Fed’s Duke urges women to take charge of finances

WASHINGTON, May 1 (BestGrowthStock) – Federal Reserve Board
Governor Elizabeth Duke on Saturday urged women to take control
of their own finances by frequently reviewing budgets and
saving for the future.

“All women need financial education and … once armed with
that education, all women are capable of making good, sound
financial decisions that will improve their own financial
well-being and that of their families,” Duke said in a speech
in Philadelphia to the Consumer Credit Counseling Services of
Delaware Valley.

Duke did not mention the U.S. economic outlook or monetary
policy in her prepared remarks, which were provided to
reporters in Washington in advance.

Duke, who noted that she started her career in banking as a
part-time drive-through teller, praised participants in the
organization’s “Financially Hers Program,” a series of
workshops designed to help women make better financial
decisions.

Duke praised the graduates of the program and shot down
several myths about women and money.

“Take pride in your achievement and be confident in your
ability to use what you have learned. You can do this,” she
said.

Duke noted that government data show that women are
generally paid less than men, have longer life expectancies,
are more likely than men to be single parents and are more
likely to work at part-time jobs that do not offer retirement
benefits.

“These statistics are sobering, and they underscore the
importance of financial education for women,” she said.

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(Reporting Corbett B. Daly; Editing by Dan Grebler)

Fed’s Duke urges women to take charge of finances