UBS Financial Services conducts research every year on how women manage their money. In early 2021, they found that while 68% of female respondents said they discuss finances with their partner, they fell short on acting on those discussions.
This inaction could be because Covid-19 has been negatively affecting women in that they are shouldering more responsibility at home than men (such as childcare and remote schooling). 61% of female respondents said that Covid-19 is hurting their career through delayed raises and promotions and because they are working less because of more childcare responsibilities.
Have you found that you have taken on more chores and helping the kids with schoolwork while working from home?
You may know of families that have lost loved ones unexpectedly over the last year. On top of the emotional trauma, they may not have been prepared to handle the financial fallout because they were never involved in the details of their family’s finances. I know of widow that lost her husband in 2020 and a year later is still trying to piece together her finances. She struggled to figure out passwords, access to bank accounts, and not knowing about some retirement accounts. The pandemic made things worst.
It is important to look at our finances and financial planning. Five question to ask:
Do we have access to all bank accounts and investment accounts?
Do we have enough money in cash to cover our family’s expenses for six months? For one year?
How much money have we saved for retirement? Will we outlive our money?
What about estate planning — do we have the proper documents in place?
How often are we communicating with our financial advisor? (do we even have a financial advisor?)
Have you thought about ‘what-if’ scenarios? Have you started to put a financial plan in place before you are in a crisis? Do you need some guidance on your goals or to reduce debt to have that financial stability? If you need some guidance, please reach out to Molly O’Hara (503)233-8920.
(link to include: https://www.edwardjones.com/financial-advisor/molly-o'hara)
Original location of where pulled this information: https://www.bizjournals.com/bizwomen/news/latest-news/2021/03/mentoring-how-much-do-you-know-about-your-money.html?page=all
What's your opinion?