As women's financial power continues to grow, it's important we confront why they are still reluctant to seek external help with their finances, especially given 85% of women control their families' day-to-day finances.
By 2025, more than 60% of the UK's wealth is expected to be in the hands of women. During times of divorce, women see incomes fall by 33%, compared to just 18% for men.
It's time to bridge the gender gap in the financial planning market and empower women to make informed decisions about their money.
When it comes to financial planning, women face unique challenges, from the gender pay gap to career interruptions and long-term care planning. But with the right guidance and resources, navigating these challenges and taking charge of one’s financial future becomes a lot more straightforward.
So where do you start? Here are some tips to help you take control of your finances:
💼 Seek external help: It's always a good idea to seek help from external sources when you're facing uncertainty and need some guidance. There are a range of services out there that can help shed light on the unknowns and provide you with clarity and insight. One particularly effective option is financial coaching, which not only fills knowledge gaps but also creates a welcoming space to talk about the emotional side of things with a supportive expert.
📚 Educate yourself: Read up on personal finance and investing, attend workshops or seminars, and seek out online resources to help you make informed decisions about your money.
💰 Understand your worth: Be aware of the gender pay gap and negotiate for fair compensation. Regularly evaluate your salary, discussing raises when appropriate, or seek out career alternate development opportunities.
🚦 Plan for career interruptions: Whether it's taking time off to care for children or elderly relatives, it's important to plan for these interruptions and consider their impact on your financial goals.
⏰ Invest for the long-term: Look into long-term care planning options and start saving early for retirement. Don't let short-term expenses get in the way of your long-term financial security.
Remember, financial planning is not one-size-fits-all, and it's never too early (or late) to start taking control of your finances. With the right tools and support, you can achieve your financial goals and build a secure future for yourself and your loved ones. 💪
Have you faced any unique financial challenges that you successfully overcame? Share your experiences and tips in the comments below! 💬
Source: Unbiased