ARE YOU MONEY INSECURE?

For a long time money was my biggest insecurity, second to my body image. In fact, insecurity around finances outlasted insecurity around my body image. This is one reason I am obsessed with helping women improve their financial wellbeing as much as their physical and mental wellbeing.

I was not alone in my insecurity around money and finances. Women in general are less confident than men when it comes to money/finances. A 2021 study from The George Washington University found that women are less confident in their financial literacy than men, yet know more than they think. This lack of confidence can in-part explain lower levels participation in the stock market (Financial Literacy and Stock Market Participation). This is one reason I am obsessed with helping action-oriented women build a life on their terms.

A 2020 study by Fidelity Investments found that only 47 percent of women felt comfortable even talking about finances with a financial professional, compared to 77 percent who felt comfortable talking about medical issues with a medical professional (Part-Time Money, 2020)

Women typically have more negative emotions associated with financial planning; start later than men; and are less engaged in financial education resources (like podcasts). All while valuing financial security (US Bank, 2020).

Women value it and yet are less likely to engage in ways to achieve it. Now, of course there are systemic issues, such as the pay gap that are not in our direct control to change. However, the pay gap and other systemic issues added with our tendency to outlive men are exactly why we have to get over this insecurity and up our financial confidence and literacy.

Over the next month, I’ll be sharing insights, tips, and resources to get you started doing just that.

I’ll look at income diversification, the importance of a screw you fund, the benefits of a side hustle, and more.

For now, I’ll share one of the most important action steps you can take: Get a financial advisor.

You do not need to be rolling in dough to afford one. Everyone needs one. Reach out to friends, family, and colleagues for recommendations. Meet with several and find one that fits your personality, goals, and current place in life.

You can also search the National Association of Personal Financial Advisors: https://www.napfa.org/find-an-advisor

Getting a financial adviser is like getting a coach for your fitness goals. They will meet you where you are at and counsel you on where you want to go. They will help you educate yourself so you can reduce your share of that confidence gap and model financial literacy for other women.

In a way, by taking control over your own financial prowess, you show other women that they can too. The ripple effect might just be enough to effect the larger systemic hurdles.