The gap persists despite women’s increasing levels of education and even widens among higher-income workers. The gender wage gap has remained remarkably stubborn for decades and, inevitably, becomes a significant shortfall at retirement.
Follow these steps to manage your finances effectively and reduce financial anxiety. Despite these positives, McKinsey’s research shows women are less confident in their investment acumen and financial decision-making. Only a quarter of affluent women say they are comfortable making investment and savings-related decisions – 15 percentage points lower than their male counterparts. Some accounts will be better than others given your time frame. With a shorter period—say, within five years—you can consider accounts that offer little to no risk, such as savings accounts, money market accounts, or certificates of deposit (CDs). You can automatically contribute to your emergency fund every payday. You may feel tempted to invest your fund rather than keep it in a savings account where it earns little interest.
Read more about first steps to investing here.
But even if you’ve thought about working with a financial advisor, misconceptions about how the process works might be holding you back. Read on for what you need to know about how working with a financial advisor could help give you the confidence boost you’ve been looking for.
The American Institute of Certified Public Accountants (AICPA) provides resources on obtaining the license. The CPA designation helps enforce professional standards in the accounting industry. Other countries have certifications equivalent to the CPA designation, notably the chartered accountant (CA) designation.
By featuring women’s stories, financial advisors can reflect and establish a connection with women within and outside their target audience. When an advisor embraces and shares stories from women of diverse demographics, and socioeconomic backgrounds, it can expand their reach and create awareness. Financial anxiety can impact other aspects of life, from relationships to careers, until it feels like money is the only thing on your mind.
It can take single women longer to find that next job or recover from a crisis, which is problematic if we have no other source of income to fall back on. A fund covering 12 to 18 months is an excellent amount to cover you in the event of a job loss, financial crisis or health challenge. This money should remain untouched except in a real emergency, so you never have to worry about being able to pay for it. At Argent, our advisors can help assess your individual financial goals and develop a plan for you to start investing in a way that works around your personal circumstances. As a fiduciary, we put your needs first and focus on helping you grow and protect your wealth. Meld Financial, Inc. (Meld), dba Brookstone Wealth Management, is a registered investment advisor.