In a year when getting out of debt has replaced getting into shape as the most popular new year’s resolution, it’s a veritable sign of the times that the Department of Labor’s Women’s Bureau has launched an initiative to improve the financial education of women aged 22 to 35.

Working in partnership with a number of organizations around the country, the Women’s Bureau—which is the only federal agency mandated to represent the needs of working women in the public policy process—is piloting the Wi$e Up program, an online initiative designed to improve the financial security of Generation X women.

Charleston’s Center for Women was selected to participate in the program and is currently in the process of recruiting 14 mentors from the local financial community. Between February and September, 50 participants of the Wi$e Up program will be able to log on to a password protected web site on a monthly basis, and take free courses on topics such as investment, savings and credit. Mentors will be available to answer questions and dispense professional advice.

“Historically, women haven’t been given the financial information they need,” says Jennet Robinson Alterman, executive director of the Center for Women. “Financial education isn’t a standard operating procedure. Even on college campuses you’re not required to take ‘Life 101.’ Women have to learn themselves how to build up their credit and negotiate their pay.”

A recent Yankelovich Partners study done for Oppenheimer Funds found that 47% of single women aged 21 to 34 have an unpaid balance on their credit card, compared to 38% of men. Moreover, 48% of women in that age group admitted living paycheck to paycheck, compared to 38% of men.

Alterman estimates that the monthly courses will take approximately an hour each to complete. And although the program is open only to women of Generation X (those born between 1961 and 1981), the Center for Women—which currently offers various financial education lectures and events of its own—hopes to be able to deliver the Wi$e Up training modules to the general public once the program is over.

“If we start here, educating those women who will then pass down the knowledge to other generations, we can break the pattern of women not taking an active role in their finances,” explains Alterman. “We see a number of divorced or widowed women who have never had to handle their own money before and are suddenly realizing that they need to learn.”

According to a survey conducted by the National Center for Women and Retirement Research, 75% of the elderly poor in this country are women. And 80% of the widows now living in poverty were not poor when their husbands died.

“In the past, it has been considered something of a taboo for women to talk about money,” says Candace Bahr, director of the Women’s Institute of Financial Education and its web site, WIFE.org. “It’s more socially acceptable for men to talk about their net worth, and so on. But I see women all the time who, although they may manage millions of dollars in their businesses, lose all their power and self-confidence when it comes to talking about their personal finances.”

Alterman predicts that the course entitled “Credit in a Money World” will be one of the most popular among Wi$e Up participants.

“From the time you’re 18, you’re getting credit cards in the mail that promise you free debt,” she says. “And of course, that’s a complete myth; there is no such thing as free debt. It’s going to catch up with you at some point and I think there’s a complete lack of understanding about that. We’re ending up with a much younger group of people in much greater debt.”

And debt, points out Bahr, can be detrimental to entrepreneurs trying to apply for a small business loan, or other financial help.

Leigh Ann Szteiter, Wi$e Up coordinator for the Center for Women, is planning on taking part in the program herself. Alterman will keep a close eye on the proceedings and hopes to arrange a face-to-face meeting of participants later in the year, to provide the opportunity for further questions.

“The important thing to remember is that this program is a pilot,” says Alterman. “It’s a test drive of a wonderful concept to increase the financial literacy and security of Generation X women. Participants are not only doing a great service to themselves, but by providing feedback, they’re also doing a great service to everyone else.”

Holly Burns covers financial services for the Business Journal. E-mail her at hburns@crbj.com.

What women really want: Financial security

According to the Women’s Bureau of the Department of Labor, it’s never too soon to start planning for your financial security. For information about the Wi$e Up project, visit www.utdallas.edu/student/womensctr/wiseup/ or call 800-827-5335

To sign up for the Wi$e Up program hosted by the Center for Women, call Leigh Ann Szteiter at 843-763-7333 or e-mail c4women@bellsouth.net.

The Women’s ­Institute of Financial Education (www.WIFE.org) recently launched a money club. Similar to a book club, participants meet monthly to discuss issues relevant to their financial future. Visit www.moneyclubs.com to found a money club or join one locally; currently the tri-county area’s only money club is located in Monck’s Corner.

To check your credit for free, visit www.freecreditreport.com or www.freecreditprofile.com.