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Inheritance
Finances and Women's Cash Flow
Divorce or Separation
Women are increasingly taking control of family finances. Research from RBC Wealth Management found that 98 percent of women are joint or sole decision-makers for family banking, while 84 percent take joint or full responsibility for family investments.
That trend is only going to strengthen over the next several decades, an estimated $40
Women are increasingly taking control of family finances. Research from RBC Wealth Management found that 98 percent of women are joint or sole decision-makers for family banking, while 84 percent take joint or full responsibility for family investments.
That trend is only going to strengthen over the next several decades, an estimated $40 trillion in wealth is expected to be passed down to the next generation In the U.S.
That means many women will confront the question of how to manage and maximize an inheritance. Here are four obstacles they may run into:
- Longer life expectancy: Women on average live more than five years longer than men, according to the U.S. Centers for Disease Control, and must make their wealth last longer after retirement.
- Lack of planning: Women concerned about stretching out their funds can be reluctant to develop a wealth transfer strategy for themselves or plan for charitable giving after receiving an inheritance.
- Need for guidance: Just 29 percent of women in the RBC study who were set to inherit wealth said they were given advice on how to use those assets. More than a third-36 percent-said they had no guidance at all.
- Lack of confidence: RBC's research shows that a slim majority-just 51 percent-of women under 35 rated themselves as confident about their wealth knowledge. The number suggests that a significant number of women second-guess their ability to effectively manage their inheritance.
Divorce or Separation
Finances and Women's Cash Flow
Divorce or Separation
Women face greater challenges than men after a divorce or separation
Women tend to face disproportionately greater impact than men after a divorce or separation. There are many reasons why and every case is different. However, because women generally start the divorce process making less than men, they are more likely to pay a greater perc
Women face greater challenges than men after a divorce or separation
Women tend to face disproportionately greater impact than men after a divorce or separation. There are many reasons why and every case is different. However, because women generally start the divorce process making less than men, they are more likely to pay a greater percentage of available income for their expenses. This also results in inequitable division of household and childcare expenses.
With all the data about the impact if divorce or separation on women, it should come as no surprise that women want and children need to live in the same house as they did prior to the divorce. We can help women separate the fears from facts and help them establish a household that is secure, nurturing, and supportive for their children.
The bottom line is that divorce or separation is a difficult road that women should not travel alone. While many women have friends or relatives for support, having a trusted financial planner is critically important as well. You will not go through this chapter in your life alone or without compassionate and competent guidance.
Finances and Women's Cash Flow
Finances and Women's Cash Flow
Finances and Women's Cash Flow
According to a recent Intuit Quickbooks survey, A quarter of women-owned businesses (26%) report that the current financial health of their businesses is worse than it was a year ago compared with 18% of men. Two out of three women (68%) indicate that they are concerned about how much revenue their business is currently generating—this co
According to a recent Intuit Quickbooks survey, A quarter of women-owned businesses (26%) report that the current financial health of their businesses is worse than it was a year ago compared with 18% of men. Two out of three women (68%) indicate that they are concerned about how much revenue their business is currently generating—this compared to 59% of men who share the same concern.
The survey reported that only seven in ten (72%) women-owned businesses know how much revenue they need each month to be profitable. While a significant majority of women-owned businesses are aware of their bottom line, this still leaves over a quarter (28%) not empowered with the knowledge they need to succeed. Along the same line, only 60% of women-owned businesses know which marketing strategies provide the best return on investment.
Gender Wage Gap
Financial Advice After the Death of a Spouse or Partner
Continued Family Care
The gender wage gap refers to differences in earnings between women and men. Studies show that women earn 82 cents for every $1 earned by men. Some careers have a majority of women working including teachers, administrative assistants, and childcare workers. Women In these fields have less pay and fewer benefits than male-dominated fields
The gender wage gap refers to differences in earnings between women and men. Studies show that women earn 82 cents for every $1 earned by men. Some careers have a majority of women working including teachers, administrative assistants, and childcare workers. Women In these fields have less pay and fewer benefits than male-dominated fields.
Women often do not receive credit for their life experiences or face penalties for time out of the workforce raising children or caring for elderly parents. Again, these challenges are disproportionately felt by women. We can brainstorm to help women through these challenges.
Continued Family Care
Financial Advice After the Death of a Spouse or Partner
Continued Family Care
Recent data indicates that single women are more than four times as likely to lead their household as single men. The impact on women of color is even greater. Almost a quarter of single-parent households are now living with their parents. This is greatly impacted by financial woes.
Financial Advice After the Death of a Spouse or Partner
Financial Advice After the Death of a Spouse or Partner
Financial Advice After the Death of a Spouse or Partner
According to the US Census, half of all women who become widowed in the U.S. are under age 59. Among women 75 years or older who had ever married, 58% of women and 28% of men had experienced the death of a spouse in their lifetime,
Many women have limited experience with financial management and investing.In fact, UBS found that 85% of wo
According to the US Census, half of all women who become widowed in the U.S. are under age 59. Among women 75 years or older who had ever married, 58% of women and 28% of men had experienced the death of a spouse in their lifetime,
Many women have limited experience with financial management and investing.In fact, UBS found that 85% of women manage everyday expenses, but only 23% take the lead when It comes to long-term financial planning. It’s important that women work with an adviser who understands their situation and needs, and one who will put the client’s needs first.
While women are proactive with their normal household finances, they often do not have the experience making long-term financial-planning decisions and managing an investment portfolio. It's Important women for work with a fiduciary financial advisor who is also a good professional partner. Several studies have shown that as many as 70 percent of women have changed financial planners in the year after the death of a spouse. These transitions can be challenging at a time when women are less able to handle the disruption.Therefore It is very important to work with an advisor who is experienced in handling this transition.
Moreover, it is not uncommon for women to have no relationship with their current advisor and Sarah strongly recommends a face-to-face discussion to build that relationship.