In 1853 Susan B. Anthony wrote in her diary that “a woman must have a purse of her own,” asserting that financial independence and power go hand in hand. A century and half later, her words still ring true. To assist Utah women by providing access to crucial financial information and valuable resources, the Office of the Utah State Treasurer, the Utah Financial Empowerment Coalition and other partners are hosting the first annual “Women in the Money: Utah Financial Empowerment Conference” on April 22.
You may wonder why there would need to be a conference just for women. Studies show that women are more reluctant to talk about money than their male counterparts. Part of this may be that many of us were taught that openly discussing money is a social taboo. Another hindrance occurs when there is a perception that whoever earns the money should manage it. In fact, a local CPA reported to me that 90 percent of the time she only encounters the “male half” of couples whose finances she manages. Too often women may feel that being involved in all aspects of the family finances is Plan B, something they would only need to do in a crisis. Ironically, 90 percent of women will have sole responsibility for their assets at some point in their lives. With statistics like that, being informed, prepared and involved in your finances should be Plan A.
No one anticipates divorce, death or disability. Yet these things happen and there can be a high cost for the silence that is all too prevalent around finances. At a previous event I hosted, one presenter spoke of her husband passing suddenly. She discovered they had no savings, insufficient life insurance and didn’t have all the necessary documents in a central place. A 2014 New York Life “Loss of Spouse” study revealed that these three issues are stressors for most widows and widowers. Most respondents regretted not having more detailed discussions about the financial implications of the death of a partner.
In my own life, my husband Greg and I have split the financial responsibilities. I have always paid the bills and managed the bank accounts and monthly budgets — and I enjoy it. Greg loves working with our retirement and investments. Each week, we give each other a quick report of where things are at.
The truth is everyone needs a financial plan. No one is guaranteed perpetual security and prosperity, and we owe it to ourselves and to our families to know the basic principles of savings, credit, insurance, taxes, social security, etc. The beauty of this upcoming conference is that it can help women in whatever stage they are in to start learning and working towards financial security. The basic steps of creating a financial plan are not dependent on marital status or wealth. The overarching message is that it is never too late, or too early, to learn about finances.