|
Money & You—Who is controlling who?
|
| An Interview with Cary Clark, Mosaic May 2005 |
|
|
| I recently had the pleasure of meeting and interviewing Cary Clark—a wonderful, inspiring woman, whose life’s mission is fostering and teaching “financial literacy”. Her enthusiasm and big smile puts everyone at ease on a challenging subject. |  | | “If you have control over your finances you have more peace of mind, and you don’t feel intimidated going to your bank or talking to your financial adviser.” | | I asked Cary what motivates her to give Financial Literacy classes, and she  explained what had happened to her when her husband passed away at a much too early age. As we talked, a lady sitting at a nearby computer turned around to tell us her story: how she also suddenly lost her husband and how she did not know the first thing about the family’s finances—and little did she care at the time. Looking back, she felt extremely lucky that close friends helped her and sincerely acted in her best interest. “That is exactly what I am talking about,” Cary said to me, “I don’t think that anyone should end up in a situation like that, and that is why I am giving the classes. It is also to give people more financial security. Most spouses should take a bigger interest in financial planning, so that they do not have to deal with it in a time of crises.” | | If you have control over your finances you have more peace of mind, and you don’t feel intimidated going to your bank or talking to your financial adviser. The lady at the computer recalled how she felt when she later went to the bank to invest the life insurance money. She collected different forms, looked at them, gave up and walked away, “Looking at the forms only made me feel stupid and confused,” she said. As part of my interview, I was invited to participate in one of Cary’s Financial Literacy Classes organized by WBFN. |  It was in this class that I experienced a wonderful transition in virtually all the participants. It seemed to me that the participants came not really sure how to describe their insecurity, but they left smiling, laughing and uplifted—ready to take on the challenge and first steps needed to take control over their family’s budget. This could be from knowing how much interest you get on your savings account to making the right decision on your pension portfolio plan. It could be that the class gave that needed kick, or push in the back if you will, to do something before it is too late. Talking with your spouse about life insurance is not easy, but it is a lot easier to do when your spouse is still alive. Thinking that you are doing it for your children can help make it easier. | | Lots can be done without knowing how to read the Financial Times. Getting an idea about your household expenses, knowing how you are spending your money and when you have overspent, is a good way to start. Do you know how much money it takes to run your house each month? What are your monthly payments; insurance, rent, childcare, electricity and so on? Also, how much interest do you get on your bank accounts? Could you get a better interest elsewhere? | | Once you get started it really is a good feeling—understanding and collecting the information is the first step to taking control over your finances. Enjoy it—it is a healthy feeling of empowerment. | | Christian von Huth | WBFN would like to thank Cary for her many contributions. Her courses over the years have opened the door to financial literacy for many of our members. Cary inspires each of her students to take that difficult next step towards financial awareness and responsibility.
Her courses range from a basic financial literacy class to several e-learning (online) courses, including Budgeting and Savings & Investment. Also, by this, WBFN members around the world can simultaneously participate and network with one another.
WBFN acknowledges the Bank’s support for this valuable and cutting-edge educational opportunity. This is another example of World Bank-WBFN partnership at its best. Without Cary Clark and her generous volunteer commitment, this would not have been possible.
As one member expressed it, “Cary is doing a wonderful service and giving so many women confidence in an area in which most of us have little appreciation for the profound impact it can have on our lives and the lives of our families.” |
|
|
|
|
.jpg)
