Domestic and caregiving roles still fall to women disproportionately, and they’re often trying to juggle these with financial and professional goals
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While socially ingrained gender roles certainly play a role in these different approaches to money, the confidence gap between men and women highlights the need for advisors to do a better job of encouraging and supporting women to achieve their goals. To mitigate these fears, advisors should approach worries with high degrees of empathy, offering comfort and a plan that’s unique to what keeps the client up at night. Rather than dismissing financial concerns as irrational or downplaying them, advisors should listen intently with the goal to uncover the hidden issues that are being conveyed, which often have nothing to do with money.
That may mean sharing the truth that a family cannot afford to put their child through private school if they want to retire comfortably.
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