Financial professionals for years viewed women as not really needing financial planning services and focused on male clients. Big mistake! The idea being that the husband would make the decisions and take care of things. Many cultural factors fed this view, but in reality, women need financial planning and women make fantastic clients.
Men and women are different when it comes to financial planning. For one thing, women tend to be more levelheaded than their male counterparts are when it comes to investing and they understand risk differently. Generally, women live longer than men; an average of seven years longer. The Social Security Administration estimates that women receive 24% less from Social Security than their male counterparts. These factors, coupled with potential lower earnings in the workforce, and fewer years spent earning money, can lead to less money in retirement than needed. Therefore, having a sound financial plan is vital for women since they will likely be living longer in retirement than their male counterparts.
The good news is that women are earning more these days and charting successful careers unlike never before. In many instances, women are the key breadwinner in the family. Women also have more options these days for deciding how they wish to live their lives. Therefore, women need financial planning more than ever.
As an independent Certified Financial Planner™, I can help you set goals, establish a plan for retirement and help you implement those plans. #talktometuesday #budget #Hireaplanner #savings #cash #debt #womenfirst #women #woman