Women and Finance: Ensuring a Great Financial Finish

We all know that women are masters at almost anything they put their minds to. We have outshined men in professions that have been very male-oriented for years. Women now outnumber men in careers such as banking, and they are beginning a climb in other professions, too, closing the gap on the mostly male medical, computer and engineering fields.

It’s no wonder then that women are also taking an interest in the family finances at a much higher rate than ever before. In fact, 75% of family finances are controlled by women, and women influence 53% of family investment choices.

This is all great, but what does it mean for us? Well, we know that women can do anything, including control or assist in the family finances. But I think it goes farther than that: We need to showcase our talents in the family finances at a greater rate, and we need to take on more responsibility in planning our retirement funds and other investments. Really, why should the men have all the money fun?

Eye Opening Statistics

Unfortunately, after all the positive statistics, we also need to take a look at some statistics that we as women may need to work on. Check out the following facts:

• Women still earn 26% less than men in equal jobs.
• Women live five to six years longer than their husbands.
• 70% of the elderly poor are women.
• 80% of women living in poverty were not poor before their husbands died.

These are just a few of the many scary statistics available about women and finances, but rather than be daunted by the future, we should embrace our own strengths and talents. Through careful planning and investing, we can plan for better futures and more comfortable retirements.

401(k)s and IRAs and Stocks, Oh My!

Doesn’t quite have the same ring as “Lions and tigers and bears,” huh? Well, sometimes finances can seem just as scary as the worst evils in Oz, even more terrifying than the flying monkeys. But if we remember to focus on what we can do, one step at a time, we can make it back to Kansas.

All analogies aside, one of the most important things we as women can do for our financial futures is learn. We need to learn about 401(k)s, IRAs, stocks, and bonds. We need to figure out how these tools can take us through life in the most comfortable way financially possible. We need to ensure that we don’t become one of the elderly poor or become strains on our children’s finances.

We need to live for our best life possible, finishing out our lives stronger than we started, complete in the financial security that we grew from the seeds of knowledge.

How are you ensuring your place in investments and your best retirement possible?

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