We often hear the same concerns when speaking with women, which include;
"Am I putting away enough to create a secure future?"
"What will my golden retirement years really look like?"
"Do I feel confident in my level of knowledge regarding our finances?"
"I am suddenly single and am uncertain as to what to do regarding my finances!"
Many women grow up without financial training; formal or informal, the lack of knowledge and confidence to manage their investments, when suddenly forced to do so, is not only daunting but can carry weighty consequences for their financial future. Studies and/or Surveys have confirmed the majority of concerns women face fall within one or more of the following categories:
- Security - 64% Stated they lacked and the peace of mind knowing they will have enough to provide for them during the golden years1. Women tend to outlive their partners by a minimum of 5 years2.
- Generational Obligation: Starting their own families later in life, they are finding themselves caring for elderly parents and younger children at the same time. (30% of adult children spend more than $10k a year for elder care3)
- Financial Knowledge. Women are holding “in cash” an average of 40% of their wealth4. Further, 41% said they were not at all confident in their investing ability.5
- Suddenly Single: The many challenges of suddenly finding themselves single due to death or divorce and not sure where to start to pick up the pieces.
- Retirement Deficit: 45% of affluent working women say the prospect of living in retirement without a paycheck is a problem they will attempt to solve by working longer.6
- The Rise of the Woman. 8.8% of Leadership positions at Fortune 500 companies are held by women. 7 13M women-owned business in the US in 2018.8 Women start businesses at 2x the rate of men. 9 It’s time we empower these incredible women with the knowledge and benefits of financial planning.
At Edwards & Associates Financial Services, Inc., we believe in educating and coaching our clients in a mutually professional and friendly partnership as we identify and establish their individual retirement roadmap.
1 2021 DC Pulse Survey. The Blackrock DC Pulse Survey.
2 CDC 2021 Report
4 The 2021 Merrill report
5, 6 2013 Wells Fargo Affluent Women Retirement Survey
7 Deloitte 2021 Study
8 Pew Research 2019 Study
9 National Women’s Business Council Annual Report, 2020