Let’s face it: Even though women live longer than men and will logically need more money in the long run, we aren’t so into financial planning. It's our fear of being a bag lady that keeps (most of) our savings accounts flush, but we’re don't always invest our yams elsewhere. However, the tide may be turning.
More money management seminars and chats are popping up across the country using language people can actually understand. All this change is leaving financial executives like Cindy Hounsell, president of the Women's Institute for a Secure Retirement, ready to scream in exasperated joy.
"I was on a panel where I almost fell off my chair," she says. "Someone was sitting there with a slide from a big consulting firm saying that people want simple, straightforward information that helps them make changes in their life. And I feel like I've waited 25 years to hear that." …
"We don't want wealth management gobbledygook that we can't understand," she says. "A lot of the studies show that women want somebody that they can talk to, who will say, 'How old is your mother?' And 'Who is caring for her?' and all those things. Well, they haven't been trained like that."
Again, as women, we’re often great at saving and leery of investing, though after the 2009 recession that fear is understandable. On the other hand, NPR says men are drawn to the risk (of losing money) because of their testosterone. However, when women push away their doubts, we rack up more dough than men because we’re better at thinking long term.
Over the years, who controls and makes the most money in American households has changed. These days more women are likely to be single or make as much, if not more, than their partners. But our attitudes toward money are not progressing like our bank accounts.
"The millennials seem to be trending back towards relinquishing control," says Wendy Weaver of FBB Capital Partners. “Whether that be, 'My spouse will take care of it,' or even, 'I'm still at home so my dad takes care of it.' "
She also noted that women can be too emotional even when they’re bringing home the most bacon. They’ll worry that their spouse will think they don't trust them if they don't let their significant other handle the money or they are too nervous to invest period. Weaver says get over it.
"That emotion has to be removed," she says, "and just look at money as a tool, and a means to an end."
Image via Steigele/Shutterstock.