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.
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.
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.
Through their workplace, women need to establish their own 401K retirement accounts, and they also need to contribute to their own IRA account. On average, women of all education levels are less comfortable managing their retirement investments.
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.