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March is Women’s History Month, but it’s always the right time for women from all walks of life to think about their own financial futures. As the world creeps further into an unpredictable economic landscape, experts recommend a few important factors that will help smooth out some of the bumps in the road ahead.
Preparation is key
There are certain issues that still impact women in the workforce far more acutely.
One of the most common involves the need to take time away from work in order to care for children, which became an even bigger issue during pandemic lockdowns.
COVID-19 was unavoidable, but planning things out as much as possible gives women more control over their ability to earn and save for the future.
Stop saving, start investing
We’ve all found that traditional savings accounts are returning next to nothing in the form of interest these days. Nevertheless, studies show that women are less likely than men to invest their income.
This takes a huge toll on future wealth since estimates show that women would have created an extra $3.2 trillion if they’d been investing on pace with men. As it stands, women tend to leave the workforce with only about two-thirds as much money in their retirement accounts as men.
Seek an expert’s help
While this piece of advice is good for just about anybody, it can be especially helpful for women. There are many professionals who can each offer a significant piece of the puzzle (certified public accountants, estate planning attorneys, and financial advisers, to name a few), but it’s crucial to pick the best of the best.
Make sure whichever expert you pick is classified as a fiduciary, which means he or she is compelled by law to act only in your best financial interest.
