The Female Financial Paradox
Since the beginning of time women and finances have rarely mixed. Financial discussions were tailored to the liking of men leaving women not so in tuned with their finances, resulting in a “Female Financial Paradox”. Women are able to overcome these financial barriers and realize they can take charge of their financial situations.
Women Are the Primary Bread Winners
In a recent study (Financial Experience and Behaviors Among Women), conducted by Prudential, Prudential surveyed more than 1,400 women and found that 53% of women surveyed, were the bread winners in their home. The shift in the bread winner of the household may be a result of economy and job layoffs. More men have found jobs in industries like construction and manufacturing while women have seen an increase in overall job recovery.
Women Can Handle Money
Women understand the value of the dollar and realize the importance of making a dollar stretch. Prudential’s study found in most households women were doing the shopping and making purchases. However, a majority of women still lack confidence when it comes to their own finances. Prudential’s survey found that 45% of men felt equipped to make any major financial decisions, while only a dismal 23% of women felt capable of making the same type of decisions. The study also found a gap in women’s confidence in obtaining their own financial goals.
Advisors Are NOT Too Expensive
Women can find a financial advisor within their budget, the cost of a financial advisor tends to vary across the board. Women should look at having a financial advisor as an educational resource and not a cost. On a positive note, women are more likely to seek out financial advisement compared to men, but not by much, only a measly 2% (35% vs. 33%). Financial advisors are able to educate women and men on how to better handle their finances and prepare for life’s next steps.
Investing IS For Women
Women tend to take finances personally and contemplate the effects it will have on their family. However, women should view finances as it relates to the economy as a whole. Women are the increasing percentage of consumers, the driving factor of profitability of stocks. Start thinking big. Couponing and budgeting are good savings tools but now is a great time to invest in building your net worth and retirement fund.
So how can women boost their financial confidence? One way is to stay financially educated, use resources like the Credit Union’s Life. Money. You.™ financial educational tools or read up on various financial articles. Another way of staying up to date on your finances is to attend one of the Credit Union’s monthly webinars. These webinars cover topics varying from home mortgages to retirement planning. Women should not be afraid or intimidated to ask questions about their finances BCU’s Financial Advisors are here to help you understand and grow financially.