Don’t underestimate the women’s role in driving their family’s financial future
In my experience women have always led the estate planning process. In the traditional relationship where dad is the ‘bread winner’ and mum breaks her career to raise the children, she will always feel financially vulnerable. It is this vulnerability that has been the motivator for women to ensure her family’s financial future.
Men typically are risk takers and are often less conservative than women. They tend not think about their health or becoming sick, don’t like going to a GP, and don’t consider their mortality (until reality catches up with them as they age). These factors mean that men don’t tend to think about estate planning whilst it is a higher priority for women.
The same is probably true in the financial planning space. When it comes to finance women are more security conscious than men and often more risk adverse. When it comes to financial security (a home, savings, and a good education for their children) men and women are equally concerned, however women are more, in my experience, focused on these outcomes. I believe this is because women are generally more nurturing than men and therefore wanting to ensure their family are well provided for, now and into the future.
Today women are maintaining their careers whilst raising a family, working longer, and contributing more financially; often on their own in the case of being a solo parent. Added to the mix is the knowledge that they are likely to outlive their partners. These are all factors that continue to drive their need for financial security for them, and their children and therefore to engage with a financial adviser to get these outcomes.
It’s not a bad idea occasionally to check in to review how engaged you and your team are with your female clients.
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