Women have incredible buying power, but they also have a great deal of anxiety about financial planning.
Studies show that with women increasingly taking a lead financial role in the home or contributing significantly to the household finances, they are having a bigger impact on the way that money is being spent. But women are still apprehensive about making decisions on how that money is invested.
Research cited by USA Today shows that 38 percent of women have “high or moderate” anxiety about retirement; only 12 percent say they have experience with investing; and only 12 percent have tolerance for financial risk.
“If we find ourselves in a position 15 years from now where the husbands start to pass away and the wife doesn’t know what to do in terms of managing money, there’s going to be a lot of bad decisions made, a lot of economic waste and a lot of scared people,” Justin Reckers, a certified financial planner told the newspaper.
A Prudential study cited by the paper shows that in 2012, with more than 1,400 women and 600 men surveyed, found that the majority are the “primary breadwinners” in their families. And for married women and those with partners, 22 percent make more than their men.
Sources in the story say that the financial services industry is still geared towards men and information needs to drop the gender stereotypes.
Women can also help themselves by being proactive about educating themselves in these matters. It’s not only good for you and your future, but that of your family as well.