There is a growing body of evidence that suggests women face unique money challenges in retirement.
The Allianz Women, Money and Power Study (2103) points out that despite their rising income, American women still have unmet needs when it comes to financial literacy and confidence with money.
Apparently women are hungry for more knowledge about retirement planning – the study indicates 62% expressed strong interest in learning more about finances and retirement planning. Mostly because they are concerned about maintaining their desired lifestyle, and not becoming a bag lady in retirement.
Yet, women are not getting the financial and retirement planning information they need.
One reason is they believe that financial institutions target only those with larger account balances. That might be because most financial professionals derive their income according to the size of the asset. The larger the account balance, the larger the compensation.
That means that women with low-to-moderately sized assets are either over-looked or blatantly ignored by top-producing brokers, which leaves these women feeling even more insecure about an area of their life they already feel clueless about.
So, what can women do?
BECOME RESPONSIBLE FOR YOUR
OWN FINANCIAL LITERACY
In this day of information technology, there is no need for you as a woman to remain uninformed about financial issues, especially retirement planning.
It is totally possible for you to arm yourself with enough knowledge to secure your own financial peace of mind, knowing that one day you will reap the benefits of your own good planning by living the lifestyle you dream of, and deserve, when you are no longer able to work.
So, what is one step you can take in the next 24 hours to secure your own financial security?
Here are four baby steps to get you started:
- Pull out your calendar and schedule a weekly money date to attend to financial tasks, such as bill paying, balancing your checkbook, checking your credit card statement for accuracy.
- Organize a filing system for your finances. No need to make it elaborate. As long as it accomplishes the task of keeping your financial documents organized and easy to locate when you need them, that’s all you need. You can use an accordion file system (great if you need something portable), a binder with divider tabs or hanging file folders if you have a file drawer.
- Go online and review your bank accounts. Check everything for accuracy. Check for auto deposits, automatic payments and overall accuracy.
- Create a new habit of reading about women, money and retirement. A great book to get you started is Barbara Stanny’s Prince Charming Isn’t Coming: How Women Get Smart about Money. This was one of the first books I ever read about women and money almost twenty years ago. I couldn’t put it down. It’s loaded with women’s stories about overcoming financial struggles. What I really enjoyed about it is that it addresses the psychology of money, as well as financial habits. It’s a fabulous read. I think every woman should have this book in her personal library: Prince Charming Isn’t Coming: How Women Get Smart About Money.
The way you cultivate a new relationship with money is the same way you would cultivate any other new relationship: By investing quality time, patience and commitment.
This is your financial future we’re talking about.
What’s one baby step you can take today to cultivate your new money relationship?
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.