7 On Your Side shares tips and tools for women struggling to find financial freedom
NEW YORK CITY (WABC) -- Women are shattering glass ceilings when it comes to careers, but a lack of financial education is causing many women to not have financial freedom.
7 On Your Side has tips and tools to master your money.
Part of the reason women are behind the curve is the financial fronts that have been an uphill battle.
As recently as the early 70s, women couldn't get their own line of credit.
If you are a female and have a credit card in your wallet, you can thank the late Supreme Court Justice Ruth Bader Ginsburg who fought for the inequality in lending.
But women are still not equal in managing money.
"We've been marginalized in a way for a really long time, and that takes generations to overcome," said CEO and President of Palisade Capital Management Alison Berman.
Palisade Capital Management was founded by her late father Marty.
"Women weren't allowed to have credit cards until 1974 it's not that long ago. If you're my age, you were educated by. Generation of women who weren't allowed to have bank accounts or credit cards or any of these things. So it's relatively new. We've been marginalized in a way for a really long time, and that takes generations to overcome," Berman said.
50 percent of women have less than $500 in emergency savings and even more have no retirement savings plan in place.
Women save 43 percent less for retirement than men.
Nearly 70 percent of elderly women rely on social security as their primary source of income.
That's less than $22,000 a year.
"You got to get rid of high interest debt. Is step number one. If you have any," Berman said. "First step educate yourself. Start trying to learn more. There are so many resources out there. New York Public Library has great educational seminars and different resources for financial literacy."
"If you know what you're spending, a cup of coffee in New York City costs about $5 if you're buying a cup of coffee every day, you're spending 12, $1,300 a year on coffee. Could you can you cut that out and start saving that money instead? Berman said.
Whatever you save, invest in your future no matter how small the amount.
"Don't be afraid. Don't be intimidated The most important factor is not the amount. It's time. It's time. It starts saving today a few dollars," Berman said.
Financial planners say the number one fear of women is running out of money, but female clients often don't want to even look at what they owe in debt.
Only 12 percent of women say they feel confident about investing.
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