What Does Financial Empowerment Mean To Women Today?
August 14, 2019 by Kate Warne, Ph.D., CFA
Women have compelling reasons to take a long-term approach to planning for their financial future. They live longer than men, a growing number are their family’s primary breadwinner, and they stand to inherit a substantial portion of the $68.4 trillion in wealth that will be transferred over the next 25 years. Yet a recent survey by Edward Jones found that many women prioritize immediate needs over long-term goals. Retirement planning in particular remains an afterthought. The Female Financial Empowerment survey revealed that while women are demonstrating greater financial confidence, challenges persist.
For example, when asked to choose what best defines financial empowerment, the most popular answer was “becoming debt free,” followed by “living a desired lifestyle.” These choices underscore how women may focus on short-term priorities over long-term needs.
As financial advisors seek to better serve their current and potential female clients, the survey findings offer insights into how to attract and empower clients to help them achieve their financial and life goals. The survey showed seven out of 10 women say they feel confident in their financial knowledge, but research shows that 66 percent of women have never consulted a financial advisor.
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