Three Amazing Dads On How To Empower Your Daughter Financially 

Father’s Day is typically all about dad — and rightfully so. They do so much for us all year. But this time around, we thought we’d flip the script a bit and see what fathers can give their daughters in the way of financial empowerment and advice — the kind of lifelong gift that will truly keep on giving. 

We checked in with three amazing girl dads to get their best advice for how we can ensure the young women in our lives get off on the right financial foot. Here’s what they had to say. 

(And a note to all parents: If you find yourself needing a little extra support in talking to your daughters about financial basics and getting their money life started off right, our new book, “How To Money,” is designed specifically for teens!) 

From Brian Stahl, CEO, Range of Motion Products, maker of the Rolflex 

How can fathers empower their daughters financially? 

Fathers (and all parents!) can empower their daughters financially by being honest about what everyday things cost, and what various jobs pay. As my daughters get older, I try to take them grocery shopping as well as clothes shopping, to show them how. I also talk about what rent and other essential utilities cost. This, in conjunction with discussing what various careers pay, helps my daughters gain perspective on the financial realities of living on your own. 

What are some tips to help their daughters have a positive relationship with money? What age should this start?

I tell my daughters that money doesn’t equate to happiness. I started telling my daughters this when they were in the second grade and just figuring out that money is necessary to do some things. I remind my daughters that the best things in life aren’t measured or counted in dollars; rather it’s the relationships we have with our family, friends and other people.

READ MORE: Affordable Father’s Day Gifts For $100 or Less

What topics are especially impactful coming from a father about finances?

While finances are an important topic, it’s more important to show our daughters that people and relationships matter just as much as finances. My daughters both have savings accounts that they periodically contribute to, but I tell then that it’s not the amount that they contribute to their savings accounts that matters. It’s getting into the habit of putting money aside when they have some that will help them down the road. It’s all about good habit building.

What are some physical things that fathers can do (set up a savings account, etc.) to actually help their daughters financially in the long run?

Savings accounts are a great initial tool to help your daughters save some money. As my daughters have gotten older, I’ve started a stock trading account for them, and we’ve invested some of their savings into the stocks of companies that we researched together and they selected. While this is a good, small, long-term investment, it serves as a great way to have a bigger conversation with my daughters about what companies do, PE ratios, market capitalization, stock analyst reports, and so much more. As a father, it gives me so much joy to answer my daughters’ questions – I love being a daddy encyclopedia!

I’ve also loved getting my daughters involved with the nuts and bolts of running the company. My daughters come to my office several times a year to participate in marketing meetings and to meet all the wonderful people that work with their dad. My girls have seen how things work from the warehouse to the digital back end of the company, so they have a good understanding that success is truly a team effort, as is sound financial investing.

From Adam Deremo, CEO and co-founder, AWAKE Chocolate 

How can fathers empower their daughters financially? 

Like most aspects of parenting, I think that being a good role model is the most important thing a father can do to financially empower his daughter. This means that it is important to have a savings and investment plan of your own, and to be willing to talk to your girls about it. There is certainly a time and place for teaching them about savings, investments and the power of compound interest, but it will probably fall on deaf ears if they know that you don’t practice what you preach.

What can fathers share/what are some tips to help their daughters have a positive relationship with money? What age should this start? 

I think there are two fundamental lessons about money that fathers can share with their daughters starting even at a very early age.  

The first lesson is that there is no such thing as a free lunch. If you want something, you must be prepared to pay for it with either your time or money. Inviting your daughter to do household chores for which they are paid an allowance is a great starting point to make this lesson more tangible.

The second lesson is that it is important to save for a rainy day. Establishing a percentage of all income (from chores, birthdays or employment when they are old enough) that is set aside in savings is a habit that all girls should learn. Not only will it help them accumulate money for the future, but it also teaches them how to be disciplined, which is a nice side benefit. 

What topics are especially impactful coming from a father about finances?

The concept of planning ahead stands out as particularly important to me. One aspect of this that I talk to my daughters about is budgeting. For example, when my oldest daughter wanted a new phone, we walked through how much money she needed to contribute and how long it would take her to save that money. Working through the budgeting process allowed her to learn lessons about wants versus needs (she may have wanted the newest iPhone, but she certainly didn’t NEED it), and it also led her to take personal ownership over what was a large purchase decision in her life.  

What are some physical things that fathers can do (set up a savings account, etc.) to actually help their daughters financially in the long run? 

Setting up a savings account for your daughter is a great place to start. Beyond that, I think that setting up an education savings plan is a major contribution to your daughter’s financial future. These accounts allow you to invest money today that can grow tax-free to cover qualified expenses if your daughter pursues higher education. Given the rising cost of tuition, I think our daughters could use all the help they can get covering these costs.     

From Eric Lallart, CEO of Petit Pot

How can fathers empower their daughters financially? 

It’s important for the whole family to be involved in conversations about money. Is there something a father in particular should bring to the table with his daughters? I’m not sure my conversations with my daughter are different from those with my son. That said, it’s important for men to get up to speed on issues that women face — like the gender wage gap. That’s an important topic to talk about with daughters and sons. 

What can fathers share/what are some tips to help their daughters have a positive relationship with money? What age should this start? 

I believe it’s important to have as few taboos as possible about money. Starting when our kids were very young, my wife and I tried to help them understand how much things cost — housing, healthcare, their school supplies, etc. Then we put these costs in perspective. How many days of work does it take to pay the month’s rent? Concrete examples help.   

What topics are especially impactful coming from a father about finances?

We’ve had the opportunity to live on three continents (Europe, Asia, and now North America), so we’ve been exposed to different contexts and different social models. We’re coming from a place of privilege, so it’s important for our kids to not take things for granted and to understand that basic needs like housing, healthcare, or education are unfortunately neither free nor universal. The bigger picture: If they manage their money wisely, they’ll be able to have a positive impact on the world we all live in.

What are some physical things that fathers can do (set up a savings account, etc.) to actually help their daughters financially in the long run? 

Kids can manage their own money at a very young age. It can start with an allowance in exchange for doing chores at home. Our kids got their own bank cards a few years ago, and these cards help them track their spending and savings. Helping them understand how to save more, spend smarter — and eventually invest smarter — will help them on the way to financial independence.