Stepping Up: How to Join the Financial Planning Conversation

24 Sep Stepping Up: How to Join the Financial Planning Conversation

When it comes to finances, more than half of Canadian women are paying the bills and taking care of general household budgets. Yet fewer than half of them are participating in investment decisions or creating long-term savings goals.[1]

There are a number of reasons for this, chief among them, a lack of confidence or knowledge. But it doesn’t have to be that way.

Your unique financial situation

Women need to be involved in their financial future because their lives go on a different trajectory than men’s do. Statistically, they tend to live longer. But they also tend to earn less and they have interrupted working lives, often because of caregiving responsibilities.

Even if you have a partner who is taking care of the financial planning right now, you’re likely to be on your own at some point, whether it’s through death or divorce. And it’ll be easier if you have an understanding of your financial situation – assets and debts, investments and strategies – ahead of time.

Your financial learning journey

When you’re ready to become more involved in your family’s financial planning, it can be a challenge to know the right way to begin. When you don’t have a lot of experience, you may not even know which questions to ask. And if you’re like most smart, educated women, you just don’t like to feel dumb.

Building confidence takes time, but there are a few simple ways to get started. For example:

1. Show up. The first step is just to make the decision to participate, especially in the case where you have a partner who already has been planning. You don’t have to be the leader. Attending meetings allows you the opportunity to listen and ask questions without requiring you to make decisions. If you are on your own, showing up may mean speaking about the topic with friends or family members you respect.
2. Look online for webinars or online financial planning groups geared toward women. General groups can be great too, but a group geared toward women may tailor its message in a way that resonates with you. Many of these groups can be found on social media, such as LinkedIn or Facebook. Your workplace may offer training, as well, whether it’s in person or virtually, through the EAP or a retirement discussion.
3. Open the conversation. Often, discussions around money and finances feel very personal. It becomes taboo. But talking about money with your friends and family may be the easiest place to start. A friendly conversation may lead you to a potential mentor with great resources to recommend – or you may learn that your friend is struggling in the same way and you can support each other.
4. Get professional advice. Good advice is worth its weight in gold – especially if it comes from the right financial advisor. Interview several advisors before you settle on the one who is right for you. Make sure you aren’t feeling ignored or condescended to during the meeting. It’s a good idea to find out if the advisor has worked with other women like you as well.

Joining the conversation doesn’t have to be a challenge. Start small and move forward as you’re ready. Soon, you’ll understand enough to ask the probing questions – and even make some big decisions.

To learn more about achieving financial security, contact us.

[1] https://cibc.mediaroom.com/2021-02-24-Women-juggling-childcare-career-and-finances-as-pandemic-reaches-one-year-CIBC-poll

Joel Rose

With over 35 years of experience, Joel Rose helps families – and their businesses – to prepare for the future. He offers guidance and support to help his clients create estate plans and succession plans that meet the needs of the whole family. Through his extensive professional and personal experience, Joel is known for his compassion and his ability to find a creative solution to meet each family’s needs.