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Financial Mistakes Women Make

July 22, 2014

I particularly enjoy helping women with money.mistakes women make

Not that men don’t need help too; they do. It’s just that women often feel underserved, ignored and confused by the financial services industry and the jargon that goes with it. I couldn’t agree more. In fact, our industry still has a long way to go to meet the needs of both male and female customers.

And, it doesn’t help that male financial advisors outnumber female advisors by more than 3 to 1 (source: CNBC, March 2014). Let’s hope this will change. While I hate to stereotype, I do believe that women finance professionals can often better relate to the needs, goals and desires of other women around money. Studies show what women want MOST from their money (and, more so than men) is security, independence, freedom and the ability to leave a legacy.

I enjoy following the financial wisdom of Sallie Krawcheck, past head of Merrill Lynch and Smith Barney.  She is smart, honest and speaks in plain english. Here is one of her posts entitled Top 10 Financial Mistakes Women Make. Which ones are you guilty of? I am guilty of #4 and #9. We financial professionals aren’t perfect either!

I will also add two more to Sallie’s list;

1) Not getting educated in personal finances– Their are many excellent sources for financial learning at your fingertips. Take some time to read about areas you need to improve in. Whether it’s saving, spending, investing, taxes or retirement planning, your learning will last you a lifetime.

2) Not having a financial plan– Even a simple plan counts-it doesn’t need to be complicated to be useful. Studies show that only 1/3 of women have a financial plan. This is particularly disturbing given the following 2 facts; 50% of marriages end in divorce and the average age for women to be widowed is 56. In other words, if you’re not alone today, the chances are good that you will be at some point in the future.

It’s time to admit our mistakes and move forward. Even small steps matter!

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