Last week, Columbia Pacific Wealth Management hosted a dynamic group of women at their Women, Wealth, and Wine event at Browne Family Vineyards Tasting Room. The collaboration of great food, local wine, and innovative women fostered a wonderful environment for conversation around Women and Investing.
Women are not a niche group – they have a diverse range of financial needs, due to various factors like caring for aging parents, transitioning between careers or taking breaks to raise children, divorce or death of a spouse. While women often take the lead on the day-to-day household management and shorter-term investment decisions, why do many continue to defer long-term investment and planning to others, even though 95% of women will be their family’s primary financial decision maker at some point in their lives? In financial planning, it is important to understand each specific situation, while empowering women to express their needs and wants, and make it an enjoyable experience to be involved.
It is much less about whether there is an interest in the technical details and specifics in the markets, but more about understanding the comprehensive financial picture: What are my assets and debts? How much money do I need to save/live/retire/fund expenses? How do I want to spend my time now, in 10 or 20 years? Where do I want my wealth to go, and what is most important to me? Find people you can trust to listen, answer your questions, educate, and build a strategy for you and your family. It’s the best way to avoid unexpected surprises. At some point 8 of 10 women will be on their own as sole decision makers.
- 95% of women will be their family’s primary financial decision maker at some point in their lives
- At some point 8 of 10 women will be alone and need to take care of themselves and their finances: those to whom this happened unexpectedly say they wish they had asked more questions and been more involved
- 2/3 of the nation’s wealth will be controlled by women by 2030
- In the U.S., women control 39% of the nation’s investable assets as decision makers
- Women make up 48% of the millionaires in the US