How to Use This Guide

In the process of research for this Financial Literacy Guide we realized the importance of this topic. Women are in a special need of becoming financially literate. Yet women often do not want to admit their problems in money management. This Guide provides numerous different resources including self-study possibilities as well as workshops, courses and events.

This Guide will neither explain the basics nor the secrets of Finances, but will give you advice on where to find the information appropriate for your level of financial literacy. The Guide is divided into five sections depending on the publication form of the information: Internet, Literature, Publications (Magazines, CDs etc.), Workshops/Courses and an Index. The resources become more and more advanced within every section. For example the listing for internet-based information will start with websites that explain the very basics of financial management in an easy-to-understand way whereas towards the end of the listing financial literacy requiring advanced knowledge can be found.

Codes will help you to identify which source offers information for girls only (G), for women only (W), for women in business (WB) or for more than one group (e.g. W, WB).

Girls

All sources with a (G) only are designed for girls or parents/adults who want to teach kids about the basic principles of the financial world or who themselves want to understand basic principles of financing. All resources listed in this section provide information about financial literacy in an easy-to-understand manner often using games. It is created for everyone who is not proficient in dealing with financial issues and Banks. It is also created to help parents guide their children in becoming financially literate and independent. The recommended resources are supposed to give an overview and should help to decide which further sources are needed and where to find them. Provided are basic financial expressions, fundamental terms and operating modes to gain capability to understand advanced literature as well.

A high-school girl came running in tears to her father. "Dad, you gave me some terrible financial advice!"- "I did? What did I tell you?" said the dad. "You told me to put my money in that big bank, and now that big bank is in trouble." - "What are you talking about? That's one of the largest banks in the state," he said. "There must be some mistake." - "I don't think so," she sniffed. "They just returned one of my checks with a note saying, 'Insufficient Funds'."

Parents/Teachers:

As mentioned above in the “Girls” section, some listed resources can also be helpful to parents and teachers who are trying to explain the financial world to kids. Although there is no separate section for this reference group, listings that are aimed at parents and teachers are marked with a (P), (T) or (P,T).

Women:

Resources marked with a “W” are for adults who already know the basic principles of financing but wish to enhance their understanding of the financial world. The information provided is for women of all ages and ethnic backgrounds. However, the disbursements, issues and questions you encounter are very distinct depending on your age. Women who just started a business for example need information about how to do a business plan, find capital, negotiate leases, and get insurance or a mortgage. To ensure the business’ long-term success, they constantly have to keep an eye on its financial well-being.

On the other hand, women who are about to retire need to know about how to prevent old age poverty. Thoughtful financial planning is crucial for an eventide without financial stress.

Besides all these particularities the questions, women need to know how to stay financially independent and financially healthy even in turbulent times. This section should not scare you off - it will simply reveal the importance of financial planning especially in times when plastic money replaces current liquidity. For sound financial planning you need to be aware of the opportunities on the market which is what this section was put together for.

“After all, women live 7 years longer and earn 25% less than men; therefore they should consider different financial planning and practices than their male counter-parts. Women also take an average of 7 years out of the workforce, which can adversely impact their careers and savings if they do not plan properly.” - MS Money

Women Business Owners:

At the end of each section the reader can find resources for Women Business Owners (WB) which requires the most advanced knowledge. These resources offer information about educating both women business owners and their employees. It is not only a good idea to run a business successfully but also about having a precise and elaborate financial plan. This, however, makes financial literacy more important than ever. As a business owner you have to take both your personal and your business’ financial situation and status into account. Depending on the size of the business, you have to keep your employees in mind. As a business owner you need to both perpetuate solvency and prevent bankruptcy.

The first steps you need to take as a business owner are assessing the financial targets of your business and then seeking adequate consultation. This section is meant to help determine targets and to point out topics that need to be discussed. Keep in mind that financial considerations for personal matters strongly differ from those involving business matters when you go through the resources listed below.

A businesswoman was in a great deal of trouble. Her business was failing, she had put everything she had into the business, she owed everybody-- it was so bad she was even contemplating suicide. As a last resort she went to a priest and poured out her story of tears and woe.

When she had finished, the priest said, "Here's what I want you to do: Put a beach chair and your Bible in your car and drive down to the beach. Take the beach chair and the Bible to the water's edge, sit down in the beach chair, and put the Bible in your lap. Open the Bible; the wind will rifle the pages, but finally the open Bible will come to rest on a page. Look down at the page and read the first thing you see. That will be your answer that will tell you what to do."

A year later the businesswoman went back to the priest and brought her husband and children with her. The businesswoman pulled an envelope stuffed with money out of her pocket, gave it to the priest as a donation in thanks for his advice.

The priest recognized the benefactor, and was curious. "You did as I suggested?" he asked.
"Absolutely," replied the businesswoman.
"You went to the beach?"
"Absolutely."
"You sat in a beach chair with the Bible in your lap?"
"Absolutely."
"You let the pages rifle until they stopped?"
"Absolutely."
"And what were the first words you saw?"
"Chapter 11."