What Makes Women Feel Wealthy?

May 18, 2010 - PRLog -- There are some statistical facts that expose why the financial planning needs of women are obviously different from men, but fundamentally the reason a different approach is required, is that we have a different financial psychology. Many men have the investment objective of more, women frequently want enough.  We seem to be far more concerned with arranging our affairs so that we can afford to do things other than work and worry. I believe the statistics give a good indication of why; we have a shorter career because we are generally the primary carers for our children, and increasingly these days, many women care for elderly parents (and parents in law) at some point in their lives. We earn less than men during our shorter careers and we live longer than our male partners. (Statistical source: Fawcett Society)

One of the questions I ask my clients is “If I had a magic wand and I can arrange your finances instantly to be the way you desire them, how do they look?”  Men generally respond with big wealth aspirations, they want fast cars, yachts and a champagne life style. Women usually have much more modest desires that centre on peace of mind, security and the realisation of life goals that appear out of reach because of financial barriers.  Generalisations are always risky and it is true that I meet women who have big wealth aspirations and men who seek no more than financial security, but I have been a financial adviser long enough to know that there is some truth in my observation.

Women are also still affected by historic attitudes. It never fails to amaze me that the Prince Charming fairytale endures in our psyche and that so many women are still depending on someone else to ensure their financial wellbeing, create their happy ever after. WAKE UP! It’s a story, a dream and has very little relevance to today’s financial realities. As a women you have less time to build wealth from career earnings, you will earn less than a man and he will die before you probably leaving with you half (if you’re lucky) of his pension that probably wasn’t well funded in the first place due to excessive spending on fast cars and champagne! It is your responsibility to ensure you are financially secure and I am always really excited to help a women who is ready to own this responsibility for herself.

I have enjoyed much greater self esteem, peace of mind and confidence since I worked out what would really make me feel wealthy, not just in financial terms, but in life terms. I know how much I am likely to be able to generate by careful planning and efficient deployment of my earnings. I also know that I don’t need to work 60 hours a week and can have relationships, fun, relaxation today without fearing destitution in retirement. I have investigated some “what if” scenarios and made contingency plans. I have a lifestyle I enjoy, a rewarding career and time to do the things that really make me happy; My hobby is Ballroom and Latin Dancing, my family and friends are my priority in life and I even have time to help women in crisis via a charity I am involved with. My life counts for something these days, I am wealthy, but I am not rich and don’t expect to be, I do however, plan to have enough money to be able to live the life I have chosen. Do you?

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Women’s Wealth is an Independent Financial Advice service run by professionally qualified female financial planners for women who require help and advice with financial matters. Our offices are based in Kent.