►
Message from our Diamond Sponsor
FINANCIAL CONFIDENCE What are the most unique challenges that face women looking for financial security?
I
“
In my experience, I have found that a level of confidence is the greatest challenge. With 60% of women between the ages of 45 and 54 not having a financial plan 1, their comfort level in starting a financial conversation is hard. Women often share that an intermittent work history, typically caused by motherhood and caring for a family, is one of the primary reasons why women express they feel insecure about their financial stability. Other women have shared that their spouses have handled the finances for so long that they are unsure how to approach the conversations later in life.
87% of women reported that they struggled to find someone they can connect with.”
It is so important for women to have an advisor they are comfortable with, and 87% of women reported that they struggled to find someone they can connect with 2. When spouses work with an advisor that they are both comfortable with, it allows for both parties to engage openly in the planning.
Since a woman can expect to outlive her spouse by an average of 10-15 years 3, it means more women need to be getting involved in their household finances at an earlier stage than what has traditionally occurred.
Article previously published in Reveal Niagara Business Magazine Resources: 1 IPC: Women and Wealth – The Changing Face of Wealth in Canada and its Implications for Advisors, 2017 2 Investors Economics Household Balance Sheet Report, 2017 3 Financial Planning Standards Council. LegerWeb online survey, Feb 21, 2018
Francesca Maiolo has over 25 years of finance and investment experience and continually commits herself to ongoing professional development. She facilitates educational symposiums and seminars that are geared toward educating women in all aspects of their finances which includes the Financial Planning for Women course she taught for over 10 years. She is passionate about women and children’s issues and contributes regularly to charities that support them.
Follow Fran Maiolo on Social Media - Facebook, Instagram, & LinkedIn
Eastmount Family Dentistry
Dr. Julius Losonci D.D.S.
10-788 Upper Ottawa St, Hamilton ON, L8T 3V2 • Tel: 905-383-5664 • Emerg: 905-537-2162 Leaving aFootprint
MagazinE • issue 03 • 2020
9
