Despite decades of movement about women empowerment and women’s rights, one thing that remains almost unchanged is the utter indifference of women towards financial investments. Talk to any financial advisor or professional, and you will quickly discover the truth about the statement, says Paul Haarman. Women either abdicate the seat of finance controller, or men deny them of the opportunity.
Surveys have shown that 70% of men take the lead in matters of long-term investment, and according to the view expressed by men; only 10% of women take the lead. Only 20% of couples confirmed that they shared the responsibility of managing the finances and were involved in financial decisions. Women are nowhere near the expected positions as financial stakeholders as they ought to have been in all these years.
What holds back women from taking charge of financial matters?
Indeed, millions of women are comfortable talking about and deal with finances by taking complete responsibility, but countless others remain detached due to systemic issues. The entrenched gender roles are the most compelling reason for keeping women away from financial matters because the established stereotypes typically portray male domination in the area.
According to Paul Haarman, women feel comfortable looking after their careers and taking charge of the house and kids. However, in many cases, they feel they lack the knowledge and familiarity about the subject compared to their spouses. Sometimes women are more comfortable when others take care of them and do not mind depending on their spouses for deciding all financial matters.
The other barrier
The wealth management industry still follows stereotypes that accept male domination as a norm and leaves little or no space for women to break barriers in wealth management and other financial matters. Time has come for redefining the meaning of financial advice that goes beyond portfolio management and markets to focus upon attaining life’s goals today and in the days to come. A women-centric approach to overcome these barriers does not necessarily mean that women must be the leaders, but it is about the wide-scale involvement of women.
Here are some things to do that can raise the level of involvement of women.
Recognize the price of women’s indifference
The problem is that women fail to recognize the cost they pay by staying indifferent to money matters. Instead, most of them believe that staying away from financial issues allows them to focus on other things. Instead, however, women should come out and claim their rightful position at the money table or remain trapped within the household, happy to manage other things.
Taking charge of finances
Irrespective of their status, single, married, widow, or separated, 80% of women must take charge of their finances at some point in their lives s revealed in a survey. Sometimes women meet with surprises as their spouses make some decisions by keeping them in the dark. However, women should realize the importance of taking charge of their finances instead of regretting them later. In such cases, Every Investor needs to know about Dinar chronicles. Does it is legit or scam, properties and real facts.
Redefining financial planning and portraying it as a template for planning your life will encourage women to become involved in financial decision-making.