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Finances can be overwhelming, especially when you feel lost or uneducated on the “right” decisions to make. Over the last few years, we have found that women are contributing more and more to their family’s finances and are making strides towards further financial independence.
Despite women playing a larger role in their family finances, they still feel a lesser sense of confidence than they should as it relates to larger financial tasks. A 2022 Bank of America survey revealed that a “majority of women feel comfortable managing their day-to-day finances, but struggle with longer-term actions like paying down debt, saving for emergencies or retirement, and building wealth.” This data reinforces the importance for women to ask questions, seek advice and education surrounding their finances, and not take the back seat when making big financial decisions.
As we just hosted our Women, Wine and Financial Fitness event and are wrapping up financial literacy month, we want to use this new data as an opportunity to encourage and motivate women to take control of their finances and better educate themselves to become financially independent. We know that a lack of financial education in schooling systems impacts the confidence level of financial literacy for both men and women and we are here to advocate for change.
As a financial advisor who works to empower women to become confident to make their own financial decisions, we have found that many women are often met with anxiety when it comes to having to make financial decisions on their own. For that reason, it is extremely important to start educating yourself about financial concepts from a young age, along with passing that on to the next generation, such as your children or grandchildren. Take it upon yourself to set up a budget, understand your cash flows, your benefits at work, and your whole financial picture. Leaving the big decisions to another family member or spouse can impact your understanding and confidence level down the road. In the event your spouse or family member passes away, you want to ensure you are financially equipped to handle your finances on your own.
Related: Do You Want To Save More for Retirement This Year? Here’s How