Most of my clients are Gen X women, and I can say that without a doubt, many of them are terrified. They are afraid that they don’t have enough money saved, scared that they’ll run out of money when they are old, and they are nervous that they are investing all wrong. These are not the women I am worried for.
Last month, I discussed how fear of negotiation hurts women’s retirement savings. I spoke with Elizabeth Suárez, a national speaker, coach, and the author of “The Art of Getting Everything” about negotiating a salary offer: https://tinyurl.com/yxjr4tyl.
The common financial wisdom making the rounds these days is that we all need to be saving more money and spending less. While this is true, forgoing the latte isn’t going to move the needle very much on your retirement goals. What never seems to be mentioned is how making more money can have a far greater impact on your retirement than frugality.
What Can I do to Gain Financial Confidence?
Despite all of the gains women are seeing in politics and social capital, women’s confidence in financial matters is actually decreasing, according to a new study by Allianz Life Insurance Co. of North America. More than half (57%) say they wish they were more confident in their financial decision-making.