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I can’t help it, but I cringe when I hear a woman say that she doesn’t handle the money in her household because her husband “takes care of all that stuff.” I even had one woman say to me, “Money just isn’t my thing, Patti.”
I get it. There was a time when money wasn’t my thing either. In fact, I used to be a classic financial avoider. I was all too happy to let the man of the house handle all aspects of the money.
But then I had to ask myself the hard question.
Is being financially secure when you’re too old to work anymore important to you?
News flash ladies: Your husband is not always going to be around.
In fact, studies indicate that we women will most likely outlive our hubbies. If you don’t get involved in the planning aspects of your finances now, you won’t have a clue about what you have after he’s gone.
Studies show that 80% of women feel unprepared for retirement due to lack of planning. Yet, they are twice as likely to consider themselves on track for retirement when they work with an advisor (Allianz Women Power & Money). The only problem is most women don’t trust advisors. But we shouldn’t let that be an excuse to not take action.
Women simply cannot afford to let someone else handle their finances.
Studies also indicate that 83% of women would like to get more involved in their finances in the next year. But lack of confidence about money holds them back. Additionally, 60% of women worry about not having enough money for retirement (I suspect that number is actually higher).
60% of women worry about not having enough money for retirement.
Related: 3 Things Women Need to Know to Increase Social Security Benefits
Confidence with money comes when you actually do the work of increasing your financially literacy. It takes a little effort, a lot of learning and paying attention. No one will care more about your future financial security than you. Therefore no one will take better care of your money than you.
Ladies, if you take baby steps to increase your financial literacy you’ll find your confidence with money goes up. You may even begin to find it enjoyable.