Divorced, Widowed or Never Married Women: We Need to Plan for the Future
Women, you are not alone if you are procrastinating on organizing your finances and planning for the future.
I recently came across the Fidelity Investments' Single Women & Money Study, which revealed that many single women (including those who have never married, those who have experienced divorce, and those who have outlived a spouse), need to take a more proactive approach to growing and protecting their money.
Despite the ability to take a long-term perspective, single women may be missing key opportunities to safeguard their futures. While 97% of single women believe it is important to manage their money, factors holding them back from taking action include under-estimating their own financial knowledge and experience, not creating a financial plan and saving too heavily in cash.
“While most single women associate their finances with positive sentiments like security, peace of mind and being in control, they also see their finances as a cause for stress and worry, more so than their male counterparts. Overall, one-in-three single women say they are concerned about their finances, compared to just one-in-five single men.”
To help reduce concerns, women in all life situations can be better prepared to reach their future goals by:
Clearly outline what you own, where it is, how it is titled, and named beneficiaries
Document your money goals
Work with a financial planner to create a holistic financial plan that accounts for your unique situation and goals
Make sure you’re investing and not just saving
Check on your financial status at least annually
“Women have more financial earning and decision-making power today than ever before,” said Kathleen Murphy, president of personal investing at Fidelity. Clear Springs Wealth wants women to seize the opportunity to own that power and exercise agency to propel their financial lives forward for the better.
See the link to the full Fidelity article HERE.