Podcast Episode 320: Why Do We Talk Specifically About Financial Planning for Women?

In the fast-paced world we live in today, financial planning has never been more critical. It plays a significant role in helping us manage our resources, meet our financial goals, and secure our future. This importance becomes even more apparent when it comes to women, given their longer life expectancy and unique financial challenges.

That’s why we talk specifically about financial planning for women and why it’s something we focus on. To help us understand this better, we asked Heather Atkins, CFP® to join us for this episode because she is keen to these issues that women face.

With women living longer than men on average, women need to have a handle on their finances. The good news is that more and more women are taking a proactive approach to money and some are responsible for the finances in their family. But for those that aren’t, we want to make sure they are part of the conversation so they won’t be completely lost should they outlive their spouse.

Doing that means having a secure financial plan in place to help you maintain your quality of life. It also means you have to understand the risk of longevity and how it could impact you as you get older. We’ll talk about the decisions that go into that financial planning and the potential resources that are available to you, like our Women’s Guide to Financial Empowerment.

Part of the focus for women is also on navigating the loss of a spouse. Becoming a widow is incredibly difficult and finances can add even more stress to that process if you aren’t prepared. A sound financial plan in place and a familiarity with the family’s accounts is key to ensuring that the wife is able to manage finances on her own.

But for anyone who isn’t comfortable with money or just lacks experience, creating a budget is a crucial first step for those looking to gain confidence. We’ll explain how we help people prepare and share some of the key planning items that need to be accounted for.

As with any area of planning, our Money Map review process can help you get the conversation started and give you the confidence you need to protect yourself and your family.

Here’s what you can expect to learn in this episode:

• Financial planning and empowerment for widows and how you can get ahead of decisions to avoid added stress in times of grief.

• Situations we’ve seen where widows needed help navigating a precarious financial situation.

• Why longevity is a primary driver of the challenges women will face financially.

• What all needs to be included in a proper financial plan to make sure needs are taking care of if someone passes.