More Women Report Prioritizing Day-to-Day Expenses Over Their Financial Future Because of the Pandemic - Seite 2

“It’s so important for women to feel confident in making financial decisions – that’s why one of our top objectives at The WISE Group is educating female clients on the importance of comprehensive financial planning, so they are better prepared to take charge of their financial lives,” said Grossman. “Women tend to approach personal finance a little differently, which is why we develop educational materials specifically for women, as well as make them available to our male counterparts. We are committed to ensuring all our advisors have the resources to best serve the wider female marketplace.”

Helping Women Take Action

While there is still more to be done to close the financial gender gap, the good news is that 70% of women want to better protect themselves and their families financially. As part of Lincoln’s ongoing effort to raise financial awareness among women, Grossman recommends these three tips to help achieve that goal:

1. Create a financial plan. Consider hiring a financial advisor who specializes in financial planning or maximize online budgeting tools, calculators and other resources to get an accurate financial snapshot. Be sure to put goals in writing. Leverage any employer-sponsored financial wellness programs to create a personalized action plan that addresses issues like building an emergency fund and paying down debt. Tap into employer-sponsored benefits including voluntary solutions like accident and critical illness insurance, as well as retirement plans. Women have longer life expectancies than men. Plan for that longevity. Save more for retirement now to fund extra years of retirement later.
   
2. Take financial ownership. Review retirement and other account balances to determine areas of progress and any parts needing improvement. Make a plan to fill any gaps and determine income projections. Women should initiate regular conversations with loved ones to discuss retirement and their financial future. Tap into educational materials and conduct online research to proactively understand the benefits of various financial products and solutions.
   
3. Meet with a financial professional. Women, as well as men, benefit from personalized guidance. A financial advisor can help women take a holistic view of their finances, from the accumulation period to and through the distribution phase, while considering asset protection strategies. They can help women think through “what-if scenarios” because life can bring unexpected situations.

“Female advisors have the power to motivate and support each other, then share that contagious empowerment with the women who seek our advice and guidance,” said Grossman. “It is so rewarding to watch our female clients light up when they experience the positive outcomes resulting from their financial vision.”