Women have unique financial planning needs. We provide value to our clients by addressing the problems they are facing. A good financial plan acts as a road map that shows you where you are now financially and illustrates how the choices you make today will affect your future.
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The relationship between women and money has evolved dramatically over the last few decades, but the connection isn't as strong as it needs to be in today's world.
A poll by the wealth management division of Fidelity Investments found that 85% of women manage the everyday expenses in their home, but only 23% take the lead when it comes to long-term financial planning.
Even though women are more proactive with everyday household finances, it is critical that they also set themselves up for financial success in the future.
Being more engaged with and vocal about finances not only increases women's confidence, but also empowers them to sustain control of their financial lives over the long term, which is especially important as women continue to live longer than men.
On average, women live 6 - 8 years longer than men – but a longer life can mean more financial complexity. As women live longer, they may need to fund a retirement that stretches across more than 20 years.
Even though they are more likely to save, women tend to fall behind on retirement savings because they are less likely to invest. On the one hand, that may be a result of spending less time in the workforce due to care taking responsibilities for children and aging parents. On the other hand, some women like to hang on to their cash and are more conservative in their investing behaviors.
Though women are less likely to invest than men, they are more likely to have a cash emergency fund. However, their emergency funds are often too large and sit in the bank without accruing any value.
One key reason women outperform men is that they invest with specific goals in mind. Another reason is that men are often overconfident and make rash decisions, whereas women tend to research and take time to make investing decisions.
Working with an advisor to create a financial plan that establishes both short- and long-term investing goals at the outset provides women the opportunity to see the big picture of what they are trying to achieve. By doing so, they can make smarter, more intentional financial and investing decisions to stay on track and reach their goals.
It can be easy to postpone retirement savings when funding a college savings plan, caring for elderly parents or helping out adult children feels more urgent, but women need to invest in themselves.
You work hard for your money and should remember to "pay yourself" first. Fund a retirement plan before contributing to college savings goals or helping out your adult children. Also, consider tapping parents' assets for their care.
During periods outside of the workforce, prioritize setting aside funds for the future, where possible, through spousal individual retirement accounts, or even after-tax savings accounts, for example.
On average a woman’s financial stability is more affected than a man’s after divorce. Things can sometimes get worse when you receive bad financial advice during or after the divorce is settled.
While more and more women are driving the financial and investment conversations at home, in some cases women do not get involved in the household finances or in the financial decisions that can impact their financial future. This can often leave women with unknown debt, hidden accounts, and insufficient retirement funds.
When dealing with traditional couples, for example, it's common that a financial advisor may assume the man takes the leading role in making decisions. Given that, it's no surprise 80% of widows and divorcees move on to find a new advisor, according to the Spectrum Group.
Historically, the financial needs of women have been overlooked. Women are very willing to broach the topic of money with the right person. They are more likely to engage in finance, ask questions about money management and investigate their investment options – especially when the person they are talking to is not condescending, avoids speaking in jargon and is willing to listen.
By the end of 2030, women are projected to control $72 trillion in private wealth. Without a doubt, financial conversations will occur more frequently as a result. A woman's desire for competent and ethical financial planning advice will also increase but finding a financial advisor who will listen to their concerns should be a top priority.
Here's the bottom line: Nearly all women will become the sole financial decision maker in their household at some point in time. To help ensure women can comfortably navigate both short and long-term financial goals – such as enjoying their retirement years without the fear of outliving their savings – they need to start saving and investing, early and often.
And they need to commit to communicating more openly about money. This can feel like a daunting process, but it's not something women have to do on their own. Partnering with a financial professional is the first step in taking a more active role in financial planning.
Engaging with a Financial Advisory firm such as Gowdy Financial Group, LLC., will help ensure you will have the financial security tomorrow to enjoy each stage of your life.