We’ve put together some ideas for women to get comfortable talking about financial planning and investing.
This is the first article in a series on Women Investors.
Women face many unique challenges when it comes to personal finance and investing. One big challenge is that money is a taboo topic for women. By one estimate, 90% of women will be solely in charge of their money at one point in their lives. It can be hard to take control of your financial situation if you don’t feel comfortable talking about it.
According to research by Fidelity, 80% of women investors refrained from talking about money with people close to them, citing reasons like it’s too personal or uncomfortable, or not wanting people close to them to have that knowledge. Only 47% of women said they would be comfortable talking about money with a financial professional.
These statistics are seemingly at odds with results from the same study that showed a huge majority of women would like to become more engaged with financial planning and learning more about money and investing.
With these statistics in mind, we put together a quick list of ideas to help you start talking about your money, finances, and investments.
Find your tribe of women investors.
Find a community of people that you trust to discuss financial issues. If you have specific goals (like saving more or getting out of debt), surrounding yourself with like-minded people can give you support and encouragement. A group of women can help you feel comfortable enough to ask questions and learn from each other.
Learn more about financial planning for women.
Commit time to learning more about personal finance, investing and financial planning. There are many books and online resources dedicated to helping people learn. Start with our video series on Financial Fundamentals.
Ask your financial advisor questions.
Don’t be afraid to ask questions if something is confusing or if there are terms you aren’t familiar with. A good financial advisor knows that it is important that you understand your finances and investments for you own security and peace of mind.
Be compassionate to yourself when relearning how to talk about money.
Understand that most people feel some discomfort talking about money, not just women. Personal finance reveals how you spend your money and what is important to you in your life. Talking about it is deeply personal and emotional. You might have to take a hard look at your upbringing and social or cultural teachings about money. If you were taught that it isn’t polite to talk about money or if finances were a source of stress in your family, you may have to relearn some of the beliefs that you were raised with. This can be difficult, so be kind to yourself as you go through this process.
Find a financial advisor who understands women investors and their unique concerns.
Find a financial profession that wants to understand your situation and your concerns, answer your questions in a non-judgmental way, and explains your options with the pros and cons of each course of action.
Would you like to receive more tools, resources and education?
In a couple of weeks we will have a secure portal for you to sign in and view the full Women’s Alliance Round Table presentation, along with questions and answers from coworkers, tools and downloads for your continued financial journey.
Platt Wealth Management offers financial plans to answer your important financial questions. Where are you? Where do you want to be? How can you get there? Our four-step financial planning process is designed to be a road map to get you where you want to go while providing flexibility to adapt to changes along the route. We offer stand alone plans or full wealth management plans that include our investment management services. Give us a call today to set up a complimentary meeting. 619-255-9554.