FINRA has investor education materials such as BrokerCheck, which provides insight into firms and financial advisors.
Women & Financial Well-Being
A handful of studies have been conducted concerning women and financial wellness, most of which have revealed that females are typically at a disadvantage regarding their financial well-being. This is often the result of financial service industries catering to men in the past. A lack of female focus has created a slight gap in investment pursuits, with studies showing that women are generally less likely than men to invest - and less confident when it comes to investing. At the Wright Choice Financial Group, we know that everyone has the skills to invest in their future. Everyone deserves a financial education that turns those skills into powerful, applicable tools. That is why we believe it is vital to focus on financial planning for women, building every client's confidence equally regarding their investments, finances, and future.
It is well known that women tend to live longer lives than men. However, this longer life span does not pair well with a disadvantage in financial well-being. Instead, women should be at the forefront of focus when it comes to financial planning, given that they tend to have a longer life to plan for. Investing, especially for retirement, should be a top priority for our female clientele.
Studies have shown that women tend to retire early yet have less money saved when that time comes. This lack of savings coupled with a longer life span becomes a problem when we consider the medical expenses that will likely accumulate as the woman grows older and requires greater care. Failing to prepare for these patterns could spell out financial trouble in a vulnerable time. Instead, women must prepare for their future via financial planning that acknowledges these unique (and often overlooked) factors.
Another factor that is often overlooked when it comes to financial planning for women is the amount of time a woman is removed from the workforce. Interruptions such as childbearing, raising, or general family care tend to impact women more often than men. As a result, females become vulnerable to a loss of accumulated wealth compared to their male counterparts. This leaves women with less money to invest and can help perpetuate the lack of confidence women have when investing.
Planning for these fluctuations can help alleviate loss in earnings and opportunities. Creating a financial plan that understands and acknowledges these potential patterns will allow women to discover ways of investing aligned with their lifestyles.
In general, there is an abundance of factors that impact females and their financial well-being - factors that are often disregarded or overlooked. These lesser-known patterns and averages have a considerable impact on women’s financial wellness. The best way to combat them is to create a financial plan tailored uniquely to females, their lifestyle, and their futures. At Wright Choice Financial Group, our clients are our priority. That means prioritizing their unique needs, situations, and any stipulations that might impact them. Since our plans are always personalized, you can be sure that female financial planning will always consider the subtle differences that have given women a disadvantage in the past. That way, we can turn it around to create the most advantageous version of their future.