Remember when we used to live in a world that was run by top female executives, capitalists, and entrepreneurs? Or when women were the highest paid doctors, lawyers, and financial advisors? Or when women were trying to grasp the idea that men could be on the same corporate ladder as them? Yeah… well, we don’t remember that either.
For a long time, women took a back seat to their spouses when it came to making decisions about life insurance, health insurance, major money moves or to their fellow male co-workers because of the structure of our culture and society in general. It is something that happened over time but indeed, women did strive for and gained a place of equality in the workforce and in relationships.
Women account for over 50% of all workers in high-paying management, professional and related occupations. (Women’s Bureau; Dept of Labor) Women’s awareness of their financial health is more informed than ever before.
Here is what women do with this knowledge:
1. Have goals that are reasonable and attainable
The 50/20/30 rule which represents that 50% of income should go towards living expenses and essentials, 20% should go towards paying off debt, savings or any financial goals and 30% should be set aside for your needs and wants. This rule was created to help people keep their spending in alignment with their saving goals.
2. They don’t waste their money
80% of women are either the primary decision-makers in the household or share equal decision- making responsibilities, with 40% handling the day- to day budgeting and spending.
3. Create a budget and STICK TO IT
Budgets are comical in that can you really keep one on track? Generationally, 61% of baby boomers are known for keeping a budget and as for millennials, they’ve shown that 80% of them are good at managing their lifestyle choices.
4. Stay educated and engaged
Women are becoming more educated and engaged in their decisions and that’s because life events demand it. Baby boomers are paying attention to their long-term care needs and coverage options as well as which health insurance plan gives them the most value. Women who are gen-Xers are known for taking care of their children and sometimes even their parents. Talk about a juggling act! Millennials are trying to figure out how to manage their budget and pay off college loans.
5. Doran Independent Insurance is offering a workshop for Women who want to be and stay informed of their choices to protect the lifestyle they want for themselves and their family. For more details about “Women’s Night” on April 26, 2018, please contact our office at 603-569-6464. Seating is limited.