How to step up your financial confidence

The idea that investing is a “man’s world” has become as outdated as a Model T Ford or a rotary phone.

In fact, women currently control about one-third of all retail financial assets in the United States and European Union (EU), and that figure is expected to rise to 40 to 45% by 2030, according to Mckinsey.

However, for many women, a confidence gap exists when it comes to money, said Megan Hughes, director general de Family Office Services en BOK Financial®. "En mis interacciones diarias, a menudo veo a las mujeres pasar a un segundo plano en la administración de sus finanzas".

This observation and the impending surge in women managing financial assets underscores the need for women to step up, she said, armed with both knowledge and assurance in their financial abilities.

However, Hughes said this journey can seem daunting, particularly for those faced with common roadblocks such as:

1. Falta de confianza: A menudo, no es la ausencia de educación financiera, sino la falta de confianza en sí mismas lo que impide que las mujeres tomen el control de sus activos. Este problema surge con frecuencia de la falta de experiencia, tal vez debido a que otros en la familia asumen estos roles.
2. Limited practical experience: Many women find themselves in financial decision-making roles later in life, following years focused on family and caregiving. Este cambio repentino puede parecer intimidante y, sin los recursos adecuados, puede ser abrumador.
3. Lack of role models: The financial industry being historically dominated by men may mean that some women lack female role models in the financial space. Esta falta de representación puede perpetuar un ciclo en el que los asuntos monetarios se perciben como territorio masculino, incluso a nivel familiar.

If these roadblocks feel familiar and you’re less self-assured than you’d like to be when it comes to managing and investing money, don’t worry, here are four concrete steps to help you get started.

1. Acostúmbrate a educarte
The more you learn about financial topics, the more they are demystified, making them more accessible and less intimidating. Whether it's reading an explainer article, watching a video or listening to a podcast, make learning about money part of your routine.

"Everyone has different learning styles and areas of expertise, and it's okay to admit when you don't understand something," Hughes said. "In the long run, the goal is to foster a sense of empowerment, to seek out knowledge and feel in control of your financial future."

2. Participar activamente en discusiones financieras
Even if your spouse or partner handles much of the finances, it's important to actively participate in financial planning, Hughes said. One option is to hold monthly meetings together to discuss household budgets and set future goals. Esta práctica no solo mejora la comprensión, sino que también fomenta un entorno colaborativo para la toma de decisiones en su hogar.

3. Involúcrate y construye seguridad en ti mismo gradualmente
Start with even just one manageable task. Si no está listo para sumergirse en las decisiones de inversión, puede comenzar explorando formas de ahorrar en gastos como el seguro o las facturas de teléfono celular.

“Women don’t necessarily need to overhaul and take over all financial responsibilities if they aren’t handling them now, but they should understand their household’s overall financial standing, help set household goals and get involved to help make informed decisions together, if in a relationship,” Hughes said.

4. Work with a financial advisor
Encontrar un asesor whom both members of the relationship are comfortable with is key, so that both spouses or partners participate in meetings. "Being active in these conversations boosts self-esteem; especially when women are fully present," Hughes said. "Asking questions and engaging with money matters, even if they haven't done so before."

Additionally, with a trusted advisor by their side, women can navigate significant life events such as divorce, the loss of a loved one or retirement-events that can have a major impact on their finances. Este apoyo empodera a las mujeres para salvaguardar su bienestar financiero y su seguridad a largo plazo.

It’s never too late to start
El camino hacia el empoderamiento financiero para las mujeres está lleno de oportunidades de crecimiento, pero lo más importante es la confianza en sí mismas.

Al adoptar estas estrategias, las mujeres pueden desarrollar la confianza necesaria para asumir un papel más activo en la navegación de la administración del dinero, en cualquier etapa de la vida. Ser dueño de su destino financiero allana el camino para una toma de decisiones más informada, fomentando así un sentido de independencia y seguridad que probablemente también tenga un impacto positivo en otras áreas de su vida.