Page 14 - The Edge - Summer 2021
P. 14
WOMEN AND MONEY
BY DON HARRIS
Ann Hughes
Reasons Why AASBO Women Should
Control Their Financial Future
Emphasizing the importance of women to take control to get regular checkups,” Hughes said. “It’s the same
of their financial future, an expert in the field shared with finances. You should be getting regular checkups,
with AASBO’s female members reasons why such working with a financial professional before it’s too
action should be taken – now. late.”
Ann Hughes, with 20 years of experience in financial A do-it-yourselfer doesn’t engage a professional, but
matters and founder and CEO of The Female Affect, may rely on the internet for information. An engager
strongly recommended that women should seek the gets somebody else in the process, but doesn’t drive
guidance and advice of a professional. Her presentation the process. The seeker looks for information and
took place at an AASBO breakout session. works with a financial professional, “You really are
the primary driver behind your finances,” Hughes
Early in her career, Hughes said she discovered that said.
women weren’t seeking the financial advice they
needed. Maybe they felt uncomfortable approaching Regarding how people feel about money, spenders
financial services professionals. “Now, women feel spend before they save, but hoarders deprive
more at home in our industry,” she s aid. “We control themselves of things they need, which is not healthy,
more wealth than our male counterparts and we have Hughes said. Generally, 90% of women are savers,
unique life circumstances that require professional while 90% of men are investors. “That’s changing,”
financial advice.” Hughes said. “Women understand the need for a
healthy combination of saving and investing. Your
She told of a woman who at age 73 was left virtually money has to make money – it’s a delicate balance.”
penniless when her husband died. The woman was
terrified, facing the prospect of having to look for a Hughes asked: “What keeps us up at night?” The No. 1
job, saying she wished she had taken a more active fear is running out of money, studies show. It doesn’t
role in their finances. matter whether you have $3 million or $30,000 in the
bank, she said. Related fears and concerns include the
“That’s an extreme example, but it happens more than possibility of homelessness, maintaining the current
we admit,” Hughes said. lifestyle, and having the money for needed medical
care.
Longevity is a reality – women have a life expectancy “We see ourselves as nurturers and care givers,”
of 81, compared to 76 for men, Hughes said. Hughes said. “We hate the thought of having someone
Furthermore, a 65-year-old woman has a 42% chance take care of us. Fear increases as we get older,
of living to 90. It’s better to make informed choices especially if we don’t have a financial plan. Taking
now, without the pressure of a life-changing event, action always makes you feel better. Eliminate some
and up to 90% of women will be responsible for their of that worry. Have more power over your finances.”
own finances at some point, she said.
On the difficulty of budgeting, Hughes said,
Hughes asked her virtual audience what their “Technology has made it so much easier to spend than
relationship with money is: “Are you a procrastinator, save. We don’t balance checkbooks. We have lost
a do-it-yourselfer, an engager or a seeker?” out connection to money. Now, we swipe our card.
There’s no real quantifiable marker. We just know
A procrastinator knows you need to do something, that we bought something. If we had to pay cash for
but you just do the bare minimum. It’s like going everything we wanted – not our needs, like a mortgage
to the dentist, she said. You keep putting it off until or rent payment – we will feel it dramatically. You
something goes wrong with a tooth. “You’re supposed will feel differently when you have to pay with 20s
|
14 THE EDGE SUMMER 2021
