Women and Finances: A Unique Perspective

Financial Focus for Women

Financial Focus for Women:
An article series created by Bill Few Associates to help women achieve financial independence.

When I think about financial articles geared towards women, I feel conflicted. When reading about women and finance, it can come across as a mere marketing tool. An insinuation that women are a “niche” market in the financial planning world. General financial planning concepts are crafted and sold wrapped up in a pink bow, without really providing any female-focused content.

So, is there a need to reach out specifically to women?

I would argue, yes. As a woman and a financial planner, I am aware that the financial industry hasn’t historically been inclusive for women investors, or for that matter, women advisors. Has it become more inclusive? Yes, but I think many would be surprised by how large of a gender gap still exists.

RELATED: Read why it’s important for women to get confident with financial planning.

Men still participate more than women in the stock market. According to a NerdWallet survey published in 2021, 48% of women invest in the stock market compared to 66% of men. The greater divide though, is amongst financial professionals. Less than a quarter of Certified Financial Planners are women. The availability of women advisors is of extreme importance in closing the gendered financial divide. Without female representation as experts and advisors, female investors may lack confidence in their own decision-making abilities.

Comprehensive financial planning should include focusing on these wage gaps and gender inequities. We often discuss planning with risk in mind by making the worst-case assumptions in various planning scenarios. This means planning with the idea that the woman will outlive her partner or outlive her own assets. We need to discuss adequate life insurance, when to take Social Security in order to maximize our benefits, and investing in the right mix of growth and income investments to provide both short-term stability and long-term growth.

RELATED: Read these tips on discussing finances in your relationship.

Women do need to read these types of articles and to know that women financial planners exist who can share their similar life experiences. Our experienced financial advisors are here to help and we encourage more young women to consider the financial planning field. Call us today at 412-630-6000.

CFP Board owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNERTM, and CFP® (with plaque design) in the U.S.
Sources: https://www.nerdwallet.com/article/investing/survey-less-than-half-of-women-in-u-s-invest-in-the-stock-market

Contact Mia Kovacs, CFP®

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