Women have always been part of the financial picture. Financial planners and advisors need to be more attuned to the needs of women today than ever. More women than ever are breadwinners, are on their own unexpectedly due to death or divorce, need long-term care and need portfolio income well beyond when prior financial plans said they would.
Perhaps most important:
More women than ever aren't prepared.
Why Taking Action Matters
We've been listening to our clients for years and paying very close attention to the ongoing research about women and their wealth. We do not generalize and we do not make assumptions, but we will share some observations that ignited a passion and a sense of urgency within us to dedicate our expertise in areas specifically affecting women.
• Only 18% of women are confident they will maintain their lifestyle in retirement. • 27% of affluent women fear going broke and being homeless. • Just 23% of breadwinner women feel very well prepared to make financial decisions. • Women are more collaborative, more focused on household expenses and not becoming a financial burden on loved ones. • 3 out of 5 women over the age of 65 cannot afford to cover their basic needs. • 45% of women are saving less since the recession began. • Between ages 75 and 84, more than 60% of women are single or widowed. That number jumps to 87% after age 85. • 86% of women do not know how to invest or choose a financial product.