(ARA) – Women today are adept at making the day-to-day financial decisions in their households. In general, they have absolute clarity around the importance of saving and investing. And for most women, even their financial priorities are well established — from funding college to saving for retirement. The essential missing component? Confidence. It’s that chasm that lies between knowing something, and doing something about it.
According to Financial Experience and Behaviors Among Women a 2008 study by Prudential Financial, Inc., nearly 75 percent of women are caught in the trap of worrying about their financial future, yet not quite sure what to do about it. The study notes the remaining 25 percent are equally concerned about money; they’re just not losing sleep at night. The difference? That 25 percent minority are taking action by asking questions, seeking counsel, and putting a plan in place with the help of a financial professional. They’re turning intention into action, and it’s making a difference. Which category do you fall in? Read on to see how you can cultivate confidence when it comes to financial decision making.
If you feel you need help, you’re in good company.
Starting a business. Raising a family. Running a marathon. There are many things a woman can do on her own. Mapping out her financial future may not be one of them. The Prudential study found that just one in five baby boomers, GenXers and Millennials feels “very well” prepared financially. While generational differences abound, women across the board admit to needing help, which is a great first step. Don’t let pride, embarrassment or simple procrastination keep you from getting the help you need.
Behind in savings? Join the club.
The study noted two-thirds of boomer women nearing retirement are behind when it comes to saving or are in “catch up” mode. Those who are not confident in their potential retirement income have a more limited view of how they might fund those golden years, even anticipating they may need to work during retirement.
Women trust family and friends.
Women are relationship driven. So it’s no surprise that six out of 10 women surveyed relied on a trusted network of friends and family for financial advice. Younger generations relied equally on the Internet for financial information and advice.
The bottom line? Professional coaching leads to action.
Women procrastinate about getting their financial house in order for many reasons. Immediate needs often overshadow long-term goals. Then there’s the fear factor; many women, especially those closer to retirement, worry about making a wrong decision, and so make no decisions at all. The truth is women who engage professional help typically do better financially in the long run. If you haven’t done so already, take that first step towards getting informed, educated and coached toward financial confidence. Because the best intentions will never help you pay bills or put food on the table. Take the first step today to turn intention into action. For more information, visit www.prudential.com/women.
Courtesy of ARAcontent