Before the pandemic, 49% of the women surveyed in the Allianz Women, Money & Power Survey (2013), stated their number one money fear sounded something like this:
I’m afraid I’ll end up penniless and homeless in retirement.
This is a fear I hear about more often than not from women who come in for money coaching. Here’s an interesting article, Women’s Surprising No. 1 Fear that describes what is known as the Bag Lady Fear. It discusses the findings of the Allianz study, which states that
…more than half of married women see themselves as chief financial officer of their households, 56% percent of single women compared to 43% of married women and 54% of divorced women fear deep down becoming a bag lady.”
The fear is even more prevalent now because of the economic uncertainty of sheltering in place. If this strikes a chord with you, please know that you are not alone.
It’s no secret that we women face several financial challenges, especially in retirement, which men do not.
But here’s the good news!
Studies also show that when we women take charge and reach out for help so we can become educated about personal finances (and preparing for retirement especially), not only do we increase our confidence with money, but we end up with a much higher chance of being able to take care of ourselves in retirement when we can no longer go to work.
Which is why I’m so passionate about women’s financial empowerment.
The bottom line is this when we decide to transform our relationship with money, it changes our entire lives. We need not feel intimidated by the idea of dealing with our money. For us women, money brings up uncomfortable emotions. But, there are powerful ways that we can learn to address these emotions.
The result is we actually become better at owning our value, charging what we’re worth, and earning more money. We become better at spending, saving, and investing our money for the future, too.
If you feel uncertain or overwhelmed about the financial decisions you need to make due to the coronavirus and would like to get my feedback, go ahead, and schedule a 15-minute Q&A call with me. Sometimes all we need is a sounding board, and I’d love to help.
I hope you take me up on this offer. Your financial peace of mind and wellbeing is more important to me than you know.
Here’s to your financial empowerment!
Hello, I’m Patti Fagan. Women’s financial empowerment is my passion! I am an award-winning money coach and Ramsey Solutions Master Financial Coach, dedicated to helping women transform their money relationship so they can experience financial peace of mind, and enjoy life knowing they’ll always have the money they need to take care of themselves and their loved ones.