NU Online News Service, Oct. 24, 12:27 p.m. – Most baby boom women know they need to take their personal finances into their own hands, but relatively few actually do anything about it, according to a new survey by Prudential Financial, Newark.
“Most feel having a financial plan is important, but not so many go out and buy the products,” said Vivian Banta, vice chairman, Prudential Financial Insurance Division, at a recent media event. “Knowledge does not translate into action.”
Banta offered three approaches a financial planner can use should she be interested in advising women clients: organize, plan, act.
A planner could advise women clients to look through all her financial documents including credit card statements to track what is spent against a budget, Banta said.
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“Only through education will women achieve true independence,” she said.