How Women Can Prepare to Take on Financial Challenges

If you’re not already well-versed in financial planning, it’s a good idea to get there now so you can proactively meet challenges rather than simply react to them.

A woman smiles as she looks at her laptop at her dining room table.
(Image credit: Getty Images)

Whether it's due to longevity, divorce or other lifestyle choices, nearly 80% of women will become solely responsible for their finances at some point in time.

Many couples don't see it as a problem until it's too late. Oftentimes, one spouse handles the long-term financial planning, and the other handles the day-to-day expenses. With just 23% of women taking the lead, most women will face a harsh reality when they have to take full responsibility of their financial decisions. By thoroughly understanding the principles and nuances of financial planning, women can proactively prepare for challenges, instead of reacting to them.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Britta Ferguson, CFP®, CEPA
Wealth Enhancement Group

Britta began her career in the financial sector as Financial Consultant in early 2008. After eight years in that role, Britta changed companies and took up a position as a VP, Wealth Management Advisor. Given that her financial career kicked off at the height of the 2008/2009 market correction, Britta learned early (and quickly!) about behavioral finance, and how crucial it is for clients to have a financial plan. In Britta’s current role as Vice President, Financial Adviser, she specializes in goal-based planning, risk management, tax mitigation strategies, asset protection and legacy planning.