Category: Finance and behavior science
We have written extensively on this blog about the many ways in which the financial services industry either actively or by omission leaves opportunities on the table to help women manage money better. But there’s a more pernicious enemy to women’s financial progress – themselves. What is surprising is that women also contribute to their own financial problems by subtly sabotaging their interests in at least 7 ways:
Continue reading “The Seven Signs of Financial Self-sabotage”
One of my favorite activities is to scout for and look at new offerings in investing, money management and advice to see how I feel as a user. It’s a particularly rewarding exercise to try to back into what it would look like in an idealized state for me personally to engage enthusiastically with it.
Why enthusiastically? Isn’t it enough to just engage?
Like many other people, I have always been firm in the belief that financial education is one of those obvious good things that everybody needs to have access to. This belief has also resulted in the somewhat unconscious conclusion in my mind that once people have access to financial education, then this must logically lead to better decisions and financial behaviors on their part. So we should all support more financial education and for more people, right?
Continue reading “Motherhood and Apple Pie – but Not Financial Education?”
At first glance, the investment and wealth management business and gaming seem to be almost as far apart as two industries can be. One could argue that investing and wealth management are absolutely vital to long-term well-being, and not just financial well-being, either.
There is a lot of science to wealth management and investing. Lastly, wealth management is a lot older and more well-established than certainly the digital gaming business.
For anyone who has even a minimal amount of familiarity with the investment landscape for affluent women, it will be no surprise that there is a surfeit of dissatisfaction these women feel about their advisors.
As an example, there are two excellent research studies outlined in two books: Harness the power of the purse, by Andrea Turner Moffitt, and Women Want More, by Michael Silverstein and Kate Sayre of the Boston Consulting Group (see chapters on financial services).
A frequently touted solution is to increase the representation of women among the advisor population, presumably balancing the provider-client fit and understanding, and also, presumably, leading to better recommendations for the wealthy female client.