Looking back 39 years to October of 1985, I finally completed my studies for the certified financial planner certification and was itching to share my knowledge with others. Having just completed almost three years of coursework where I was often the only female in the room, I decided to learn more about why there were not more women in finance. This revealed a myriad of other issues that to this day continue to plague women preparing for retirement. I set off to teach classes at the local library and start writing a finance column for this newspaper to empower others to be financially prepared for an unknown future.

Fast forward to the present day, and I come across a recent UBS study that states 85% of high-net-worth women across every generation still tend to leave long-term financial decisions to their male counterparts.¹ This includes women running businesses, households and managing daily finances for themselves and their families, often spanning three generations.

Early in my career, I studied the different investment styles by gender, which helped me significantly when working with couples who were not always on the same page. I was able to give them permission to think about money differently, because it often means different things depending on if you are the rainmaker or the caretaker. Being on a career track myself, as well as a wife and mother and, yes, daughter, I too was juggling three generations along with both my and my husband’s businesses. I get it: There is not enough time in the day, and you must prioritize.

Gender differences proved fascinating in learning about the hunter-gatherer versus the nurturer. Even though we don’t live in caves anymore and women and men equally have successful careers, those nurturing or hunting instincts never go away. Therefore (and what I love about my husband), men always seem willing to run faster, work harder and do whatever it takes to succeed, in my opinion. This hunter mentality is often mirrored in the male’s investment style. This may include switching out of investments prematurely if they are not performing or always looking for another advantage. Women are more likely to want a plan and be loyal to it for long periods of time before making changes. Both types of investing have their pros and cons.

The female’s nurturing character and the juggling act often left her career or her self-needs last on the priority list. This can equate to lower Social Security due to an erratic work life or time off to stay at home with children or parents — or even following the hunter-gatherer around the globe for his career.

Women and their family members need to know that pensions and Social Security may be lower than those of their male counterparts, and investments may be more conservative. Women also tend to live longer, therefore needing more money. Married women with families may have had less of an opportunity to fund a 401(k) plan, especially if they worked part-time for a while or earned lower wages. It is important to plan well considering these circumstances.

It is crucial to meet with an adviser and start your retirement plan if any of this information sounds familiar for you or someone you know. Education is key, and taking action is now a priority to prepare for the future.

1 “Women Put Financial Security at Risk by Deferring Long-Term Financial Decisions to Spouses,” March 2019. UBS.

Patricia Kummer is a managing director for Mariner Wealth Advisors.

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