Why Women Need to Take Control of Finances

Understanding finances is crucial to running a household properly. Sadly, money management is not taught in schools. If we don’t have parents who have a solid foundation of budgeting and saving skills, we can drown in debt, poor decisions and spending habits.

Some women choose to follow men, and some choose to follow their dreams.

Almost half of American households are run by single women. Often these women work more than one job or have a job and a couple “side hustles” to boost finances. In addition, women are caretakers for children and elderly or disabled family members.

Yet many women have no plan for retirement or savings, they are reluctant to dip into the investing pool due to a lack of understanding or confidence. As women, we have been taught from early on, that a “man provides” and still see men as protectors of all things including our finances.

Americans see men as the financial providers, even as women’s contributions to finances grow.

In terms of dollars, men save more. The average man has nearly twice as much stashed in an emergency fund as the average woman. In addition, over the course of their lifetimes, men save more than three times as much money, on average, than women do.

  • Men show more interest in investing.
  • They know more about investing.
  • Men are more confident with money.
  • Women focus more on the long term.
  • Women trade less often.
  • Men take more risks.

Ladies, Don’t Ever Let What a Man Brings to the Table, Be All You Have to Eat!

A UBS poll of 3,652 women around the world found 58% defer long-term financial decisions to their spouses or ex-spouses. Among the women surveyed in the United States, 54% said their spouse takes the lead in handling the family’s finances beyond paying bills.

Financial professionals themselves share some of the blame for women being out of touch on family finances. For instance, one of the problems is that when couples come to an advisor, husbands often dominate the conversation about financial planning. Sometimes advisors will meet with the husband without the wife being present.

  • There is a disparity of income between genders.
  • Women need to rise up as investors and providers.⠀
  • Planning for the future is about being in the present.⠀
  • Just about anyone is qualified to begin investing at any age.

Therefore, it is very important for women, regardless of their marital status single, divorced, widowed or married to take a much more active role in their financial lives.

Contact me for help.