- Posted by Linda Powers
- On April 11, 2017
- 0 Comments
- finances, women
Not content to simply rely on others, women take control of finances.
When women take control of finances, they can build a better future for themselves and their families. Today, more than 40% are the breadwinners in their families. These women are educated and independent, climbing the corporate ladder to new heights. They are more than capable of earning their own money and supporting a family.
This was not always the case. Women who came of age in the 50s and 60s turned to the knights in shining armor in their lives for financial advice. They followed the recommendations that their fathers, husbands and older brothers were happy to supply.
Things began to change in the 1970s, as more and more women entered the workforce. Many were finding employment beyond jobs once considered as traditionally reserved for women. And, they were making more money than ever before.
Today, women take control of finances, not only for themselves, but also for their families. And, it goes well beyond simple monthly bill paying. In the 2015 Gender Gap in Financial Wellness survey, Financial Finesse found that women took steps to improve their financial wellness. This was particularly true in the areas of risk management, estate planning, and retirement plan participation.1
But, things are not perfect. Women on average earn 80 cents for every dollar men are paid, a gap of 20%. Women of color earn even less. According to an AAUW study, the pay gap won’t close until 2152.2
This means that women need to save more and save smart. To do this, they need to commit to educating themselves about finances. Start by taking some financial literacy courses. Pick up books on personal finances at the library. Or, go online to find financial resources and research. Review all monthly statements and ask questions.
Make an appointment with a financial advisor. Working together, you can determine financial goals and develop a strategy to get there.
Knowing What You Want
Before you meet with an advisor, take some time to envision what your future financial goals look like. Is it saving for a new home, sending your children to college, or retiring on the lake? Once you have a purpose, the work you need to get there will become more meaningful.
Being in control of your personal finances is powerful. Staying in control is even better. When you know what you want financially and how to get there, you become the heroine of your own life.
1”2015 Gender Gap in Financial Wellness – Executive Survey.” Financial Finesse Reports, research on financial trends. Financial Finesse, Inc. https://www.financialfinesse.com/wp-content/uploads/2016/01/2015-gender-gap-report.pdf
2 “The Simple Truth about the Gender Pay Gap Spring 2017 Edition.” AAUW. Spring 2017. Source: AAUW analysis of data from Proctor et al, U. S. Census Bureau, Income and Poverty in the United States, 2015. http://www.aauw.org/research/the-simple-truth-about-the-gender-pay-gap/