When it comes to women and money, anxiety can often ensue. Yes! Women can reduce their anxiety over money by making smarter moves.
Over the course of a half-hour conversation, a new client used the word “anxiety” four or five times when talking about her finances.
We addressed the fact that when women learn to make smarter money moves, they can reduce anxiety more than they may realize!
This isn’t an unusual conversation by any means. Feelings of fear, anxiety, and insecurity are common for women around the topic of retirement planning.
According to TIAA’s just-released Financial Wellness Survey, the research points out that only about a third of women (31%) are saving for retirement, compared to 44% of men. More men–35%–are confident that they are on track to living comfortably in retirement without running out of money, compared to just 19% of women. TIAA also points out that in its 2013 survey, the confidence level gap was only nine percentage points.
Women and money as it applies to the household
Most women are actively involved in managing our households’ finances. One survey showed that 52-65% of U.S. women are taking the lead role! Women’s anxiety around retirement preparedness contrasts sharply with our otherwise confident and engaged behavior in deciding household budgets. It is for certain that anxiety can truly be reduced through smarter money moves.
Upon speaking about her book Lumination: Shining a Light on a Woman’s Journey to Financial Wellness, author Heather Ettinger noted that many women are stuck in the “Fear Zone” when it comes to retirement planning.
This fear often stems from:
- Lack of education around financial planning, and
- Not knowing who you can trust. That applies when you’re ready to turn to professional help.
To use Ettinger’s phrasing, “becoming educated about personal finances puts you in the learning zone. Which eventually leads you to the “confidence zone.”
Envision Wealth Planning is passionate about educating our women clients. We create personalized steps to lead women out of anxiety and into confidence!
Click here to initiate a conversation with me to see how you can start reducing your financial anxiety through smarter money moves.
As a financial consultant, specializing in the financial needs of women, Kathleen Connors understands that you want to work with an adviser who is relatable and trustworthy. She focuses on life’s unique goals and takes the time to educate women and families about their financial future. She is also passionate about helping women reach clarity and confidence around their finances. No matter where they may be in their life’s journey. Kathleen brings warmth and compassion to the financial planning process, with no judgments.