Generation Y is not known for frugality. Savings is not something the Millennial Generation does very well at all, in fact. Similarly, women are notoriously behind their male counterparts when it comes to saving for retirement. The U.S. Department of Labor (DOL), has begun an initiative targeted to both issues.
Wi$e Up is a financial education demonstration project targeted to Generation X and Y women. The DOL’s Women’s Bureau heads the project, which pairs participants with mentors, who are recruited by local organizations. There are several components to the program, including classroom portions, online teleconferences with feature speakers, and other interactive experiences designed to get women in this particular age group up to speed when it comes to understanding the importance of personal fiscal health and how to achieve it.
The Wi$e Up website offers lots of helpful tools and resources, as well as its monthly e-newsletter, which focuses directly on the financial issues facing Gen X and Gen Y women. Also available on the website is a Financial Planning Handbook for Generation X Women. The Handbook is 91 pages long and retails for just $15 ($9 is you purchase 10 or more). The Handbook is described as:
Most women want to be more “money savvy” and feel they need to learn more about how to manage their money wisely. This publication is especially targeted to young women age 22 to 35. It will guide you in learning about the basics of money management, credit, savings, investments and achieving financial security.
Wi$e Up is an excellent resource to help guide women in the Gen X & Y age groups to navigate an important area of knowledge that historically has presented steep challenges to women and, more recently, to Generation Y.