The Allianz Women, Money & Power Study (2006), revealed that women of all ages and walks of life lack confidence with financial and retirement planning even though they are well educated, have successful careers and are managing their daily household finances.
Other studies consistently reveal that women, despite their unique financial challenges, have been underserved by the financial services industry. This is clearly an area where we need to stop tolerating what’s not working.
As women, we need to step up and step into our financial power.
Sometimes we can be our own worst enemy when it comes to taking charge of our finances.
Rather than embracing the discomfort, we women tend to shy away from doing the planning it takes to create financial security for our future.
The irony is that once a decision is made and steps are taken to deal with their finances, women are amazed at how empowered they feel. Many of them saying things like,
“I wish I had done this sooner.”
So, if you’re ready to embrace the discomfort, and create your own financial security, a good place to start is to pay attention to what’s going on in your finances right now. Whether you’re single or in a relationship, make it a priority to get some clarity about your money.
Here are a few steps you can take right now.
- Take inventory. Know where everything is – gather your financial data, account numbers, passwords, documents.
- Check account balances. Gather the most recent statements for all your accounts – your bank accounts, savings, investment, and retirement accounts. Or, go online and check your balances.
- Become part of the conversation. Don’t be comfortable with allowing your husband, partner, advisor, or anyone else to “handle everything” when it comes to money.
- Get Support. It’s okay to reach out for help. When it comes to taking charge of your money, you certainly don’t have to do it alone. Nor should you. If the thought of approaching a financial advisor is intimidating, a financial coach would be a better place to start. In fact, I’m of the belief that women should have a financial advisor AND a financial coach. An advisor will assist you with where to invest your money. A financial coach will mentor and support you in all aspects of your money, including the all-important (and commonly overlooked) emotional aspect.
The biggest barrier holding women back when it comes to finances is the lack of knowledge and confidence. Ironically, two things that are totally in our control to change.
So, ladies, there is no need to tolerate feeling clueless about your money. Creating financial security is totally within your reach!
Hello, I’m Patti! I’m a Christian Life & Money Coach, Ramsey Solutions Master Financial Coach, Health Coach, writer, and former retirement planner. I’m also an award-winning co-author of She Writes for Him: Stories of Resilient Faith (Redemption Press), and prayer warrior, serving on the prayer team at my local church.
My mission is to provide inspiration, coaching, tools, and resources to help you claim all the goodness and abundance God has for you.