Women usually have a lot of priorities they need to deal with and unfortunately financial planning does not always appear at the top of the list. Finding the time to focus on finances is often a challenge in a woman’s busy life. According to a recent Fidelity Investments survey, if women were given one additional hour to devote their time just on finances, they would work on their budget and learn more about investing.
When it comes to money, women’s main concern is working on a budget to lower debt and save more money. The second concern is to develop better skills in investing, and third is to create a financial plan and investment strategy.
It’s imperative for women to take an active role in financial planning. There is a very high probability of women being solely responsible for their finances at some point in their lifetime due to divorce or outliving a spouse. Nearly one-quarter of women say they don’t partake in financial decision making.
“Women can make changes to their finances such as lower debt, save money and become good investors. Making changes to your financial plan doesn’t have to be as difficult as it is perceived to be,” says Doug Buss, President, YourStyle Financial.