Making assumptions can cause a tremendous amount of unnecessary stress and anxiety when it comes to our finances. Assuming the worst can lead us to make bad financial decisions. Or worse, it can cause us to avoid making decisions at all.
The biggest thing that holds women back in their finances is not making a decision.
Because women are often hesitant to become more engaged with their financial affairs, they often make decisions based on assumptions, not fact. Yet, in many cases, when a woman sits down to create a big picture retirement plan, she learns that her future may not be as grim as she assumed.
According to the Allianz Women, Money and Power Study (2017), 37% of women surveyed said they feel somewhat financially insecure. These feelings increased for divorced women.
I find that to be true when meeting with women who want to take charge of their finances. Divorcees and widows tend to worry about money at a deeper level compared to other women. Rightfully so.
However, the good news is that working with a financial coach can significantly reduce feelings of insecurity. According to the Allianz Study, when women work with a financial professional:
- 91% felt more confident and prepared for their financial future
- 88% felt more independent and self-sufficient
- 76% wished they had worked with a financial professional sooner
Don’t let assumptions rob you of your financial peace of mind. Go ahead and give yourself the gift of creating a big picture retirement plan and then use it.
Don’t file it away in a drawer collecting dust. Keep it out in front of you, reminding you that you have a safe and secure future. You have a plan to reach that future. Then assumptions no longer play a role with you and your money.
Here’s to your financial empowerment!
Hello there! I’m Patti Fagan, an award-winning life & money coach, Ramsey Solutions Master Financial Coach, former retirement planner, and sought-after speaker on Women, Money & Retirement. I’m dedicated to supporting women on their financial journey and in healing their relationship with money, so they can enjoy wealth and abundance in every area of life.