WMass women learn about controlling their finances

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HOLYOKE, Mass. (WWLP) – Hundreds of women from across western Massachusetts were in Holyoke Friday morning to learn how to have a stronger ‘financial voice’ in their families. 22News was there to find out some of the challenges women face when it comes to money matters.

In many households, ‘mom’ keeps the ship running — from scheduling, to feeding the group. Wives and mothers tend to be in charge of some finances, but may be left out of other decisions because they don’t speak up.

“Women have traditionally been budgeters but not necessarily involved in investing. You hear women say I’m bad with money or I don’t understand it or the stock market is not for me,” said Amanda Steinberg of Dailyworth.com.

But in the next 15 years women will become equal to men as breadwinners, and they’ll also inherit some two-thirds of the nation’s wealth.

Now there’s an increased awareness of the need for women to expand their financial knowledge; to take a more active role in investing, rather than delegating decisions to a husband or financial planner.

“It’s all about control and confidence. You can’t take control until you are confident. Education first and getting the knowledge you need in order to make decisions,” said Mary Pajak, who is the financial literacy coordinator at Bay Path College.

Pajak told 22News in order for women to guarantee security later, they have to take action now — by budgeting, establishing and maintaining good credit, and saving.

Some of the workshops at this morning’s ‘Heart of Money’ seminar included negotiating, saving for college and retirement, and caring for parents financially.

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