They shared tips on how and where to start, instead ofwaiting for divorce or becoming a widow—the two most common reasons women decide to seek financial planning services. Most people know about America’s startling pay gap between men and women, but did you know there’s also an investment gap? Women are roughly half as likely to invest their money as men, and 70percent of women have never met with a financial adviser. Certified Financial Planner (CFP) is a formal recognition of expertise in the areas of financial planning, taxes, insurance, estate planning, and retirement.
Read more about financial literacy for women here.
Today, Val is the primary caretaker for her elderly mom and often helps with her five grandchildren as well. She has also encouraged many of her friends and colleagues at 3M to seek the advice of a financial planner sooner than later. Val credits her parents with encouraging her to work with a financial planner, which was the first time she began to seriously think about planning for retirement. While anyone can benefit from a financial planner’s help, it’s particularly helpful for women, who tend to live longer (by about five years), make less money, and take more career breaks than men. These case studies are intended to illustrate products and services available through Merrill.
Understanding your cash flow enables you to adjust your spending to meet your goals. You can use your money more efficiently, waste less of it, and be more deliberate about your spending. We have found that many women experience more pleasure over their purchases when they become intentional about their spending. And if you don’t know how much energy you’re expending, you could end up drained. Amanda also worked in Corporate America, including Target and 3M.
You want to find someone who listens to you and understands you. Be sure to also ask the advisor how the services he or she provides are paid for and how fees are calculated. Here are three areas to focus on, including some fun activities she can engage in at any age to get her feet wet and set her on her way to confident financial decision-making.
The average woman may be confident in herself, but various factors might make her uncertain about finances. Meanwhile, a lack of confidence can make her miss lucrative opportunities and investments.
It’s important to have a financial plan in place that considers the possibility of divorce or the death of a spouse. Some women may prefer to work with female financial advisors to help them plan their finances and maximize their earnings.