Raising Financially Literate Daughters

Photo by  Brett Sayles  from  Pexels

Photo by Brett Sayles from Pexels


Men are more likely than women to self identify as knowledgeable in financial matters like, money, budgeting, managing expenses, and investing, according to T. Rowe Price’s Family Finance Report. In the same study, parents said they were more likely to talk about money to their sons than to their daughters. This is a problem as women need financial skills just as much as men. Your daughter’s financial literacy will give her the confidence to make smart financial choices today and in the future. Below are four ways you can foster financial literacy and confidence in your daughter from an early age.

  1. Practice Negotiating Pay

    In recent years there has been a push to pay women the same as men for the same job. As part of the equal pay for equal work movement there has been an increased effort by women to ensure that they are being paid equally. As part of this movement women across the country are asking for salaries they believe they deserve. Teaching your daughter to know her worth and feel comfortable asking for what she deserves will help her to confidently negotiate salaries and raises in the future. Does your daughter receive an allowance, accept visits from the tooth fairy, or do paid jobs around the house? If so, these are all great opportunities for her to practice researching and requesting a raise. Let’s use the Tooth Fairy as an example. Say your daughter has lost most of her front teeth and now one of her molars is loose. That’s a bigger tooth. It might be worth more to the Tooth Fairy. Perhaps your daughter can use the time while the tooth is wiggly to come to an arrangement with the Tooth Fairy. Role play scenarios like this can give your daughter an opportunity to develop an argument, and work with others to come up with a compromise. Similarly, within the Guardian Savings App work with your daughter to negotiate an interest rate that will incentivise her to save more.  

  2. Shop Smart

    Farmers markets, holiday fairs and craft festivals are great opportunities for your child to put her financial know how to the test. These venues offer a variety of unique treats that are sure to catch your child’s eye. If she decides she would like to buy something, and she has checked the Guardian Savings App to determine if she has enough money, she can then practice her bartering skills to negotiate a better price. Let’s say she decided her friend would like a necklace for her birthday. Perhaps she can work something out with the jewelry maker and buy two for a discount - one for her friend and one for her.

  3. Find a Financial Role Model

    Here at Guardian Savings, we’re big about financial role models. Whether you child chooses to emulate a grandparent, a parent or a public figure, like Christian Wilkins it’s important for your child to have watch someone model positive financial habits.

  4. Stocking Your Financial Literacy Tool Kit

    Whether your child receives an allowance, birthday money, or finds success with a neighborhood business, giving them the opportunity to practice budgeting, saving and spending will help them become a more successful adult. The Guardian Savings App and our Blog are designed to help provide parents with the support they need to develop positive habits in their children. With Guardian Savings, kids  have a virtual bank account that will teach core financial and banking concepts and shape their behavior through incentives and feedback on the child’s spending decisions.