Reasons Women Need Independent Financial Accounts

Financial independence is essential for everyone. Women have lagged in gaining autonomy, being more reliant on their spouses for money than is healthy.

They have made significant progress in the workplace, and their financial clout is rising. Yet, to fully attain financial independence and greater equality,  women need their own financial accounts.

 41% of mothers were sole or primary breadwinners, with an additional 23.2% on par with their spouses, according to the Center For American Progress.

Some of these statistics are due to the more significant growth of single moms. According to Jean Chatzky, by 2028, women will control 75% of discretionary spending, and by 2030, 66% of US wealth.

Women Need Their Own Financial Accounts As The Family Structure Changes

Traditionally, couples blended their financial lives and assets and opened a joint account.

However, changes in our family structure–later marriages, high divorce rates, second marriages, cohabitation, single motherhood/fatherhood, same-sex couples–may dictate the need for separate financial accounts.

1. Separate Banking And Checking Accounts: 20% of couples keep separate arrangements to make sure they have enough money for their own needs.

 What Women Need For Greater Financial Independence

Individual accounts for women promote autonomy and provide active encouragement to manage their own money.

Through their workplace, women need to establish their own 401K retirement accounts, and they also need to contribute to their own IRA account

2. Separate Retirement Accounts

Finding your financial advisor is a good idea. Find someone who understands your needs, outlook, risk profile, and family situation and has your best interests at heart.

3. Find Your Own Financial Advisor

Swipe Up To Read More