Springboard Nonprofit Consumer Credit Management, Inc. (“Springboard”) is celebrating Mother’s Day by bringing attention to women’s unique financial needs and equipping them with tools to better understand and manage their financial future. In recognizing the remarkable historic achievements of women, Springboard is encouraging all women to review their financial goals and establish a plan to accomplish them. “Our financial legacy is often determined by the decisions we make today,” said Melinda Opperman, Springboard’s senior vice president. “As we celebrate our mothers this month, now is an excellent time for women to examine their financial goals and have an honest discussion about their current financial state,” said Opperman. Springboard encourages women all year long to take control of their financial future by becoming educated on important money matters. To help women reach their goals, the agency offers a series of financial literacy workshops entitled, P.E.A.R.L.S, which stands for Preserving, Earning and Acquiring Real Life Skills. The workshops are geared toward women of all ages and cover important topics such as understanding credit reports and scores, using credit wisely and avoiding predatory lending products. “As women outlive men in almost every society, it is important that women be educated and establish a habit of making informed financial decisions,” said Opperman. In recognition of Mother’s Day, Springboard offers the following pearls of wisdom: 1.    Women who have a written plan are more likely to accomplish their goal. Putting a financial plan in writing is powerful. Something magical happens when a goal is written down. The brain starts working on solutions and the individual becomes emotionally committed. 2.    Women who have a savings plan in place save more than women who don’t. Research shows that people with a savings plan in place save about twice as much as those with no plan. 3.    Women tend to have lower retirement plan balances. Women often spend more time away from the workforce raising children or caring for aging parents. Women are also more likely to work in part-time jobs that don't qualify for a retirement plan. As a result, women tend to earn less than men and have lower retirement plan balances and pension benefits. Springboard encourages women to make retirement planning a priority by putting money away sooner so that investments will have more time to grow. 4.    Women are very likely to be solely responsible for financial decision making at some point in their lives. Women have a longer life expectancy than men and most married women will likely outlive their spouses. For this reason, women will need to know how to manage their finances especially during the years that they may find themselves living alone. 5.    Women need different kinds of insurance at different times in their life. No one wants to be over-insured or under-insured, resulting in an unpleasant surprise when making a claim. Make an appointment with a trusted adviser to confirm the coverage that is needed and affordable. Avoid buying insurance that is unnecessary. Inquire about ways to lower premiums, and ask about any discounts for loyalty, good driving and the bundling of multiple polices. Be sure and comparison shop. 6.    Women are more likely to be victims of identity fraud than men. According to a study by the fraud-tracking firm Javelin Strategy & Research, women are 26 percent more likely than men to be the victims of identity theft. Identity theft prevention is an important aspect of overall personal financial literacy. Springboard’s Identity Theft Awareness booklet is available for free download at the agency’s online learning center.     7.    Women account for 85 percent of all brand purchases. According to research, women carry out most of the purchasing requirements for the family. Distinguishing the difference between wants and needs is key to living within a budget that includes saving for a rainy day. 8.    Women should always maintain an up-to-date copy of their credit report. Much of one’s financial future depends on the contents of their credit report. Consumers are allowed one free report from each of the three major bureaus once every twelve months. All three reports may be obtained at once, which is a good idea if a major purchase is on the horizon. Requests can also be staggered, which is a good way to check for identity theft. Credit reports may be accessed at http://www.annualcreditreport.com. For information on the next P.E.A.R.L.S. workshop series, please contact Springboard at: 800-449-9818 or visit their web site at Springboard.org.