{"id":1671,"date":"2022-03-15T18:31:51","date_gmt":"2022-03-15T13:01:51","guid":{"rendered":"https:\/\/www.extramilefinance.uk\/blog\/?p=1671"},"modified":"2022-03-15T18:31:53","modified_gmt":"2022-03-15T13:01:53","slug":"do-women-really-need-a-financial-advisor-for-managing-money-better","status":"publish","type":"post","link":"https:\/\/www.extramilefinance.uk\/blog\/do-women-really-need-a-financial-advisor-for-managing-money-better\/","title":{"rendered":"Do Women Really Need a Financial Advisor for Managing Money Better?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_52 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a21a9ac5b495\"><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a21a9ac5b495\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.extramilefinance.uk\/blog\/do-women-really-need-a-financial-advisor-for-managing-money-better\/#How_can_a_Financial_Advisor_Help_Women_Save_More\" title=\"How can a Financial Advisor Help Women Save\nMore? \">How can a Financial Advisor Help Women Save\nMore? <\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.extramilefinance.uk\/blog\/do-women-really-need-a-financial-advisor-for-managing-money-better\/#1_Evaluating_habits_and_creating_a_budget\" title=\"1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluating habits and creating a\nbudget\">1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluating habits and creating a\nbudget<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.extramilefinance.uk\/blog\/do-women-really-need-a-financial-advisor-for-managing-money-better\/#2_Working_moms_should_evaluate_insurance\" title=\"2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Working moms should evaluate\ninsurance\">2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Working moms should evaluate\ninsurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.extramilefinance.uk\/blog\/do-women-really-need-a-financial-advisor-for-managing-money-better\/#3_Plan_Retirement_Savings\" title=\"3)    Plan Retirement Savings \">3)    Plan Retirement Savings <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.extramilefinance.uk\/blog\/do-women-really-need-a-financial-advisor-for-managing-money-better\/#4_Plan_your_long-term_financial_goals\" title=\"4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan your long-term financial\ngoals\">4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan your long-term financial\ngoals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.extramilefinance.uk\/blog\/do-women-really-need-a-financial-advisor-for-managing-money-better\/#5_Boost_the_savings\" title=\"5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boost the savings\">5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boost the savings<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.extramilefinance.uk\/blog\/do-women-really-need-a-financial-advisor-for-managing-money-better\/#6_Understanding_the_taxation_regime\" title=\"6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Understanding the taxation regime\n\">6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Understanding the taxation regime\n<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.extramilefinance.uk\/blog\/do-women-really-need-a-financial-advisor-for-managing-money-better\/#7_Help_women_Invest_better\" title=\"7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Help women Invest better\">7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Help women Invest better<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.extramilefinance.uk\/blog\/do-women-really-need-a-financial-advisor-for-managing-money-better\/#So_Do_Women_Really_Need_Financial_Advisor\" title=\"So, Do Women Really Need Financial Advisor? \">So, Do Women Really Need Financial Advisor? <\/a><\/li><\/ul><\/nav><\/div>\n\n<p>According to a recent statistic, 47% of\nwomen have been facing mental health issues owing to finances,&#8221; and out of\nwhich &#8220;only 12 women ask for help from a financial advisor.&#8221;<\/p>\n\n\n\n<p>Women live longer and pass on the estates\nto the next generation. Hence, it is important for a woman to be financially\nsound. Women can redefine their financial equation with the help of financial\nadvising.<\/p>\n\n\n\n<p>The importance of women&#8217;s role in the\ndecision-making process can&#8217;t be understated, from managing monthly expenses to\ntaking out <strong><a href=\"https:\/\/www.extramilefinance.uk\/loans\/bad-credit-loans\/unsecured.html\">unsecured\npersonal loans<\/a><\/strong>. They are fabulous investors and financial managers. And\nprofessional financial advice could bridge the gap to maximizing finances and\ngrant more financial freedom to women.<\/p>\n\n\n\n<p><strong>Multiple factors influence financial\nplanning for a woman:<\/strong><\/p>\n\n\n\n<ul><li>Society<\/li><li>Gender roles<\/li><li>Child care<\/li><li>Maternity leave<\/li><li>Volume of employment<\/li><li>Gender pay gap<\/li><li>Wealth accumulation<\/li><li>Passive income modes<\/li><li>Family role model<\/li><li>Education<\/li><li>Professional and industry<\/li><\/ul>\n\n\n\n<p>Given these multiple aspects, planning and\nreforming finances are indeed challenging aspects for a woman. Thus, a woman\ncan encounter them by:<\/p>\n\n\n\n<ul><li>Develop a clear idea about your\nlife&#8217;s goal. In life, what are you saving for? Your family, your child, or\nyourself?<\/li><li>Be transparent about your\nfinancial outlook with your friends, family, or your better half.<\/li><li>Ensure to keep your financial\ndocuments up-to-date. It reflects your consciousness and eagerness to multiply\nincome sources and ensure a well-planned future.<\/li><li>Keep track of the liabilities\nlike&nbsp;<strong><a href=\"https:\/\/www.extramilefinance.uk\/loans\/doorstep-loans.html\">doorstep\nloans like provident<\/a><\/strong>&nbsp;and\nrationalize your dreams unstoppable.<\/li><\/ul>\n\n\n\n<p>Now, let\u2019s analyze how taking financial\nadvice can help women:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_can_a_Financial_Advisor_Help_Women_Save_More\"><\/span><strong>How can a Financial Advisor Help Women Save\nMore? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According to a recent statistic by Fiscal\nStudies, \u201cMothers were 15 times more vulnerable than fathers to losing jobs or\nbeing furloughed. The lack of support for child care and child care expenses\nresulted in 35% of workers losing their jobs.<\/p>\n\n\n\n<p>Even when you take pandemics out of the\nequation, women face multiple issues like gender gap, gender pension gap, and\nignorance of their role in investing and the stock market. <\/p>\n\n\n\n<p>Apart from this, managing&nbsp;<strong><a href=\"https:\/\/www.extramilefinance.uk\/loans\/single-parent-loans.html\">loans for\nsingle mums on benefits<\/a> in the UK<\/strong>&nbsp;along\nwith other responsibilities and liabilities significantly affects their\nlifestyle.<\/p>\n\n\n\n<p>Faced with these challenges on the route,\nit is imperative for women to ensure financial well-being. And here are why\nwomen need financial advice quite more often.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Evaluating_habits_and_creating_a_budget\"><\/span><strong>1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/strong><strong>Evaluating habits and creating a\nbudget<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A single man earns more than his\ncounterpart. However, women are better at managing expenses. They still need to\nevaluate their spending and analyze the unnecessary ones. Basic budgeting can\nhelp women keep track of finances and carry out expenditures accordingly.<\/p>\n\n\n\n<p>The best way to do this is by itemizing\nspending and separating the frivolous or impulse purchases from the unavoidable\nones, like&nbsp;<strong>doorstep loans, like provident<\/strong>.\nSometimes, evaluating finances helps one grab the spending pattern and reform\nit immediately. <\/p>\n\n\n\n<p>Managing finances is all about ensuring\nmore financial freedom along with meeting priorities.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Working_moms_should_evaluate_insurance\"><\/span><strong>2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/strong><strong>Working moms should evaluate\ninsurance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Whether they continue to work or stay at\nhome for childcare, a woman must evaluate the insurance policies and update\nthem immediately.<\/p>\n\n\n\n<p>Insurance helps cover important and\nimmediate expenses like medical and job loss sometimes. Identify the insurance\npolicies and analyze how you can improve your lifestyle by ensuring better\nfinancial security.<\/p>\n\n\n\n<p>According to the source, \u201conly 56% of women\nhave life insurance\u201d. Despite the over-arching costs of raising a child in the\nUK. The average cost of raising a child in the UK is \u00a3185,000 as a single\nparent. Thus,&nbsp;<strong>loans for single mums on\nbenefits UK<\/strong>&nbsp;can indeed\nbenefit mothers seeking immediate financial help to meet their needs.<\/p>\n\n\n\n<p>In addition, if the couple is planning a\nbaby being professional, it is high time for the women to take control over\nfinances and define-futuristic financial strategies. It will help them overcome\nfinancial distress and ensure a financially secure future for children and\nfamilies. <\/p>\n\n\n\n<p>Having a financial advisor by the side can help women make informed financial decisions. They can plan the future by having futuristic insurance policies.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Plan_Retirement_Savings\"><\/span>3)    <strong>Plan Retirement Savings <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>According to Global Women and Money Study\n2021, UK<em>,&nbsp;\u201cWomen in the UK typically live longer than men, but have 51%\nfewer retirement savings.\u201d<\/em><\/p>\n\n\n\n<p>With the general notion of being \u2013 man is\nthe caretaker of the financial world; women are less likely to be involved in\nsaving for retirement. Well, as equals, women need to ensure a good financial\nbackup, as they are good at managing money and other expenses. Women as single\nmothers or wives can start planning for retirement early, in their 20-30-40s.<\/p>\n\n\n\n<p>Thus, having a financial advisor by your side\ncan help you plan and invest using the ideal tools. Making and making big\ninvestment decisions requires confidence, which is why a financial advisor is\nimportant.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Plan_your_long-term_financial_goals\"><\/span><strong>4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/strong><strong>Plan your long-term financial\ngoals<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Women\nare visionaries and far-sighted. Thus, along with ensuring comfort and\nhappiness in the present moment, they look forward to creating a bright future\nfor themselves and their families. Unfortunately, many individuals are confused\nabout where to invest and how to save for the future.<\/p>\n\n\n\n<p>A\nfinancial advisor can help eliminate the dualities of thoughts with a holistic\nunderstanding of one\u2019s finances and provide personalized monetary advice.<\/p>\n\n\n\n<p>A\nfinancial planner and advisor can help a person define realistic financial\ngoals and provide ways to achieve them without a significant failure. Besides\nthis, he can help women take and manage <strong>doorstep loans like Provident<\/strong> hassle-free without affecting their budget.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Boost_the_savings\"><\/span><strong>5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/strong><strong>Boost the savings<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>How can women maximize the amount they\nearn currently?<\/em><\/p>\n\n\n\n<p><em>How can women improve and increase their\nsavings?<\/em><\/p>\n\n\n\n<p><em>How can a woman overcome traditional\nbarriers and dominate finances after pandemic lay-offs?&nbsp;<\/em><\/p>\n\n\n\n<p>These events or aspects bother one or\nanother often. But securing answers to these questions with a well-defined plan\nis something a woman looks forward to. A financial planner, especially a woman,\nhelps plan and achieve financial goals better. Women can relate to a woman&#8217;s\nstruggles, whether they are professional or personal, and give personalized\nfinancial advice.<\/p>\n\n\n\n<p>&nbsp;According to Forbes, women prefer a\nwoman financial advisor for financial advice. It is because a woman&#8217;s financial\nadvisor is happy to listen to a woman\u2019s challenges and lifestyle and answer the\nweirdest questions with no second thought. It is in response to some financial\nadvisors, who prioritize selling financial products instead of heeding to their\nclients&#8217; grievances and financial issues.<\/p>\n\n\n\n<p>Financial advice that takes into account a\nwoman&#8217;s personal and professional circumstances can have a significant impact\non her life.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Understanding_the_taxation_regime\"><\/span><strong>6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/strong><strong>Understanding the taxation regime\n<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Well, no matter how much you ensure financial well-being, taxation can\u2019t be ignored. Thus, managing and increasing finances along with meeting tax obligations is something only a few master.<\/p>\n\n\n\n<p>&nbsp;It is a critical aspect of leading a\npeaceful life. Missing out on taxes can only lead to future worries and debt.\nAnd it may affect the possibility of sustaining or paving the way for\neffortlessly&nbsp;<strong>unsecured personal loans<\/strong>.&nbsp;Individuals\nin the UK are taxed according to the salary bracket or the benefits they\nreceive.&nbsp;<\/p>\n\n\n\n<p>And many individuals are clueless about the\ntax bracket they fit in. Therefore, having a financial advisor beside you can\nhelp sort things out for you. If you are looking forward to creating a\nfinancial plan and dedicating a separate account for meeting taxes and other\nobligations, you can consult a financial advisor.&nbsp;<\/p>\n\n\n\n<p>He\/she will help you achieve mental peace\nby highlighting the major taxes you qualify for and developing a sustainable\nfinancial strategy to meet those without stress. For example, how can you make\nfor taxes by investing or multiplying savings?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_Help_women_Invest_better\"><\/span><strong>7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/strong><strong>Help women Invest better<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>&#8220;Women, on average, are more\nsuccessful investors than men.&#8221; It is because they are more rational and\nreactionary to making financial decisions. However, men are risk-takers. They\ntake part in investing rather than being reactionary to that. The right\nfinancial advisor can help women figure out the right equities or shares to\ninvest in. They can feel confident in their skin to have greater financial\nsuccess and control. When it is about investing, having backed by knowledge can\ndo wonders for women investors.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"So_Do_Women_Really_Need_Financial_Advisor\"><\/span><strong><em>So, Do Women Really Need Financial Advisor? <\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Well, yes, they do. Women play multiple\nroles in defining a society&#8217;s structure and contribute to its well-being and\neconomy equally to men. Thus, they require financial advice to tap into their\ndreams. Ensure more dominance over finances for a suitable present and future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to a recent statistic, 47% of women have been facing mental health issues owing to finances,&#8221; and out of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1672,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,161,233,17],"tags":[63,249,250,251],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1671"}],"collection":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/comments?post=1671"}],"version-history":[{"count":1,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1671\/revisions"}],"predecessor-version":[{"id":1673,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1671\/revisions\/1673"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/media\/1672"}],"wp:attachment":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/media?parent=1671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/categories?post=1671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/tags?post=1671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}