Financial Experience & Behaviors Among Women -10th Anniversary Study from Prudential http://ow.ly/2iZi4
The 10th anniversary study, “Financial Experience & Behaviors Among Women” revealed that 95 percent of women are involved in household financial decisions, with one-fourth acting as primary decision-makers.
But, while one-third believe that they “need a lot of help” and nearly nine in 10 of those who are looking for a lot of help need guidance on how to choose financial products that meet their needs, women are relying on informal personal networks for advice.
Forgive me but do I see a bit of a disconnect here? Many women need help and guidance with their finances but are using informal personal financial networks for advice. That seems scary to me. Unless, that is, your informal personal financial network is made up of CPAs, CFPs or other savvy financial professionals. I’m not trying to disrespect our loving and well-meaning friends, parents and family members. But, if they are anything like informal network, we’re in trouble. -Most of my informal personal network glazes over when I even mention personal finance, investing, estate planning etc.
Women need help with their finances. I contend that some of that advice should come from professionals. Okay, you say that because I am a Financial Advisor that I’m biased. That may be so. However, I worked with a financial advisor for 15 years before I became one.
Stay tuned for my break down and commentary on this study.
Jane Nowak is a Financial Planner with Kring Financial Management located in Atlanta, Ga. Jane’s practice focuses on Women’s Retirement Planning and Financial Planning for Women. Her articles have been published on line at NASDAQ, Financial Planning Association and Womenetics.com. Follow Jane on Twitter at: http://twitter.com/moneygal2020