Our recent survey of hundreds of women and couples suggests that women should think of getting involved in their financial life as a form of self-care, much in the same way as you take care of your health. Here are three actions women can start taking on their finances today.
1. Own your worth
Know where you stand and what you want for the future. Take the time to add up your assets and liabilities, like loans, credit and other debts, and ask for full transparency from your partner.
Ask yourself a series of questions to help in framing your needs:
- What do you want to accomplish in your life?
- Who are the people who matter most to you?
- What do you want your legacy to be?
- What are your main concerns?
- How do you plan to achieve your life’s vision?
Then think about your wealth along three key dimensions: liquidity, longevity, legacy. Eight out of 10 women believe organizing wealth in this way is a good financial strategy.
To help maintain your lifestyle
- Entertainment and travel
- Purchasing a home
To help improve your lifestyle
- Healthcare and long-term care expenses
- Second home
To help improve the lives of others
- Giving to family
- Wealth transfer over generations
2. Find your voice
Start the conversation with your partner. Talking about money is considered taboo to some couples, particularly before they are married. For example, men and women come into relationships with different attitudes toward spending and saving. Some couples would rather stay silent than provoke an argument.
But if you found yourself alone tomorrow, do you know what you’d do to make sure you’re financially secure? There is a tremendous benefit to having open communication about money with a trusted confidante, a Financial Advisor or peers.
3. Set an example
Model financial partnership for your family and loved ones. According to our survey, women are repeating the gender roles they saw growing up. As you begin taking a more active role in your finances, you can set an example of financial partnership for the younger generation.