It is interesting to contrast the differences in how women and men approach finances, especially when you are looking at retirement. With the workforce in America being almost equal in the number of women vs. men there is a surprisingly low percentage of women today that express confidence in their ability to reach their retirement funding goals.
As financial advisors we experience this often when visiting with couples regarding their investment and retirement accounts. Even when we make a concerted effort to focus the conversation on the wife most times the attention gets diverted back to the husband. It is hard to understand why there is this lack of involvement from a majority of women in their financial future. It is definitely not because of a lack of intelligence or ability. Women have proven for years how they can take care of family budgets, compete in the classroom and now even more than ever in the workforce.
It comes down to what was mentioned earlier, confidence. For some reason, the majority of women today have not developed confidence in their abilities to make long-term financial decisions about saving and investing. In a recent article in article for Forbes magazine, Lori Dickerson Fouche, CEO at Prudential stated, “Women don’t feel prepared to make wise decisions and are not sure what to consider when evaluating their options. They don’t seem to be taking action either.”
The article in Forbes written by Kerry Hannon (link to article: http://www.forbes.com/sites/nextavenue/2014/07/16/women-and-money-management-a-sad-story/#570798dfd963) goes on to mention a number of statistics related to women of varying age groups and the gap that exists when it comes to their knowledge of about how to prepare for retirement.
Our goal at Financial Management Inc. (FMI) is to bridge this gap in helping women develop their confidence in planning for their retirement and understanding alternative investment vehicles (stocks, mutual funds and ETF’s) that make up their portfolios. We strive to make certain that every client receives the knowledge necessary to feel connected to their future.
You will soon be receiving an invitation for our next lunch and learn scheduled for Thursday March 31 at 12 noon at the Ardmore Convention Center. Our featured speaker is Katherine Roy, Chief Retirement Strategist at JP Morgan. Her words that day will be a great help to women (and men) on how prepare for retirement.
At FMI we listen first, build wealth and secure futures. Feel free to contact us anytime we can be of help.
Jack, Mike & Carol Ann