According to a recent study, more than 85 percent of women are the chief purchasing officer or financial decision maker in their household. Similarly, nearly half – 44 percent – are the primary breadwinner. Despite these numbers that indicate women are more in control of their own financial future than ever before, one figure points to the fact that women are still not confident when it comes to long-term financial planning. According to the survey, just a third of woman believe they will accomplish their long-term financial goals.
The majority of women surveyed had two main concerns when it comes to their finances: retirement and savings protection. In fact, 93 percent of women’s primary financial driver is maintaining their standard of living throughout retirement. Coming in at a close second, 91 percent of respondents identified the desire to not become a financial burden to their loved ones as a main driver.
So, what can financial planners do to help women address their financial security concerns? Promoting a long-term financial strategy that incorporates a well-structured life insurance policy gives the ability to provide women with the financially secure retirement and asset protection they need and deserve. Life insurance can provide these women with income protection, income to dependents or heirs, enhanced retirement assets and long-term care if necessary.
To best serve your women clients, use collaborative language that shows a shared responsibility with their spouse or partner in pursuing a bright financial future. Also, don’t be afraid to provide advice, as over half of survey respondents indicated that they rely on thoughts from their advisor when purchasing products. Finally, always provide pamphlets, brochures or websites to provide as much information about financial situations as possible.