Women have a strong presence in the workforce and have acquired more earning potential now than ever before, but yet many are insecure about the subject of money. On the outside women many may be financially poised by bargain shopping like a pro, watching spending, paying bills on time- but when it comes to investing and a long-term money plans they lag behind. According to the Employee Benefit Research Institute, approximately the same amount of full-time employed men and women participate in retirement plans, but the men’s median account balance is about 33% higher. With women outliving men by an average of 5 years, it’s even more imperative for women to plan ahead for the future.
Historically, women stayed at home and took care of the house and children. For years, they have been excluded from discussions on finance and many aren’t interested. To this day, women are more focused on meeting the needs of their family than on their own long-term needs. The lack of familiarity with financial jargon, engagement and funds to invest are common barriers that definitely come at a high cost.
Unfortunately, for many clients, it takes a major life event to make a change. Life is filled with many unknowns, therefore it’s so important not only for your sake, but also your family’s, to make the commitment to securing your financial future. Easier said than done? Not necessarily, there’s a wealth of resources available on the Internet such as The National Endowment for Financial Education’s site, Smartaboutmoney.org to get you started. Another, The Women’s Institute for a Secure Retirement (WISER) is dedicated to the education and advocacy that will improve long-term financial quality of life for women. If the Internet seems like an overwhelming place to start, talk to a family member or friend who can answer your questions and ask them for a referral for a financial advisor they recommend. Also, check with your employer to see if they offer workplace financial education and planning tools or if you enjoy reading, pick up the book Women’s Worth: Finding Your Financial Confidence by Eleanor Blayney to get you started.
The financial world can be confusing and it can take some time to understand and make it work for you. But if you dig deep, identify your goals and create a financial plan around them, you may be surprised to find how exciting and rewarding it can be when you start reaching goals that you never thought were possible.
Take charge, take care of yourself, achieve your goals and get what you want out of life. You deserve it!
Have a Great Mother’s Day Weekend!