Women to Watch

Women to watch

“Women to Watch” say advisors can make clients’ families more financially literate

We drill all sorts of good habits into our children, such as wearing seatbelts, eating vegetables, being cautious while surfing the web or not talking to strangers. 

But we are missing something that I believe is just as important: financial literacy.

According to Standard & Poor’s Global Financial Literacy Survey , the adult financial literacy rate in the U.S. is 57%, and most children aren’t learning the basics of personal finance from parents or guardians. That concept was the center of a think tank conversation that I was invited to join at this year’s Women to Watch event in New York City. For me, the discussion with fellow industry professionals hit home.

In my family, becoming financially literate went hand-in-hand with learning how to read and write. My paternal grandmother owned a ticker-tape machine and showed me how to trade stocks using that and a rotary phone by the time I was five years old. Now, as a financial advisor, my career is centered on helping my clients understand the challenges and opportunities of their financial decisions as they plan for the future.

Teaching personal economics to children can make all the difference in the trajectory of their lives, whether it’s understanding the time value of money, the implications of student loans or the responsibilities that come with credit card debt.

In honor of Financial Literacy Month, I wanted to share some of what we as advisors can do to help solve for this while deepening our relationships with clients and their families.
 

  1. Host a workshop for families at your firm. Perhaps make it a monthly event that zeroes in on one topic per session: 401(k)s, managing a checking account, saving for big purchases – the list goes on.
  2. Volunteer your expertise. Lead a course on finance 101 at a local school or team up with a group that promotes financial literacy in the community.
  3. Find a cause or group aligned with your passions. Do some research on the types of services available (or lacking) in your area, then decide whether to partner with an organization addressing a problem or start your own valuable initiative.
     

Financial literacy should be commonplace for everyone, just like it was in my home growing up. To learn more about encouraging it among our clients and their families, visit this page.

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Tish B. Gray – Biography

Tish B. Gray has been in the financial services industry for over 17 years and is the founder and president of The Experience Group (TEG) Wealth Advisors. She uses a unique comprehensive financial planning process that integrates behavioral finance and consultation to allow her clients to experience the process of financial planning with discussion of emotional aspects of money and finances. Additionally, Tish has many years of experience in wealth management, business continuity and sophisticated wealth transfer strategies. Tish B. Gray is a registered representative of Lincoln Financial Advisors Corp. Member SIPC. The Experience Group Wealth Advisors is not an affiliate of Lincoln Financial Advisors Corp.