Why women and the topic of money don’t mix

Why women and the topic of money don’t mix

I feel so honored to work with women who earnestly want to make changes for the better in their financial life. It’s an area of life where they don’t normally receive a great deal of support.

One issue is that in our society, talking about money is taboo.

It’s okay to talk about your sex life, but not your finances.

Not openly having conversations about money undermines women’s financial empowerment.

We need to talk more openly about our money. We need to explore various areas of personal finance in a way that is educational and empowering. We need to have exposure to options, resources, and strategies to support us in securing a safe financial future. If we don’t, we compromise our retirement security.

Studies show that women lag behind men in confidence around finances. I believe women are not to blame. It’s the way we were socialized.

Studies show that women have been vastly underserved by the financial services industry. One reason is because the financial services industry is still vastly a male-dominated industry which means it caters to men, not women.

Behind closed doors, in any given financial planning meeting, a woman will sit quietly, listening to the conversation between her husband and their advisor. Yet, she rarely feels confident about her financial future, even though she was right there when decisions and plans were being made. This scenario is all too common.

It’s even worse for single women. Many times they feel too intimated to even sit in a meeting with an advisor. And when they do, they typically leave the meeting feeling like the advisor was disrespectful or spoke over their head.

Now I’m not saying this is true in all cases. Because we’re seeing signs that the tide is turning in our favor. However, it’s a common complaint I’ve heard from many new female clients.

This dilemma of women being underserved in financial services is actually becoming an issue of concern for the big financial institutions and insurance companies because of the mega sums of money women stand to inherit over the coming decades. This means that, finally, more male advisors are becoming aware of the unique financial needs of women.

Another promising trend we’re seeing is how the financial services industry is focusing their recruiting efforts on attracting more female advisors. Financial institution executives have come to value the natural connection between female advisors and their female clients. Yet, the industry is still largely a good-ole-boys club.

The bottom line is despite the lack of support we women have received in the past, we still need to take responsibility for our own financial literacy.

As women, we need to pay attention to our money and take a stand for our financial security, which will not only benefit us now, but in retirement as well.

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