Women are taking control of their financial future

Many women today are juggling multiple objectives, including their careers, families, friends, and other responsibilities. Investing is frequently overlooked, which means that women may not be sure that the money they've worked so hard to get is working hard for them.

According to our research in North America, only 4% of women are in charge of their family's investing strategy. 80% of wealthy women consider themselves "beginning investors," compared to 50% of males.

You'd think it'd be different with younger women. It isn't. Only one in every eight Gen Y women (born 1978-1988) considers herself the major decision maker in her household.

You'd think it'd be different with younger women. It isn't. When it comes to personal finance, only one in every eight Gen Y women (born 1978-1988) considers herself to be the key decision maker. Only 9% feel confidence in their ability to manage investments.

Despite this, 90% of women will have to manage their own funds at some point in their lives. They may leave the workforce to raise small children or care for a sick family member, or they may become divorced or widowed.

So how can women take control of their financial future?

Believe that you can.

Attitude determines everything. Investing may appear frightening, but it is not difficult. It all comes down to setting goals, developing a long-term plan, and sticking to that plan. These are things that women excel at.

Talk to family and loved ones.

Money shouldn’t be a taboo subject. If you're married or in a relationship, don't delegate all financial decisions to your spouse. You don't have to be equally active if you don't want to be, but you should have regular conversations - at the very least, once a year - to establish a fundamental understanding of your savings, assets, and aspirations.

Keep learning.

Use the resources available to you to set long-term goals, invest your money toward those goals, and watch it grow over time. Don't be alarmed by daily market changes once you've been educated and participated in your financial strategy. Follow your instincts and seek additional assistance and information. Consult a financial counselor to better understand the investments you own or need to add to your portfolio.

Get started early.

Starting at age 25 and saving $50 more per month in a Registered Retirement Savings Plan (RRSP) could net you hundreds in additional pretax retirement income each month. Waiting until you are 35 reduces that additional monthly income almost by half. it’s a simple formula: the earlier you start investing, the better off and more confident you’ll be. Put that hard-earned money to work for you. But don't be discouraged if you start saving later in life! Speak with your financial advisor about developing a viable retirement plan tailored to your specific circumstances.

Make it a priority.

Women work hard for their families, their advancement, and their advancement; they work hard to live the life of their aspirations. Make it a reality. Follow it through. Take charge of your finances to take control of your aspirations. You've earned it!

I believe that engaging with a financial advisor may have a major beneficial influence on your wealth - and your peace of mind - regardless of your financial situation or level of investment understanding. Having a good relationship with your financial advisor can help you reach your financial goals, whether it's being better prepared for retirement or building a successful savings strategy.