This is according to a recent research report on the black middle class by the UCT Liberty Institute of Strategic Marketing. The report shows that women are fast emerging as primary income earners who make financial decisions for and on behalf of their families.
In my experience spanning over fifteen years in the financial industry, it has been heartening to see how women have embraced change. From being historically side-lined when it comes to managing money, to attending planning meetings with the motivation and enthusiasm to grow their wealth. Yes, we may still lack a bit of confidence, and we may still feel slightly overwhelmed with complicated financial jargon, but more and more women are starting to take control and get involved.
Of course, I still meet women who hand over the financial responsibility to their male counterparts or have no interest in anything financial. And this is why I always insist that both partners in a relationship attend planning meetings together. If you are a couple, a plan can only be successful if you both work toward making it happen.
Women simply cannot afford not to be involved with money. The very fact that women, on average, live longer than men is one of the many reasons why. Chances are, at some time in your life, you will have no choice but to manage your own money. Many of my divorced or widowed clients are a testament to this. Whether single, widowed, divorced or happily married, you have to build the courage to plan and manage for your own financial wellbeing.
But money is different for women. And that’s ok. Women face unique economic challenges as primary caregivers and see money as an enabler to nurture and care for their families. Women don’t only plan for themselves, they plan for the future of their children and often, their parents. They instinctively look beyond immediate, short-term money needs to the long-term security of their futures.
Women talk differently about money too. When I sit in meetings with women, we talk about values, goals and dreams, and we plan to integrate money goals with life goals. I can attest to the fact that women make great clients – once we have a plan to work towards, they generally stick to it and adjust their money habits to make it happen.
Women bring so many positive attributes to the table, and for this reason, should feel confident to stand tall and rightfully take their place in the meeting room when it comes to family finances. Still, it could be tricky to find a planner that you resonate with. To guide you in your decision-making, I have put together a few pointers that may help you decide. Your planner should:
I encourage all women to find the courage to take the lead in their own financial futures. You deserve to be confident and to rightfully stand your ground in this arena.
Always remember, when it comes to your money, be inspired, be brave and be on purpose,