Another story of interest to those of us who hope to retire some day written in Sept by Rashida Maples, Esq.
According to numerous reports
surrounding women and our relationships with money, one suggestion appears to
be a main stay across most reports. It has been suggested for years that women
lack confidence and are risk aversion when dealing with money, are not up to
par with men’s negotiating for and understanding stock and retirement benefits.
However, as many women are now competing with men in regards to positions with
increased pay and benefits, the tide may be changing in this area.
As reported in a 2012 Forbes.com
article, the following are key differences in attitudes about money between
the sexes:
1) Women avoid risk more than men,
which can prove damaging in the long haul. As women tend to mitigate risks more
than men, it is suggested that we do not take full advantage of all of the
rewards that may be reaped from investing in the sometimes-volatile stock
market.
2) Women worry more about the effect
of money on relationships. According to a survey by Campden
Wealth and Morgan Stanley Private Wealth Management, 79% of younger “ultra
wealthy” women are concerned that their wealth will complicate relationships
with spouses, friends, and colleagues. It was assumed in this article that the
same conclusions can be drawn for women and men in all income and net worth
brackets.4 Reasons Why Women Need To Release Fears Of Stocks & Retirement
Benefits
3)
Women worry more about their financial health but lag in decision-making
and self-confidence. An LPL Financial “WomenInvest White Paper” survey shows
that 67% women want an equal role in financial decision making and only
approximately 20% want their husbands to make all the decisions. Only 29% of
women are confident their investments are “allocated appropriately between
cash, bonds and stocks.” By comparison, 45% of men are confident in this area.
4) Women may expect different things
from advisors than men. Financial “peace of mind” is seven times more important
to women than wealth accumulation.
Though some of the previously
mentioned sentiments may ring some sort of truth, there are several others
who are seeking to debunk these “myths” about women and money.
It is safe to say that regardless of
past assumptions, myths and findings about the relationship between women and
money, as professional women with increasing pay and offered benefits, it is
imperative to remain 100 percent aware and in full control of our financial
futures, which may call for a reassessment of antiquated thinking and fears.
Rashida Maples, Esq. is Founder and
Managing Partner of J. Maples & Associates (www.jmaplesandassociates.com).
She has practiced Entertainment, Real Estate and Small Business Law for 9
years, handling both transactional and litigation matters. Her clients include
R&B Artists Bilal and Olivia, NFL Superstar Ray Lewis, Fashion Powerhouse
Harlem’s Fashion Row and Hirschfeld Properties, LLC.
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