Historically, financial planning has been a man’s responsibility. Over the past decade, though, wealth management has shifted toward becoming a female-forward endeavor.
In a recent study, Forbes reports that women are taking the lead in finance; they are now key decision-makers. Nine in 10 women who live with a spouse or partner say they are directly involved with financial decisions in the household.
It is evident that men and women hold different strengths when managing finances. For example, women are more likely to maintain emergency savings funds and allocate more money toward familial goals (i.e., family trips and college savings funds). On the other hand, men are more prone to taking risks and pursuing business ventures. Risk-taking leads men to tend to see more financial growth, more often.
Why does this matter? According to The Wall Street Journal, women control over half of the personal wealth in the United States. This number will only grow in the coming years.
Research suggests, though, that when women do invest, they yield higher rewards. This is due to the fact that women often take careful action and spend more time researching, leading to an outperformance of their male counterparts.
It’s important that women take the lead on their finances because nearly all women will be the sole decision-maker for themselves and their households at one point in time. No longer is the man always responsible for financial allocation. Women are actively budgeting, goal setting, spending, and investing toward their ambitions.
Educated financial decision-making is key to continuing the growth of women in the finance industry and ultimately closing the wage gap. When taking control of your own finances, it is important to seek out the right financial advisor to trust that will assist you with wealth management.
Some local options include:
CPS Investment Advisors is a fee-only, independent financial advisory firm headquartered in Lakeland.
The Future Mill
The Future Mill offers investment management, advisor access, and retirement planning to young professionals on their wealth-building journey.
Allen & Company
Allen & Company is Florida’s oldest investment firm, building relationships and financial plans for over 85 years.
CORE Wealth Advisors
CORE Wealth Advisors offer comprehensive investment services, financial planning, and wealth management options for your distinct needs. Their mission is to help you manage your assets wisely and give you confidence for the future — wherever it may take you.