At a time when women have never been more empowered, educated, successful and outspoken, many still hesitate to take charge of their financial lives.
A recent UBS Own Your Worth report found 56% of married women take a backseat when it comes to investing and financial planning. Sixty-one percent of Millennial women, who handle the day-to-day expenses and bills, leave investment decisions to their spouse. The report found twice as many men believe they are highly knowledgeable about investing as women.
That lack of confidence is a problem. Between women outliving men and the growing number of couples divorcing in their 50s, it is estimated that 8 out of 10 women will be responsible for taking charge of their financial lives.
The good news is, when it comes to women and money, it’s never too late to start. Here are just a few steps women can take to ensure a brighter, self-sufficient financial future.
Start talking. No more postponing the awkward money talk. Open up about goals, spending and savings styles. Find out exactly what the financial picture is. That means adding everything up. Know how much you owe and what you have saved. Get clarity on the why behind the current investment strategy.
Shift your mindset. Go beyond the daily or monthly financial planning and start thinking in terms of building wealth for your longer-term needs. How can money support your current life and the future of your dreams? Think not just of your bucket list and retirement savings, but how to fund your future health care needs as well. Growing your wealth not only ensures your financial security, but also helps make your dreams become a reality.
Ask for help.The best way to build confidence in your ability to manage your financial future is to take advantage of the financial education resources available. A better understanding of how building wealth works, will help overcome any fears about debt, retirement and investing.