Women and Company

One Response to “Women and Company”

1. Sara on January 30th, 2009 6:02 pm
   

   Hi! Here’s also a tip sheet from Lisa Caputo, Chief Executive Officer, and Linda Descano, CFA®, President and Chief Operating Officer of Women & Co., that addresses the financial needs of women!

   Enjoy the tips:

    Assess your financial situation: Every woman’s financial situation is as unique as she is. It’s important to talk with someone who understands your personal situation – your goals, time frame, and risk tolerance. First, make sure you have a financial support network in place – including an attorney, accountant, and a financial advisor. If you don’t, ask your family and friends for recommendations. Women & Co. found that 72% of women are using a financial advisor for information, guidance, or a second opinion. Remember – there is no single answer that will work for everyone. Find a plan and support network that works for you.

    Plan for ‘Time-Out’ periods: Many women take time out from the workforce to care for children, aging parents, or spouses. Often, these time-outs result in reduced retirement savings and Social Security benefits. Meanwhile, with the average life expectancy for women being 80.4 years and that of men being 75.2 years*, 90% of women find themselves outliving their spouse. Women can prepare for the unexpected by maintaining appropriate insurance coverage, and keeping their will, beneficiary designations, and other legal documents up to date. Start saving early, save more, and of course, plan carefully.

    Be a role model: Women & Co. found that 85% of women feel they would have been better off if they had known more about finances and investing earlier in life. Make sure your daughters and granddaughters get an early start by talking to them about money and saving now! Women & Co. found that 94% of women today are talking to their daughters about money compared to 52% who discussed money with their own mothers. Money is the #1 topic of discussion between mothers and daughters today, more than drinking, drugs, sex, and politics. Join the conversation! 92% of today’s women believe they are positive financial role models for their own daughters. Help raise a more financially educated, powerful, confident generation of women by talking to them about money issues early on.

    Stay informed: Information is an important component of financial security! 75% of women today consider themselves somewhat to very knowledgeable about finances. Are you one of them? As circumstances change, we need to re-educate ourselves based on whatever new realities we face, in order to make informed financial decisions. Women & Co. found that the top 3 most important resources for women are: a financial advisor, a spouse or partner, and research. Women also told Women & Co. that hard work and discipline are more important than education and luck when it came to financial success. Continue to seek out trusted sources of information that will provide guidance and tools, as well as the ongoing support you need to work towards your long-term financial goals.

    Clarify your financial goals: Assess where you are now financially by reviewing your net worth, credit score, and cash flow. Ask yourself, “Where do I want to be in 1 year, 5 years, or even 20 years?” Women & Co. found that women are confident about their retirement, with 62% believing their lives in retirement will be better than their mothers’. Work towards your financial goals, including retirement, by reviewing your finances at least once a year and making sure your savings and investment strategies are aligned with your goals.

   There’s also a great convo going on at http://blogs.wsj.com/juggle/2008/10/03/another-role-for-mom-chief-financial-officer/ about their study, Women & Affluence 2008: A Generational Study.

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