Februay 19-26, 2012 is America Saves Week, an annual opportunity for organizations to "promote good savings behavior and a chance for individuals to assess their own saving status". Prudential found some disconcerting results with its annual Women's Survey. Christine Marcks (pictured), President of Prudential Retirement, says "it's disturbing that too few (women) have plans in place to achieve their long-term financial and retirement goals". The Prudential survey showed only one third of women had adequate plans in place. And fewer than two in 10 women feel "very prepared" to make wise financial decisions. To help, Prudential has created some online education tools and articles covering typical questions about personal finance. One example is their Helpful Checklist for Women with Growing Families, which includes advice like "Begin saving enough to cover three to sixth months of household expenses in case of an emergency"; and "Teach your children about money and your family’s financial situation as soon as they are old enough to understand. Having their own savings account is a great way to show them how to strike a balance between saving and spending".
Prudential's effort to educate women is what is needed across the financial industry. Combining financial education with financial products will produce better quality borrowers and a better quality portfolio for all financial institutions! How will you celebrate "America Saves Week"?
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