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Women, Go Confidently Toward Goals
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Published: August 31, 2008
In the 1970s, there was an Enjoli perfume commercial showing a woman, clutching a fist full of money, who proclaimed she could bring home the bacon and fry it up in a pan.
The jingle with the ad empowered me. Whenever it aired, I would prance around singing it. That's right, even though I'm a woman, I can earn, spend, save and invest like any man.
But decades later, even though women have moved ahead financially, a number of studies and polls indicate we still have more to achieve and sometimes we impede our progress by our own doubts.
In a poll by the National Women's Law Center, women respondents were more likely than the men to feel that they are falling behind economically. They worry more about their financial future.
For many women, the concerns are not unfounded. More than 14 million women live in poverty. More than 17 million have no health insurance. On average, women still earn only 77 cents for every dollar paid to men.
If women in the work force earned the same amounts as men who work the same number of hours, have the same education, age, and union status and live in the same region of the country, their annual family incomes would rise by about $4,000 and their poverty rates would be cut by half or more, according to the National Women's Law Center.
Stick To Your Convictions
Prudential Financial found in a study released this year that women tend to have clear financial priorities but little confidence in their ability to achieve those goals. Less than a quarter of women feel they are "very well" prepared to make financial decisions related to employee workplace benefits, retirement and other important financial planning matters.
Prudential called it a confidence gap.
"It's that chasm that lies between knowing something, and doing something about it," the Prudential study said.
In 2006, Allianz Life Insurance Company of North America commissioned a report to better understand how women handle their money. In the latest installment of the Allianz Women, Money, and Power Study, the insurer found more than half of all women want to learn more about retirement planning and entry-level saving and investing.
Like other studies, Allianz found that despite their desire to learn more, many women postpone long-term financial planning because they're overwhelmed by short-term priorities.
Getting That 'Extra Nudge'
In releasing its poll results, the National Women's Law Center called for government initiatives, including increasing the tax credit for low-earning families and providing health care coverage for all families.
Prudential and Allianz want women to hire financial professionals to help them manage their money. Prudential says a financial adviser "may be the extra nudge some women need to get started."
I agree that our government needs to do more. And yes, a financial adviser can help you develop a good financial plan.
But really, ladies, more of us need to stop fearing all things financial or doubting we can manage this stuff. We certainly can't always wait on a government program. And if Prince Charming does come along, he may have his own financial challenges. Heck, his horse is likely to be leased.
So what's stopping you from learning about finances? You can start finding answers by going to www.choosetosave.org.
Even if the money gets tight or the financial jargon makes you wanna holler, encourage yourself to press on, learn and take action. You can be your own motivator because you're a W-O-M-A-N. Now say it again.
Michelle Singletary can be reached at The Washington Post, 1150 15th St. N.W., Washington DC 20071.
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