Conquering Financial Fear on International Women's Day

International Women's Day (IWD), celebrated on March 8th, is a global day recognizing the social, economic, cultural, and political achievements of women. Events worldwide highlight key issues affecting women such as education, health, workplace equity and financial independence. It’s a great day to address your own issues as a woman, and take steps to improve your own financial future! 

One of the best ways for women to foster financial independence is to identify what FEARS they currently have around money, and make a plan to face them head on. Many women find financial matters especially daunting and may be paralyzed when making money decisions that affect their future.  Here are five common financial fears women face and strategies to conquer them.

1.    FEAR OF OUTLIVING YOUR MONEY

While both men and women worry about depleting their retirement savings, this fear is even more pressing for women, who tend to live up 5 to 10  years longer than men according to recent studies. As a result, women often need at least 20% more in retirement savings than their male counterparts. If your retirement fund feels insufficient, consider extending your career and delaying Social Security benefits to maximize your payout. Additionally, remember that a longer lifespan often comes with increased healthcare expenses, making financial and healthcare expense planning even more crucial. Everyone can benefit from having professional help from a Financial Advisor.

2.    FEAR OF LOSING A SPOUSE OR PARTNER

Losing a spouse or partner  is an emotionally devastating experience, but it can also bring significant financial challenges. Even if your spouse wasn’t the primary earner, your household likely relies on both incomes to maintain financial stability. To reduce uncertainty, women should actively participate in financial decisions as early as possible, including estate planning and financial planning. Start by familiarizing yourself with all household accounts and investments, ensuring both partners have full access. Life insurance may also be worth considering, depending on your financial goals and life stage. Experts often recommend a policy that covers 6 to 10 times the lost annual income, along with enough to settle any outstanding debts.

Further, meeting with an Estate Planning Attorney is critical. A comprehensive estate plan not only dictates how your money will be distributed when you pass away, it should also include advanced directives that will help you if you become ill or incapacitated. A financial durable Power of Attorney permits someone you choose to help you manage your finances if you are ill or incapacitated. A Health Care Surrogate should be appointed to get your medical records in an emergency, and speak for you when you cannot speak for yourself. A  living trust can also be helpful to provide protection for your assets for you if you are incapacitated in the future, or to help take care of loved ones after your are gone.

3.     FEAR OF THE LOSS OF A HOME

The idea of losing a home after years of financial stability, or due to long term care and nursing home costs, is  a real concern for many. Sometimes a mortgage payoff strategy is recommended by financial advisors, but that is not the only concern.  While a home is a valuable asset, it also comes with ongoing expenses and upkeep that can become overwhelming. Many homeowners underestimate these costs. 

As you approach retirement and/or have increasing health concerns, consider downsizing to a more manageable home before it becomes a necessity, ensuring financial security and reducing maintenance burdens. Do not wait to contact an Estate Planning or Elder Law Attorney to evaluate home and asset protection strategies as you age, and learn about special laws under the Homestead Act and the Florida Constitution that provide special protections for your home.

4.    FEAR OF SUPPORTING CHILDREN OR OTHER FAMILY  MEMBERS

Raising children is undeniably expensive, but being a great parent doesn’t mean financially supporting them indefinitely. Often women also provide support to parents or other family members,  feeling “obligated” to be the caretaker for hem as well. Setting clear boundaries around financial assistance for adult children and other family members is not healthier for everyone in the long run. Balance saving for your own future and assisting family with education or healthcare costs.  Prioritizing financial independence—for both you and your loved one — can be necessary “tough love.”

5.    FEAR OF NOT BEING FINANCIALLY SAAVY ENOUGH

Many women lack money confidence, and are intimidated when it comes to managing their own finances.  That’s no surprise, as generations of women were often told that men handle money and women handle the house, and for many years, financial professionals did not focus on the unique needs of women clients.  Today, women have the power and desire to manage their own  money, effectively budget, grow their investments,  and partner with financial and legal advisors. 

While financial fears can feel overwhelming, they are often unfounded. By expanding their financial knowledge and seeking guidance—especially from legal and financial professionals who understand their unique challenges—women can gain the confidence to take control of their financial future. This International Women’s Day is the perfect time to break barriers, embrace financial empowerment, and take bold steps toward lasting security and independence.