National Women’s History Month

March 3, 2021

March is National Women’s History Month with International Women’s Day March 8th. Historically, women have been underserved in the financial industry, but things are changing. More women want to understand the financial industry, as well as creating their own financial plan.  Here are some reasons why financial planning is important for all women.

Women typically live longer than men which means more time left during retirement which requires more income.

Men are more likely to have retirement accounts valued higher than women. This is not because women are bad at saving money, it is because they take time away from their careers to care for children or aging parents. Unfortunately, income inequality has also been a reason why a large percentage of men have more saved in retirement than women. Women are more likely to save more in a retirement account than men when working. It is important to make sure you are contributing enough into your retirement account to meet your financial goals.

In many marriages the husband is responsible for the finances which can lead to issues if the marriage results in a divorce. Even if the divorce settlement is fair, women can still be the primary caretakers for children which could result in not being able to work fulltime. Another outcome of a divorce could be getting half of your spouse’s retirement account and not knowing your options.

Women tend to be better savers, but many do not feel educated when it comes to finance. Investing can be an intimidating subject which results in leaving cash in the bank when it could be invested elsewhere.

If you are interested in putting together a financial plan, getting an investing 101 lesson, or have any questions at all please give me a call. We truly believe in educating clients, so you are comfortable and confident with your finances.

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