Why Women Should Be Involved in Their Finances
Whether you have been responsible for your family’s financial decisions, made them jointly with your spouse or significant other, or have no experience in finances, it’s important to have a plan for your future. Why?
- A study by the Insured Retirement Institute states that only 15% of women rate themselves knowledgeable about investing.
- Research finds that women (58%) are more likely to leave the financial planning to their spouses or significant others.
- On average, people are living longer, but have not planned accordingly.
- Women live on average, six years longer than men.
- Living and Health care costs are rising increasing retirement costs.
This can be problematic and put women at risk financially particularly if a spouse dies or there is a divorce. If you aren’t involved in any of your financial planning, you will have to live with the decisions made by someone else and it may not be sufficient.
Get Involved in Your Financial Future
A chief concern for many women is securing a stable income through their retirement years and to leave a legacy for their loved ones.
It is critical for women to know what to do concerning their finances regardless of status or age. It’s recommended that you start planning together with your spouse or significant other. Working together to discuss your financial goals and learning together will help insure a more stable future.
But what if you’re older, divorced, widowed or your spouse can no longer manage your joint finances? Here are three important things to remember:
- “The best protection any woman can have…is courage.” American suffragette Elizabeth Cady Stanton read those words at the 1848 Women’s Rights Convention in New York. This holds true with finances. Women are typically more risk adverse than men. It takes courage to dig in and learn about investments and responsible financial planning.
- Start now. Regardless of what stage of life you are in, the time to plan is now! Whether young or old, married or single, learn what your current financial strategies are, where your assets and liabilities are and set goals.
- Get good advice. Talk to someone with experience. Linda Capozzoli has years’ experience helping women, especially older women as they take on the daunting task of managing finances when their spouse can no longer do so. She will listen to your needs, help you assess where you are and how to help you get where you need to be.
“Helping women who have invested into the lives of their loved ones to achieve financial security is one of the most rewarding aspects of what I do.” states Linda.
