March is Women’s History Month and this month we will focus on women and finance, connecting the past and the present.
Women in the U.S, have seen a lot of changes and a lot of progress since the 20th century but that doesn’t mean they feel financially secure. An article entitled, “Women have different needs than men for their financial security” posits that women, especially those who support their households, are afraid of losing their financial independence, otherwise known as “Bag Lady Syndrome.” These findings came from a study and while the results are valid, they say little about the numbers of women who are happy to ignore any thoughts of their financial futures. Either way, women need to engage in financial planning.
In the book, “How to Avoid Bag Lady Syndrome: A Strong Woman’s Guide to Financial Peace of Mind,” financial expert Lance Drucker outlines ways how women can secure their financial future. He admits that those who work in wealth management are not necessarily prepared to meet the needs of women. Here are some of his suggestions:
- Figure out what worries you and what you want to achieve. We are often told to figure out our goals but we rarely are told that our fears can also be useful in motivating us.
- Figure out your insurance and estate planning needs
- Figure out how to approach investments. Drucker encourages readers to consider whether or not they have an investment strategy or of they are “just accumulating funds.”
The last piece of advice the article offers is to seek the advice of a financial expert: Studies have shown that those investors who utilize a high quality financial advisor feel more confident and are significantly more likely to stick to their plan versus do-it-yourself investors.
Claire Emory is a Fee-Only financial advisor trusted by savvy women, men, and families in the Washington DC Metro Area who want to keep their financial house in order for their future and for their loved ones.