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Holds the purse strings.
The answers mostly the woman since 95% of women are involved in making money these days in making money choices.
So where are they doing with that money the money coach -- -- funny Cox joins me with a new study.
On spending -- -- I wanna start with some of the facts out of this credential study that's just out today.
As we said 95% of women making decisions at home on finances 33%.
Have a concrete financial.
Plan and 50% of women know have generate retirement income.
So why why if we're in charge we're driving the car why don't we have more confidence in what we're doing right.
I think one of the things that the survey -- is that there are some.
Opposite ends of the spectrum in terms of what's going on with women.
Although women are making short term financial decisions were managing household budgets we're looking after the day to day expenses of the monthly expenses.
Where women lack company is in the longer term financial planning.
Making sure that we have enough to pay for a kids' college education making sure we can.
Prepare ourselves -- secure retirement and I think that some of what was reflected in this survey that women lack the know how in some areas in terms of products they don't they say they don't know about.
Stocks or mutual funds annuities those kinds of things to the extent that they'd like to.
And -- some of those issues affect their confidence in their -- -- feel like they can have a secure financial.
You know you -- -- men and men are all confident about everything having -- -- -- that got this baby you know I think.
We like and you go.
Keep what you really are different markets are -- -- yeah exactly well you know isn't good about that because I think that we have seen a number of studies.
The -- study didn't look at men in their issues of confidence or lack or overconfidence.
But in the past that happened a number of studies that looked at investment performance and how men -- Its bottom line men are typically -- into overconfidence.
They tend to over trade.
Sometimes that leads to poor investment choice is certainly -- to taxable.
Consequences when you trade too frequently in your account.
And that's been proven and -- a number of studies have shown that women are better investors.
In many ways that our men and one of them is directly attributable to -- Over confidence you have my husband's -- and our hope that.
Whether or something to think -- right so let's get ahead on your finances yet some advice for folks out there like stop -- thing right you know I wrote about this in my column wallet pop dot com today because I've really wanted people to say.
What can you take away from the survey in terms of what it means you.
The one thing that women failed to do if I had only 33% according to the provincial survey had a plan for young women with even less only 10% at a plant.
So enough already with the progress they'd stop saying I -- today later when the kids are older you know once I -- -- -- -- -- -- -- know whatever it is.
You've got to start thinking about your own future your own retirement and securing that now no more procrastinate.
But we're a multi -- -- right and I think that's a big mistake you know we as women we wanna do it all -- -- when the kids the husband of the partner.
The civic obligations a career etc.
we need to slow down we need to just focus on one thing at a time some time.
Just on the personal finances if you know you need to get a will get there and get that will mate if you know you need -- insurance -- and get that taking care -- to make it a rarity when they have so much going on right watching the kids really help me get to you I mean it's the single best way I think that some people.
Can address this issue of lacking confidence lacking knowledge and also doing the right thing in terms of financial plan.
What about stop assuming mighty what do you mean by that.
Women it was shown in this prudential survey assumed that Social Security will be.
There for them in the future 75% of women to that they'll be relying on Social Security for their retirement income I was blown away by that number.
We can argue about whether -- security will be their fourth or not but the fact is we shouldn't certainly.
Depend on it as our primary source we're certainly not our sole source that's one big area of assumptions that women -- the other thing is that women assume.
That their friends in Italy where the best places to get financial Edward -- believe it or not according to the -- -- 60%.
Of women -- I'll turn to my friends or my family members for investment advice.
Not to a professional.
That's pretty striking it pretty shocking to me so don't trust professionals and stuff like that and how much for coming -- that way we appreciate it I think field.
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