Women need to talk about money

Women need to talk about money - blog post by award-winning financial coach for women, Patti Fagan

One of the most important aspects of being a financial coach is providing a safe space because women need to talk about money. As a financial coach, women trust me enough to have intimate conversations about their financial concerns.

It’s a privilege to come alongside women who earnestly want to improve their relationship with money.

In our society, it’s taboo to talk about money.

It‘s okay to talk about your sex life, but not your money.

But women need to talk about money.

We need to continuously increase our knowledge about the various areas of personal finance and retirement planning. We need to have easy access to and understand options, resources, and strategies to support us in securing a safe financial future. If we don’t, retirement could be a rude awakening.

I’m sure you’re aware of the fact that women have been vastly under-served in the financial services industry. One reason is that the financial services industry is still a male-dominated industry, which caters to men.

Behind closed doors, a married woman will sit and listen to the conversation between her husband and the financial advisor in any given financial planning meeting. She never feels she’s “in charge of her finances,” even though she was right there when vital financial decisions were made.

It’s even worse for single women. Many times they feel too intimated to even sit in a meeting with an advisor. And when they do, they often leave the session feeling like the advisor was disrespectful or spoke over their head.

Now I’m not saying this is true one hundred percent of the time. More recently, the outdated ideology of men as chief financial decision-makers is shifting as women become more financially empowered.

The dilemma of women being underserved in financial services is an issue of concern for big financial institutions and insurance companies because they know that women stand to inherit a sizable portion of the $30 Trillion in wealth transfer in the next decade. This realization means an increasing number of male advisors are becoming more sensitive to women’s unique financial needs.

The bottom line is we women need to take responsibility and advocate for our financial security.

When women talk about money, it motivates them to take charge and get their finances in order. It boosts their confidence. It empowers them to make intelligent financial decisions. Women need to talk about money if for no other reason than to hear themselves speak.

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