By Ashley Shafer | Financial adviser, Morgan Stanley 

Statistics show that women lack confidence in their financial knowledge. When women don’t feel informed, they don’t act, and this can cost us greatly! With the new year and numerous personal and professional goals in mind, I challenge you to invest in yourself and take an interest in learning more and taking action as it relates to your financial picture and goals.

Fewer than 2 in 10 women feel very prepared to make wise financial decisions, and half indicate they need help.1 In fact, according to multiple surveys, most people would rather talk about their weight, sex or death than they would their money. Let’s recognize that money and finances have been a taboo topic, and let’s educate ourselves and talk about a subject most admit they don’t understand. 

According to Principal’s recent survey, 7 in every 10 Americans postpone making financial decisions and the primary driver of this procrastination is a lack of the right confident mindset.2
Seeking professional advice can help you make informed financial decisions, avoid common pitfalls and devise more effective strategies for managing your wealth. There is great value in having a financial picture that you understand, is well organized and is accessible. In fact, the No. 1 confidence booster for women is saving and investing.3 When looking for an adviser or taking a deeper look at your investments with your current adviser, work with someone who:

·      Listens to how you articulate your needs and understands your values.
·      Understands your goals and the complexity of who you wish to care for—yourself, your spouse, children, grandchildren, employees, the planet, favorite charities, etc.

·      Helps you reach your goals and keeps you on track.
·      Shares their knowledge, ideas and strategies for your unique situation.
·      Communicates clearly and educates and explains concepts and strategies.
·      Helps prepare you for emergencies and the unexpected.
·      Helps you reduce debt.
·      Works with your attorney to help create a will and an estate plan.
·      Encourages you to contribute the maximum to retirement plans.
·      Invests appropriately for the long term.

Be empowered now to know your options and plan for your future! 

1 “Financial Experience &Behaviors Among Women,” 2010-2011 Prudential Research Study
2 “We Make 35,000 Decisions Per Day, but 7 in 10 Postpone Major Financial Decisions,” Principal
3 “2018 Money Census Report” Ellevest

Ashley Shafer is a financial advisor with the global wealth management division of Morgan Stanley in Des Moines. Shafer has more than a decade of experience in the wealth services industry. Shafer has a special interest in working with nonprofit organizations, women and families. Connect with Ashley on LinkedIn.