3 Reasons Women Should Be Involved in Money Conversations
I was putting my 4 1/2 year old son to bed the other night and he asked me a question, “Mommy who bought this house?” I replied, “Daddy and I did”. He then asked, “but whose money bought this house?” I replied, “it was both of our money, we bought it together.” This exchange with my son before he went to bed solidified for me how important it is for couples to make financial decisions together.
Reading a recent NY Times article, Wealthy Millennial Women Tend to Defer to Husbands on Investing, compelled me to write this blog. I believe it is a big financial mistake for women to defer investing and financial planning to their spouse or partner.
Below are 3 top reasons why women should feel proud and also compelled to be more involved in money conversations:
#1 Women are great planners
When it comes to planning women have a lot to offer. Their perspective will often take a more broad and holistic view of the current situation at hand. For example, she may view funding her child’s education as fulfilling her need to care for her child, rather than a financial obligation. Her motivation for how to spend and invest wealth is built on a foundation of strong core values and the purposes that align with them. If the proposed financial decision is not in alignment with a woman’s values, she will question its validity and purpose in her life. Additionally, many women also tend to be non-linear thinkers - this means they will have discussions, do research, and be open to hearing ideas before making a final decision. This process can bring a unique and valuable perspective when deciding which financial strategy is best for a family.
#2 It’s good for their relationship with money
Participating in financial conversations can give women more confidence, clarity, and a better feeling of security. Having a positive money mindset will also strengthen their belief that they can achieve their financial goals. Two common statistics are that finances are often the cause of divorce, and that women generally live longer than men. So if the unfortunate event of a divorce or death of a spouse were to happen, women can be much better prepared to take care of and support themselves if they were participants in money conversations.
#3 Women empower other women
Women love to share! What better way is there to help their friends and other women out then by sharing the knowledge they have? We have entered an era where women helping women is a practice we should all be adopting. By chatting with friends about a money conversation with a partner, it will inspire other women to do the same. The days of money being a taboo subject for women should be something of the past.
These are just three reasons of the many out there supporting why women should be part of money conversations. Bankrate.com’s recent article on Financial Infidelity highlights the problems that arise from having money secrets, and why it’s far better to be open and honest with your partner when planning for your financial future together.
If you have a comment or additional reason you’d like to share, I’d love to hear it! Feel free to drop me a note at arielle@refreshinvest.com.
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