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Do Age and Culture Affect Women’s Financial Planning Decisions?

MP900178801The East Oregonian examined a recent Prudential Financial study entitled: “Financial Experience and Behaviors Among Women.” While it is true that ” the need for retirement security cuts across all social, gender and ethnic lines,” the article highlights the ways in which your age and cultural background may influence your financial planning decisions.

When you are examining your finances and working on retirement planning, you need to work with someone who is willing to listen and consider your particular needs: consider a Fee-Only financial advisor.  Fee-Only financial advisors take an ethical, all-inclusive approach to your financial future. They are without commission-related conflicts of interest and dedicated to providing you with options and opportunities that are the right fit for your needs. 


The study found that women of all ages feel “they are way behind or haven’t started” retirement planning. However, there are some interesting contradictions among younger women who were “more likely to feel in control” about financial decisions but are also “less likely to say they are well prepared to make wise financial decisions.” It seems the older women surveyed felt wiser but less in control.

Cultural Background

Rather than break it down by specific cultural groups, we’ll share some of the women’s concerns because these issues exist across cultures:

  • Being a burden on family
  • Helping extended family
  • Lowering debt
  • Starting a small business
  • Fear of outliving savings

No matter what your background if you have these concerns, working with a professional can help you plan in ways that will serve to lessen your anxiety. As the article notes, “Although it might seem intimidating, a qualified financial professional can offer an unbiased opinion and balanced perspective on your true financial situation.”  If you only consult with friends and family you might miss out on valuable perspective that could help you secure your financial future.