Women's Money Blog

Laura Mattia Blog

Wishing you the financial freedom to live your life on your terms

The final key to gender equality is mastery of money

Published: July 10, 2018 7:57 a.m. ET Market Watch

Women are skilled with finances and should participate fully in money decisions.

Women have made enormous strides working in occupations historically dominated by men, yet social norms in the U.S. continue to restrict women’s progress, particularly in finance. Female fund managers, financial planners, financial analysts, and financial managers are a small fraction, usually under 20%, of financial professionals.

While many financial organizations recognize the need to advance women in financial roles, women themselves must influence change in both the financial sector and around women’s relationship with money, using tools that can ensure their success. Indeed, female mastery of money is the final key to equity among the genders.

This about more than money — it’s about the power and freedom to make choices.

Indeed, this about more than money — it’s about the power and freedom to make choices. Women must realize that understanding, managing, controlling, earning, and spending money confers status, privilege, power, and freedom — and control of everyone and everything that money can buy or influence.

When women acquire financial skills and knowledge, they can tip the scales of gender-linked power in their direction. This is why it’s so important for women to become financial leaders and advisers, so they can encourage other women to become financially engaged.

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Dr. Laura Mattia: Amazing Women on Suncoast View Television

What an honor to be recognized as an Amazing Suncoast Woman. I had the opportunity to discuss the the PFP program at Muma College of Business, USF and my new book, "Gender on Wall Street: Uncovering Opportunities for Women in Financial Services"

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Laura Mattia on Your Money - Audio

Laura Mattia joins host Kent Smetters to discuss her focus on inspiring women to become more financially engaged on Your Money.

Click "continue reading" to hear the podcast

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Women and Finance: POWER WITH A FINANCIAL PLAN

Read Dr. Mattia's article "Women and Finance: POWER WITH A FINANCIAL PLAN" on the WRC website and featured in their new publication circulating Sarasota called MyWRC.

http://www.mywrc.org/mywrc/women-finance-power-financial-plan

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Women's Resource Center of Sarasota is conducting a Women's Money Empowerment Series - Series beginning 2/3/18

Dr. Mattia, CFP® will be running a Women's Money Workshop for the Women's Resource Center (WRC) of Sarasota at USF Sarasota-Manatee: 8350 N Tamiami Trail, Sarasota, FL 34243, Saturdays, February 3 & February 10, 9:30am-12:30pm. The purpose of this workshop series is to provide unbiased and objective information so you are empowered to make informed decisions.

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Laura's New Book: Gender On Wall Street: Uncovering Opportunities For Women In Financial Services

Dr. Mattia is the author of the forthcoming book "Gender On Wall Street: Uncovering Opportunities For Women In Financial Services" coming out spring 2018 from Palgrave Macmillan.

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Recently Widowed – Now What?

Women on average live longer than men, and many marry older men.

The result is that most women will find themselves alone since the median age of widowhood is around 60. This is a bad time in any one’s life to become financially responsible since it is usually when wealth is highest and there is more at stake. This is especially true for many married women who did not participate in financial decision making in the past and did not develop necessary skills to make good financial decisions.

The best advice during this emotional time is to take it slow and don’t rush into any major decisions about your financial future. Irreversible decisions made at times of great emotional stress are often regretted. Except in cases of extreme economic necessity, women going through this emotional time should put off decisions about such matters as selling their house, retirement or giving away assets.

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The Cost of Long-Term Care Could Drain Your Nest Egg

Studies of demographic data show that 30 to 50 percent of Americans who make it to age 65 will eventually need to be cared for in an Assisted Living Facility. These same studies demonstrate that almost 50% of women in the U.S. will require this type of care.

When planning for retirement, most of us think about where we want to live, how much we want to travel, how we want to spend our days, and how we’re going to pay for it all - but far too many of us fail to consider the costs associated with changes in our health.

The problem isn’t in becoming sick and dying, the financial risk stems from surviving an illness and then requiring long-term care. Women are more likely to experience the latter scenario, so it is imperative that you plan for this possibility, so you don’t deplete your retirement savings or greatly reduce the value of your estate.

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Did you know that Financial Advisers are not required to give you their best advice?

The law only requires most advisers to provide “suitable” advice.

That means it doesn’t matter if the adviser benefits more than you do, as long as the advice is generally “okay”, but is suitability really good enough? Did you like the restaurant you went to last night? Meh, it was suitable. How did your surgery go? Okay, the doctor was suitable.

If suitable isn’t good enough for restaurants and doctors, it certainly isn’t good enough for financial planning. Inconsistent standards in the financial services industry have allowed anyone, regardless of their competence or integrity, to claim that they are a “financial advisor” and the lack of differentiation between brokers and investment advisors has resulted in different standards of care by individuals that appear similar.

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