What causes women to prioritize immediate needs over long-term goals

 

women to prioritize immediate needs over long-term goals

While women have made significant progress toward income and gender equality in the workplace, one of the biggest challenges they still face is the propensity to "prioritize immediate family needs" over saving for their own future, according to a recent Edward Jones survey titled "Female Financial Empowerment."

That undoubtedly contributes to explaining the inherent discrepancy in the findings, which the financial services company acknowledges: 

Even though seven out of ten women surveyed claim to be "confident" in their financial literacy, far too many of them haven't taken any steps to build their own long-term wealth.

According to Nela Richardson, an investment consultant at Edward Jones, "Only 25% of women questioned see saving for retirement as their most significant goal over the next three to five years.

" That suggests that the next barrier that women should break in the coming years is financial empowerment for women.

The national sample of 1,004 adult women ages 18 and older found that waiting for the "ideal" time to invest or finding other sources of motivation are the two other major obstacles that women must overcome.

Some instances: a huge pay rise or other windfall (49 percent). A dire financial situation (20 percent). a crucial life event (20 percent). a market adjustment (12 percent).

According to Richardson, "waiting for a raise or a big life event isn't a financial strategy by definition, and they'll always have conflicting objectives. 

The secret is to prepare for both positive and negative life circumstances and to be adaptable enough to deal with them so that you may achieve your long-term financial objectives.

On its website, Edward Jones outlines a female-centric method for managing your funds. But to help you get started, here is a simple cheat sheet:

• Prioritize your financial well-being by starting to invest right away to give your money time to grow. Never underestimate the incredible power of compound interest.

• Make modest initial investments.

• Create a financial plan based on your objectives.

The fact that there were 10 women on Forbes' list of the world's 100 richest people this year as opposed to just four in 2000 is a telling indicator of how much better off women are financially. 

The chairwoman of the family holding firm and L'Oréal heiress Francoise Bettencourt Meyers ($49.3 billion) is the wealthiest woman and fifteenth overall.

You argue, but she inherited her fortune. Kylie Jenner, a 21-year-old cosmetics phenom, is the youngest billionaire ever, according to Forbes ($1 billion).

#WomenPrioritizeImmediateNeedsOverLongTermGoals.

#longtermgoals