Baby Boomer women represent perhaps the most successful generation of women in U.S. history. They have excelled in a variety of fields, from business to media and the arts. According to a new Alliance Life study, the majority of American women (51 percent) are now the chief financial officers in their households. Roughly 53 percent of women claim to have “a great deal of responsibility” or “do it all” when managing the household’s long-term savings and investments—in large part because of the Baby Boomer generation.
So what advice can Baby Boomers offer younger generations of women? Keep learning, build a support system, and always be proactive. Fox Business has more:
- Keep learning: Although they say they feel financially secure, too many women still report uncertainty about their financial decisions. Sixty-one percent of women wish they had more confidence in their financial decision-making and 63% wish they knew more about financial planning and investing. Likely having experienced an evolution in their own financial knowledge and responsibility over the years, many Boomer women understand the importance of continuing education in this area. Those that put time and effort into increasing their financial knowledge said it paid. Do your homework. It is worth your time to ask questions and find answers.
- Build a support system: Even though most women claim they are financially savvy, nearly two-thirds report financial information and the various investment options available to them can be overwhelming. Additionally, running out of money in retirement and managing the rising costs of health insurance remain worries that keep women up at night. Having the right support can make a major difference in addressing these issues. Approximately 40% of Boomer women report using a financial professional for guidance, and more than two-thirds of those wish they had done it sooner. By utilizing available resources or working with a financial professional, women can gain the insight they need to achieve more financial security.
- Don’t delay, start planning today: When asked, “What advice should women pass on to their daughters or granddaughters about money?” – the majority of Boomer women said they thought future generations should focus on having financial independence and creating a good financial plan. The vast majority of Boomer respondents advise younger women to: start planning early, not depend on others for financial security, create a good financial plan and learn how to invest money. Hopefully, by taking more initiative with financial planning at home, younger women will be more assertive and have more confidence to take risks in their careers.