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How Finances Differ from Women to Men: Unique Challenges Women Face

How Finances Differ from Women to Men: Unique Challenges Women Face

Headquartered in Ruston, Louisiana, Argent was formed in 1990 and traces its roots back to 1930. Financial priorities for women change throughout their lives, especially if they take on caregiver roles, obligating them to leave the workforce and lowering their total earnings.

And although debt has its uses, it represents an opportunity cost. You will have to adjust your budget to pay off the credit card, and you’ll end up paying more for that car repair in interest. Amanda says that one of the ways she and Abe are helping the children to value money is through the use of smart card technology and a money management app and card for parents and kids that tracks spending. Jean admits she still worries about money, but working with a financial planner has helped give her peace of mind. Members of the LGBTQ community may prefer a financial planner who is also LGBTQ, an ally, or who specializes in their unique needs. You can search by location and service, and while there isn’t a way to filter by gender, each entry does include a name and often a photo. There are also details on planners’ services, minimum asset requirements, and languages spoken.

But looking at your situation another way, you actually have a greater degree of freedom because you don’t have anyone else to worry about. As a result, you can take chances others may not be able to — within reason. The first step in securing a confident financial future is finding a planner you can trust. If you trust your advisor, it’s easier to discuss financial stressors with them and work together to get anxieties under control. Your specific and actionable financial plan should quantify long-term goals. Some common items to keep in mind include retirement, large purchases, and funding education for your children. Understanding fee arrangements is essential in evaluating a professional’s independence in making investment recommendations.

Read more about first steps to investing here.

Women now account for over 50% of purchases in traditionally male-targeted product categories such as consumer electronics, automobiles, and home improvement items. Most experts recommend meeting with a financial advisor to shore up a long-term plan. There’s also free help available through the National Foundation for Credit Counseling. “The first step is to look at where you are spending your money,” Singleton said. That will allow you to identify the regular expenses that could be siphoning money away from your long-term goals.

There is freedom to being a PANK, but there are also challenges — we can use our resources for family and travel, but are also entirely responsible for our financial futures. That’s why, for single women, it’s important to have a savings and investment plan and to start as early as possible. Angela Dorsey is the founder and financial advisor at Dorsey Wealth Management, a fee-only financial planning firm based in Torrance, California, helping women prepare for retirement. That background gave her the tools to couple with her passion for empowering women to make the best financial decisions possible. Look for a financial planner who talks with you about risks, and what you are and are not comfortable with. Make a list of questions in advance including whatever aspects of planning you may not understand, and ask as many questions as you need.

Choose from planners who focus on women business owners, entrepreneurs, and doctors, single women, divorced women, and more. According to Stafford, the pandemic has also made financial planning incredibly important for women. If you read to this point, you have successfully learned how to financially plan for 2024 as a woman. By implementing the ideas in this piece, you would be ten times more aware of your finances and prepared for the future. Ali Swart, CFP® is the Managing Director of the Wealth Planning Department, where she develops and implements comprehensive, goal-based wealth planning strategies for Waldron’s clients. By prioritizing these introductory questions from the start, advisers can establish a stronger foundation of trust and understanding with their clients.



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