing the Financial Dynamic Through Education

The effects of financial illiteracy are amplified for women and the impoverished. Poor financial decisions and situations, Mills’ included, boil down to a lack of education. There is empowerment behind education, and with proper financial understanding, women can overcome these difficulties and start making noticeable improvements for their financial future.
We are proud to have Amelia as a speaker during our month-long Women for Success Virtual Conference! Not only will she be speaking, but she will be doing a month-long challenge teaching attendees how to save $1,000.00 in one month. With over 40+ Speakers and Masterclasses, our conference has over $250,000.00 of value per ticket for attendees PLUS the chance to win a small-business grant. woot woot! Join us, Queen, and get your ticket here.

WRITTEN BY

Lauren Marsicano