WHY WOMEN’S FINANCIAL
Women and men face many of the same financial challenges. However, studies show that women have some unique financial needs because they:
- Earn less compared to men1
- Take more time out of the workforce2
- Have less saved in retirement accounts3
- Live longer so need to have saved more4
- Invest 40% less than men5
Women are increasingly taking control of their money
- Women are starting to invest more than in the past, save a higher percentage than men, and tend to have slightly higher returns when they do invest!6
- By 2028, women will control 75% of discretionary spending around the world7
- Women will control two-thirds of US wealth by 20308
- 44% of women (and climbing) are the breadwinners in their homes9
We recognize the unique position that women are in and are passionate about changing the conversation. The Abacus Women’s Initiative was launched in 2017 to provide focused financial education, resources, and support for women in our communities and within our company to take control of their money.
(1) U.S. Census Bureau. (2019). Current Population Survey, Annual Social and Economic (ASEC) Supplement: Table PINC-05 (2) AARP Florida, June 28, 2012, The Sandwich Generation: You Are Not Alone, Caregiving in the United States; National Alliance for Caregiving in collaboration with AARP. November 2009. (3) Vanguard How America Saves 2017 (4) CDC/NCHS Data Brief – Mortality in the United States, 2017 (5) Wealthsimple Survey 2018 https://www.wealthsimple.com/en-ca/magazine/data-canada-survey (6) Fidelity Investments Survey 2017 – https://www.fidelity.com/about-fidelity/individual-investing/better-investor-men-or-women (7) EY-Harnessing the power of women investors in wealth management . (8) FWAC Women of Wealth Report 2012 . (9) Prudential Study 2014 – Financial Experience and Behaviors Among Women
GET TO KNOW US
All Abacus advisors are Certified Financial Planners CFP®
WHAT FINANCIAL EMPOWERMENT LOOKS LIKE:
Being organized and educated
Being educated about your investing, savings, and spending goals
Properly navigating the financial impacts of divorce
Having a secure plan in place if paying for college
Increasing peace-of-mind (and excitement) as you near retirement
Seeking support after the loss of a loved one
Reviewing your options before a career change
Seeking support from a professional around complex decisions
Giving to charities & causes that are meaningful to you
Spending your time on what matters most
WANT MORE? ATTEND A LOCAL EVENT!
Financial Boot Camp for Young Professionals
October 10 | Oakland, CA | Register for Bootcamp
Personal Finance Workshop
October 17 | Santa Monica, CA | Register for Workshop
Financially Empowered Women: Real Questions, Straight Answers
October 18 | Sebastopol, CA | Register for Event
FREQUENTLY ASKED MONEY QUESTIONS
How do I know I have enough?
Before you know if you have enough financially, you have to determine what “enough” looks like to you. Do you have enough to be safe in an emergency? Do you dream of owning a home? Traveling the world? Paying for your children’s college tuition? Having your own business?
Once you know your goals, take a good, honest look at your current financial situation and determine the steps you need to achieve them.
Remember, “enough” is a relative, and very personal concept that is hardly measured by dollars alone. “Enough” relates to more than just the money. Consider your current home, your job, your health, and your relationships with family and friends. How does “enough” look now?
When is the best time to invest?
Yesterday. Yep – because over the long term the markets tend to go up and you’ll benefit from compounding!
How much risk should I take in my investment portfolio?
Your investment allocation will be unique to your needs. Two key things to consider: How long before you need the money? How will you react if the market takes a major dip?
If you don’t need the money for a long time and are not reactive to market ups and downs, the more risk you can take. If you need the money sooner, you may want to adjust your allocation so all your money is not dependant on the market performance for the next few years alone. We recommend speaking with an investment professional before making changes to your portfolio.
Do I need an estate plan?
Perhaps. Most people need at least a Will. Many also benefit from having a Financial Power of Attorney, and an Advanced Healthcare Directive. In some states, a revocable Trust is valuable, too.
How much house can I afford?
Experts recommend spending no more than ⅓ of your take-home pay on housing (mortgage payment, home insurance & property taxes).