Published by Taylor Financial Group (for women)
It’s a given that human beings go about certain situations in different ways. For example, take the simple daily task of brushing your teeth in the morning. While some people brush their teeth the moment they wake up, others wait until after eating breakfast. The decision of when to brush your teeth may not exactly be determined by gender, but other decisions, such as financial ones, can differ greatly depending on one’s gender.
Women can do just about anything men can do (and definitely better!). However, we all know that men like to be in charge of situations, including financial ones. According to a recent study by LIMRA, only about 46% of men shared their financial choices and decisions with their wife, while 67% of women shared financial decisions with their husband. This doesn’t always work out in the men’s favor for a couple of reasons. For instance, according to the same study, women take better steps toward retirement planning, such as determining retirement expenses, figuring out health coverage needs during retirement, and estimating income flow.
That being said, men do lead in two areas of financial planning regarding retirement. First, men are more inclined to calculate how much their retirement earnings and income will be. Second, they are more likely to determine how much they could spend regarding investment income and assets.
As women, it is imperative that we get involved with the financial planning in every possible way. You and your spouse should both be able to contribute to the decision making when it comes to everyday financial planning, investment management, and retirement planning. As the saying goes, “teamwork makes the dream work.”
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