The pandemic has been much harder on women than men when you look a t the labor force statistics. Some studies show that women left their jobs at a rate 4 times more than that of men. This does not bode well for their financial future. More than ever women need to be aware of taking control of their finances and their future. Historically the financial services industry has not paid enough attention to women’s financial needs. Even though it’s getting better, I’ve read enough on the subject to realize that it is still an area where financial services need to improve.
Women are realizing that they should be more aware of their financial situation in planning their careers and their future, but too often are not getting the kind service and attention they should have. There are several reasons
why financial planning is more critical for women now more than ever before. Women typically live longer than men thus they need to plan to have financial resources that will last a longer time in retirement. This is especially critical for single women who rely on one income.
Believe it or not, women are better investors than men because they are more measured in their thinking and less reactionary. Men tend to be drawn to risk taking more than women. However, men historically have participated in the stock market more and sooner than women. For this reason, women should seek the services of a qualified financial advisor to gain more knowledge and confidence about investing.
Women who leave it to their partners/spouse to handle the finances often are not aware of what decisions are being made. A financial advisor will likely point out the importance of being an active participant in the household financial planning.
After having a child, it’s always important to reexamine your financial situation to make sure that your new obligations are adequately provided for. A financial advisor will help point out the areas that need attention. Also update estate plans, like wills, beneficiary designations, and life insurance. An annual financial checkup will help spot these things.
Women are more likely to interrupt their careers to be a caregiver to an aging or ill family member. This also leads to less savings put into retirement plans, so less money available when you need it most.
With the help of a good financial advisor, you can put together a comprehensive plan that will help you manage the things you’re likely to encounter and thus control your finances better. A well-designed plan more than likely will help you reach your goals. And you’ll understand better how your finances impact all parts of your life and your ability to live well before and into retirement.
“You’ve worked hare for your money, make it work for you.”
