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Women and the Nation’s Wealth – by Cynthia Fick, Founder and President of Financial Life Planners

Over half of the wealth in the United States now lies in the hands of its women. In fact, we are the single largest economic force in the country. How are we doing? Even though we handle 75% of the family finances and earn 50% of the income in the majority of households, only 25% of us feel confident in managing money and taking action toward our financial priorities. Ninety percent of women will be responsible for managing their money at some point in their lives. Are we ready?

One of the valuable trends coming from the economic downturn is women are talking about their finances, sharing ideas and information. This is big. Money is typically a taboo subject, but in a spirit of “we’re all in this together,” women are opening up.

  • Take responsibility for increasing your money confidence. Life coaches, financial advisors, and blogs are focusing now on women and money. Find a resource that rings true to you.
  • You’re the biggest sector of potential financial services consumers. Take charge. Be discerning. Don’t get thrown off track or discouraged by what you read or watch on TV about others’ achievements. Start where you are. Take comfortable steps so you can experience success.
  • Uncover your money attitudes and beliefs. Search online for money attitudes, find a questionnaire, complete it, see what’s holding you back, and make a shift toward letting it go, or let it go now.

My best advice:  Learn to make financial decisions based on the money attitudes that support your future and sense of well-being. Find a meet-up group for women and finances or start your own and support each other.

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