Why Women are Different
Although it can be difficult to generalize, the biggest difference between men and women investors is that women are more goal oriented than men. According to Kathy Murphy, President of personal investing at Fidelity, “Women have long-term goals, and they stick with the plan.” Women concentrate their efforts on saving and investing for their children’s college fund or retirement, rather than trying to outsmart the market. This is good news, especially because due to women marrying later, divorcing more, and often outliving their spouses, 85% of women will possess sole control over their finances at some point in their lives.
However, the reality is that women still face many challenges. On average, women spend 12 years out of the workforce caring for children, earn less money than men, possess less in savings than men, receive less in retirement and Social Security benefits than men, and live 5 years longer than men. Due to a combination of all these factors and more, women are considerably less likely than men to actually be saving for retirement (55% vs 65%), and as a result are more concerned than men (75% vs 68%) about their ability to meet their retirement goals.
Unfortunately, the bottom line is that women are not confident when it comes time to assume the full responsibility for protecting their family’s assets. Although women are also more likely than men to receive help from a financial advisor, women don’t often know where to find trusted advice or don’t know the right questions to ask. At Taylor Financial Group, our principal Debra Taylor understands the unique struggles that women face and works to help women through their difficult times. We possess experience in helping women through a variety of life transitions, including career transition, divorce, illness, or the death of a loved one. We use our background in investment planning, estate planning, retirement planning, and tax planning to help women navigate their futures and to provide women with personalized, goals-based plans. No matter what stage of life a woman is in, we are aware that what one woman wants can be very different from what another wants, and we approach each relationship with that understanding.
Watch these short videos, as Debbie discusses financial planning considerations for women and how we serve women.