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Investing for Women: Unique Challenges and Opportunities

What’s the One Thing Women Lack When it Comes to Investing?

 

There are a number of parables that hint at the vast differences between males and females. When it comes to investing, though, doesn’t compound interest affect everyone the same regardless of their gender? The truth is, smart strategies for investing for women do differ somewhat.

In fact, a recent CNBC article explains in one word the number one element women may lack when it comes to maximizing their investment success: confidence. 

What does that lesser level of confidence look like? Here’s a summary:

 

·         American women are 44 percent less likely than American men to think of themselves as financially educated, according to Hewlett's and Moffitt's study cited in the article.

·         In their 20s, when retirement planning can make a huge difference, more women defer this task than men.

·         More women than men claim Social Security benefits early, reducing their overall income potential from it.

·         Overall, more women look to their husbands more often for investment decisions, even though studies have indicated that they could be better than men at making investment decisions.


In addition to different levels of confidence, analysts believe men and women have behavioral differences that can have an impact on their investments. For instance, females are more prone to thinking about details as they plan, compared to men who focus more on the big picture. In many ways, while men are focused on goals, they may not be as focused on how to actually get to those goals as are women who plan out each detail that can help them achieve success. Others believe boys may hear more investment-based language at home as children than girls, and have differing attitudes toward it as they grow into adults.

Another common issue that deserves more attention is that while women are focused on details, they often see inequality when it comes to pay, which becomes a challenge as they often live longer than men. Women statistically have an 86.6 percent chance of living to the age of 65, whereas males have an 84.3 percent chance, according to the Social Security Administration. However, with Social Security maximization strategies, and by working with a professional advisor, women can review, contemplate, and act on the options that lie within this complex system.

While men and women may have different challenges, there are ways to approach each one that makes financial sense. Family Investment Center can help you plan your investment strategies and can also assist the entire family with sound advice that comes from years of experience. Start working toward a stronger financial future by talking with us today about investments that make sense for you and your family.

 

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