According to a replacement survey from Edward Jones, “Female Financial Empowerment,”while women have made significant strides in gender and income equality within the workplace, one among the most important obstacles they still face is that the tendency to “prioritize immediate family needs” over saving for his or her own future.
That certainly helps explain what the financial services firm acknowledges is an inherent conflict within the findings: Although seven out of 10 women polled say they feel “confident” in their financial knowledge, only too many have actually done little to get their own long-term wealth.
“Only 25 percent of girls surveyed consider saving for retirement as their most vital goal over subsequent three to 5 years,” says Nela Richardson, an investment strategist at Edward Jones. “That tells us that female financial empowerment should be next on the list of barriers women have broken over the past few decades.”
The two other biggest challenges women got to surmount, consistent with the national sample of 1,004 adult women ages 18 and older, is expecting the “perfect” time to take a position (something men do as well), or something else to motivate them.
Some examples: an enormous raise or other windfall (49 percent). A financial emergency (20 percent). a big life event (20 percent). A market correction (12 percent).
“Waiting for a raise or a big life event, by definition, isn’t a financial strategy,” Richardson says, “and they’ll always have competing priorities. The key’s to anticipate both tailwinds and headwinds in life, and be flexible enough to adapt to changing situations so you’ll meet your long-term financial goals.”
Edward Jones lays out a female-centric approach to handling your finances on its website. But here’s a fast cheat sheet to urge you started:
• Make yourself a priority by beginning to invest now so as to offer your money time to grow – never underestimating the facility of a wondrous thing called interest.
• Begin small with modest investments.
• Develop a goals-based financial strategy.
As for a way far better women do financially, here’s one notable sign: Forbes’ list of the world’s 100 richest people featured just four females in 2000 compared to 10 this year. The richest woman – and fifteenth overall – is that the L’Oréal heiress, Francoise Bettencourt Meyers ($49.3 billion), who is chairwoman of the family’s company.
But she inherited her wealth, you say? Well, the youngest billionaire ever, consistent with Forbes, is 21-year-old cosmetics wunderkind Kylie Jenner ($1 billion).