| July 1, 2015

Financial Planning Boosts Women’s Financial Confidence

Women lack confidence handling money but a financial plan can help eliminate those weaknesses.

Give yourself a financial confidence boost

When it comes to nurturing kids, planning playdates and keeping the household up, most women excel.  When it comes to handling financial matters, confidence levels  drop considerably – and if you’re irked by those statements, unfortunately it’s is not just a sexist opinion. That’s actually how women responded to a recent survey by Forbes and Northwestern Mutual.

Since the beginning of time a woman’s place was thought to be in the home rearing children and taking care of the household. While strides for equality have been made, it appears that these gender barriers have affected our way of thinking so much that they’ve followed women into the 21st century making them feel more confident in “raising happy children” than in “achieving money/wealth.”

In the survey women were asked what they really wanted to achieve, how confident they are in attaining those goals and what makes them feel the most empowered. It turns out women are:

  • 75 percent confident that they can foster close and fulfilling relationships
  • 71 percent confident that they can raise happy children
  • 71 percent confident in pursuing social values
  • 27 percent confident that they can attain money and wealth
  • 26 percent confident in leaving wealth for future generations

While it isn’t overwhelmingly surprising that women are not confident they will achieve wealth which coincides with their  lack of confidence in leaving wealth to the younger generation, it’s  fascinating  that women feel more confident in something they have no control over (their children’s personalities) than they do about something within their control (their finances).

As with everything else a good plan regardless of the circumstances, can yield incredible results if executed properly. In fact the poll found 46 percent of women who are “highly disciplined” with their planning think they’ll do well financially, while those who are “informal planners” don’t think they will.

Women and mothers are no strangers to planning – from playdates, to planning out meals for the week to coordinating all the household’s busy schedules. If women apply these same planning practices to their financial life, there is no doubt that they will become effective money managers. Beth Rodenhuis Senior Vice President of Northwestern Mutual agrees.

“We see our clients become more confident when they identify their goals and put a plan into action to achieve them,” she says.

Luckily financial education eliminates financial fears and financial planning elevates financial confidence. When asked “Who is confident about having wealth?”

A novice in financial knowledge feels 12 percent confident that they will one day have wealth; an intermediate is 24 percent confident while an advanced or expert in financial knowledge is 45 percent confident they will have wealth in the future.

This further supports the notion that knowledge – and a little help – holds the power in empowering women to become more confident in attaining their financial goals. Sixty percent of women who work with a financial advisor say they are more confident about reaching retirement goals compared to the 34 percent of women who don’t have a financial advisor.

April Lewis-Parks, Consolidated Credit’s Director of Education and Public Relations, says you can change your financial destiny with good money habits such as:

A good resource is Consolidated Credit’s section on Women and Money. If planning and learning on your own prove daunting, dial to speak with a certified financial counselor for free or request help here for a debt analysis.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
Click here to learn more.

Consolidated Credit Consulting Services, Inc. has been verified as the owner or operator of the Web site located at www.consolidatedcredit.org. Official records confirm Consolidated Credit Consulting Services, Inc. as a valid business. Call us today and see what we can do for you.

Consolidated Credit is a Certified ISO 9001 company, as verified through Bureau Veritas Certification.

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

You can save!

With this amount of debt, you'd pay around $xx.xx on a DMP.

FREE Debt Consultation