Real Talk: Womenโs Wealth is on the Rise
I’ll let you in on a not-so-well-kept secret… there’s a transfer of wealth happening. Women are changing the financial narrative and FAST. More and more studies are being conducted where they are showing women coming in on top when it comes to an increase in overall wealth and with financial planning decisions.
But as women, we still don’t seem to be normalizing conversations about money. Why is that?
Our Ideas of Money are Shaped as Children
Maybe it’s lack of confidence. We weren’t taught to be open about money, maybe because our parents didn’t want it to get to our heads. Or maybe we grew up with very little money, stuck in that scarcity mindset, focused on surviving not thriving.
Maybe your parents didn’t talk about money because they didn’t (or still don’t) know much about it themselves. According to this article by the New York Times, some parents think that you’d just figure it out later down the line... Or maybe they outright told you that it was rude or unladylike to discuss money matters?!
Well, I’m here to tell you that times are changing, and with that, your mindset needs to change, too.
The Decade for Women’s Wealth
The ‘20s are shaping up to be a defining decade for women’s wealth.
Did you know that women are adding to their assets at a rate of $5 trillion globally? A study at the Boston Consulting Group anticipated that the total wealth pool owned by women would rise to $93 trillion by 2023, which is causing more wealth managers to personalize their approach to meet the specific needs and priorities of individual women.
This rise of women in control of wealth makes sense, since more and more women are living alone for longer instead of jumping into marriages from a young age. But even those who are in partnerships and raising families are becoming the breadwinners too. In fact, around 72% of millennial women have said that they are their household’s primary decision-maker for financial planning. How awesome is that?!
AND YET... only half of women are said to feel confident about managing investments, compared to two-thirds of men, according to a study by Merril Lynch in 2018.
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How Can Women Become More Financially Confident?
Ultimately there are 3 things that will boost money confidence:
1. Take steps to become financially literate
Here are 3 books that will help you on your way to learning the lingo so that you can start asking the right questions.
- Money Mindset: Formulating a Wealth Strategy in the 21st Century
- The Smartest Investment Book You’ll Ever Read
- I Will Teach You to Be Rich
2. Having frequent and loud conversations about money
- Make a point of taking your girlfriends out for coffee specifically to talk about money management. Be brave and open, and they’ll follow in your footsteps. Who knows, they may be hiding a whole wealth of knowledge that they didn’t know who to talk it out with!
- But if you’re still stuck on finding kindred financial friends, go to Instagram! Search tags like #personalfinanceforwomen, #financialliteracy, and #financialwellness to unlock a whole community of women talking about money. (Psst… my IG comment section is filled to the brim with empowered ladies ready to talk about all money matters).
3. Utilize trusted resources (websites, courses etc.) or find a mentor
- Ellevest Magazine , The Financial Diet, and NerdWallet are a few websites I love and know you will love too.
Times are changing, and I know you don’t want to miss out. There’s a whole world of wealth out there ready for you to reach out and grab it, so take the leap.
