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  • Writer's pictureSarah Carlson

Financial Planning for Women

Financial planning for women can be daunting and often overwhelming. We face more issues regarding our financial future than men, especially in these uncertain times. Because of covid-19, many women face complex retirement planning. Is financial planning worth it? By getting a financial professional’s help, you can overcome the many challenges you may face and confidently build toward your steps to financial planning.

When covid struck this country, many companies suffered greatly, and unfortunately, a large portion of the companies that suffered was run by women. This caused the unemployment rate of women to skyrocket.

An interesting financial planning quote by Melissa Kivett states, “... sending the unemployment rate for women to 16.2% in April 2020, nearly three points higher than the rate for men. That marked the first time the unemployment rate for women hit double digits since the Bureau of Labor Statistics began reporting data by gender in 1948.” (Women’s Financial Challenges Just Got Greater)

She goes on to discuss how women were further impacted by the pandemic when daycares and schools shut down, which forced many working mothers, and single mothers to have to stay home. These unfathomable and ultimately unexpected life changes take a significant toll on a woman's finances. Going from a steady job to unemployment while worrying about rent, mortgage, mouths to feed, and so on is not an optimal position. So, retirement becomes the last thing on anyone's mind and the steps to financial planning can be difficult. The article goes on to talk about how the pandemic causes a lot of unease on the working women in this society.

Women's Salary Compared to Men's

Women have been unequally paid since they entered the workforce and unfortunately this is still the case today. Women still do not receive the same pay as the men in their fields and they do not receive the same amount of promotion and pay raise opportunities that men do. This is coupled with the fact that many women end up responsible for the care of others in their lifetimes, children or elderly, which causes them to reduce hours or quit their jobs.

Kivett says “In one survey, more than 40% of mothers said they had reduced their work hours to care for a child or family member, compared to 28% of fathers. And more than a quarter of mothers said they had quit their job to care for a child or family member, compared to just 10% of fathers.13 More than 80% of the care delivered to older adults is provided by family members or friends,14 and three-quarters of long-term caregivers are females.”

The sacrifices these women have to make to care for those around them can end up causing them a lot of money and an inability to sustain themselves throughout retirement. This is why it is important to find a financial professional that you can trust.

Financial Planning Solutions

By finding someone you trust to guide you through your most uncertain financial decisions you set yourself up for success. As a financial advisor, I can help you to formulate a long-term plan, setting you up for success in your money goals and prepare for the long future. On another note, women tend to live longer than men. It is important to be comfortable and confident that you have enough saved, no matter how many years lay before you. A financial professional like myself can help you set your sights on a realistic attainable goal that accounts for the risks and setbacks women might face with financial planning solutions, like the examples listed above.

I will walk you through your early career days advising on how and when you should begin saving, including how much should be saved each month. I can even help you better understand how to take advantage of the benefits that may be offered at your current job.

Through the middle of your career you will see how much your living expenses cost currently and if you see that changing soon or staying relatively the same. This will help you determine how much you need to have saved by the time you want to retire to live comfortably. By finding a trusted professional to help with your financial planning solutions, you allow yourself to relax into your plan and not have the stress and dread of an uncertain future.

Is financial planning worth it? Absolutely. Let me support you! Reach out today and let’s start building the foundation of your financial stability!

How can I Help You Live Your Desired Lifestyle?

I’m offering you a complimentary one-on-one session where we discuss your goals and dreams. Let’s chat, I’d love to listen and understand your unique situation.

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