Women Empowered Financially

As women, we want to know that our loved ones are taken care of, that we can weather any storm the future may hold, and that we can achieve our dreams. However, statistics show that a majority of women are not actively involved in the long-term financial planning in their households.

Finances are an area that we don’t often associate as an expression of love and care. But quite the opposite is true! When we take an active role in our family’s finances, it is not only an act of caring for ourselves, but it also is a practical way we show love for others.

Financially Empowered as an Act of Self-Care

Do any of these thoughts feel familiar?

If my spouse would die first, I wouldn’t know how to access our investments or know how they work.
I’m not sure how much we should be saving for retirement.
I don’t know how to start planning to buy a house while I’m still single.
If my marriage ended, I wouldn’t know how we spent and invested our money. My dad usually lets me know how I should handle my finances.

None of those things are inherently wrong by any means, but the truth is that women have taken a backseat to personal finances both historically and even still today. According to a 2019 study by UBS, 58% of women prefer to leave important financial decisions to their spouses.
While this may not appear to be an issue, consider how this lack of involvement could impact you should your spouse pass away or if your marriage were to end in divorce.

Just 16% of women 85 and older are still married. That’s partially due to women having a longer lifespan than men. And yet, just 25% of women feel very knowledgeable about planning for income in retirement. This is a concern when statistics are showing that the majority of women will at some point in their life be the primary decision-maker when it comes to their finances.

But your sole motivation for taking an active role in your finances shouldn’t just be a contingency plan. When women take the time to understand and be a part of making financial decisions, they are actually empowering themselves to use finances as an act of self-care. In the same study cited above, UBS found that when women shared in the responsibilities, they had a higher confidence in their financial future and they were less stressed about finances.

When women are involved financially, they are affirming that their future, well-being, and security are worth investing in. They care for themselves by increasing their confidence and reducing their stress.

Financially Empowered to Show Love to Others

Women often have a heart for service and care deeply about the people in their life. They have a desire to provide for those they care about, whether that is for parents, children, close friends, or a cause they hold dear.

But how often do we associate managing our finances with an expression of love?

By being involved in our finances, women are able to make sure those they love are cared for and that they can support causes they are passionate about. When they take the time to understand their finances and give input, women are able to ensure those closest to them are loved and provided for.

When women are also prepared for the loss of a spouse, they show care for their family as well as themselves by providing security in the knowledge that all the financial details would still be taken care of. And when women model the importance of everyone in the family participating in the finances, they show their children that they too can be empowered to plan for the future, handle money responsibly, and achieve their goals.

At 210 Financial, we know women face unique challenges when it comes to finances. Whether you don’t have any background in finances or you are looking to learn more, we would be honored to help you move forward intentionally.

210 Financial is more than just numbers. The “210” in our name stands for a childhood home that represented safety, love, and family. That is what we want to provide for everyone that we care for.

Welcome home. Welcome to 210.

This content is provided for informational purposes only. 210 Financial is an independent financial services firm that utilizes a variety of investment and insurance products. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and 210 Financial are not affiliated companies. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by 210 Financial. 1228572 – 2/22

Content prepared by Savage Content Collective