Survey Highlights Planning Gap Between Knowing And Doing Of Baby Boom Women
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, N.J.
“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.”
With this information in mind, Banta offered three approaches a financial planner can use should she be interested in advising women clients. Firstly, organize and plan in order to provide the platform from which to act, she said.
A planner could advise clients to organize by looking through all their financial documents, including credit card statements, to track what is spent against a budget, Banta said.
“Only through education will women achieve true independence,” she said.
The next step, to plan, involves leading a client to focus on herself, her needs, her long-term goals and what it might take to ensure financial security over the next 30 years.