Why Women Are Built to Thrive Financially

By Gina Giachetti Wight, Co-Owner & Senior Partner, Financial Life Planners

Women can and should be an influential force in wealth management. Despite the persistent mental load, financial stressors and gender wage gap, we ladies have the intuition and skill to be naturally strong money managers. I want women to know they have the power to shape their families’ futures, build generational wealth and drive smarter investing strategies. This growing financial influence needs to not simply be a trend but a movement toward more confident financial leadership among all women. There is no longer room in society for women to be intimidated, discouraged or cast aside in controlling the finances!

The Problem: Confidence

Women often have the instincts, knowledge and skills to control their finances, but many times they let society sway them into feeling intimidated about tackling the topic themselves. There has historically been a strong stereotype of men controlling the finances, but I am fortunately starting to see this shift in my role as a financial advisor based in Phoenix. Despite this, I still hear from many clients that their previous financial planner, who is often male, focused on and mostly directed the conversation to their husbands. Often, women feel they haven’t had the chance to speak up, and they don’t give themselves enough credit either. I will have women say to me, “Sorry if this is a dumb question, I’m not very smart when it comes to finances,” and then proceed to ask me an extremely insightful and brilliant question.

What if, when a woman decides to speak up or finally take control, it’s too late? Widowed and divorced women can face an even bigger challenge. They must navigate their financial situations alone, and many times I see them paralyzed by fear and indecision. This is why it is so important for women to have the knowledge and financial confidence if something unexpected or tragic happens to their partner.

Women can excel at money management due to our strong intuitions, listening skills and ability to collaborate, or dare I say, the lack of an ego, when asking for help. In my experience, women, whether they generate household income or not, are often the decision-makers in a household unit. Women are fabulous multitaskers and have the ability to juggle many things at once while still keeping track of what their family needs. These skills are essential and very valuable for money management.

Women do not lack the ability to manage money, but many lack the confidence, experience, and exposure to it.

The Solution: Empowerment

I believe in many aspects, the world would be a better place if more women were in charge, but this truly starts with the money. I encourage all women to claim their financial power and gain the knowledge and confidence to do it successfully.

Women can start feeling empowered by taking steps to fully educate themselves. That starts with learning the fundamentals of investing. Then simply apply that to their own life with basic budgeting, debt management and retirement planning. Every woman should have a basic financial plan and know what they should be doing to reach their financial goals. If you are walking into a financial planning meeting with your spouse, don’t be afraid to speak up and voice your concerns or ask questions! The more you let yourself be vulnerable where needed, the more informed you will become. You want to ensure that both you and your spouse’s voices are heard.

I work with a lot of retirees who move to Phoenix, so it’s important to me that in every initial meeting I have with couples, I make sure I am engaging with both partners. I want to fully understand all their goals and the full financial picture. On average, women are outliving men, so I want and need them prepared if they are handling it all on their own one day.

Women are so great at surrounding themselves with a strong community that they can rely on. Working with a trusted advisor, staying informed and scheduling annual family meetings to review expectations and goals can help women stay engaged and in control. Most importantly, embracing the belief that, as a woman, being confident in their everyday finances is the first step towards long-term financial independence and security.

BIO:

Gina Giachetti Wight is an Investment Adviser Representative of Financial Life Planners and fiduciary. She is co-owner and senior partner at Financial Life Planners based in Phoenix, Arizona. She is passionate about educating individuals in her community on how to achieve success through the benefits of financial planning. She works hard to make the investment planning process easy and accessible for her clients.

She earned her bachelor’s degree in finance from the University of Arizona, Eller College of Management and has more than 18 years of investment management and financial planning experience. Gina is an Arizona native and currently resides in Scottsdale with her husband, three children, and two mini-poodles.

Financial Life Planners is a Registered Investment Adviser registered with the Securities and Exchange Commission (SEC). Registration as an investment adviser does not imply a certain level of skill or training, and the content of this communication has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. 

The information contained in this material is provided for general informational purposes only and is not intended as investment advice. Investing involves risk, and the information regarding investment products and services is presented solely for educational purposes. Market data, articles and other content in this material are based on generally available information and are believed to be reliable. Financial Life Planners does not guarantee the accuracy of the information contained in this material. Past performance is not indicative of future results.