Women are controlling more and more of the private wealth in our country each year. However, it is still common for women to feel ill-equipped or take a back seat when it comes to managing finances.
What recent trends have we noticed regarding women and money management?
Women today lead such busy lives that it may be difficult to prioritize staying up-to-date on financial matters and understanding topics related to personal finance. Whether they’re going to school, working full-time jobs, caring for aging parents, homeschooling, or volunteering, there are countless responsibilities and demands on their time and energy. Often, women do not feel empowered or confident enough to handle their finances on their own or as a team with their spouse. Sometimes, a wife may defer to her husband for financial decisions and planning, while an unmarried woman may ignore her finances altogether since she is unsure how to handle them.
When you consider how common financial decisions are in our lives, you realize that most women will spend some period of their lives forced to make financial choices. For example, a woman who is single, widowed, or divorced may have limited knowledge of wise financial planning principles and may be unfamiliar with her own personal finances, which can make navigating the future very challenging.
Does the Bible offer any wisdom on women and finances?
Absolutely! In Proverbs 31’s Epilogue: The Wife of Noble Character, we see a wife who exudes confidence, hardwork, good judgment, strength, discernment, and charity towards others. We also see a picture of a rather savvy businessperson:
- She considers a field and buys it; out of her earnings she plants a vineyard.
- She sees that her trading is profitable, and her lamp does not go out at night.
- She makes linen garments and sells them and supplies the merchants with sashes.
- She watches over the affairs of her household and does not eat the bread of idleness.
Some might say the woman in Proverbs 31 had a solid financial plan and was a savvy investor who bought a field and planted a vineyard with her earnings. The text, “She considers…” shows us that she took the time to understand things and be educated. Even though she was married and could defer these decisions to her husband, she still had a plan!
How can a financial advisor be helpful for women as they seek to be more involved in their finances?
Monitoring your finances is somewhat like monitoring your physical health with your doctor. Often, it makes sense to hire a financial advisor as a partner in your financial health to help you navigate decisions and plans. We know from Proverbs 15:22 that, “Plans fail for lack of counsel, but with many advisers they succeed.”
Making good decisions together with your advisor can help ensure that your finances are in line with God’s direction for your life. Whether you are married or single, you will be stronger and better prepared for the future if you have been involved in the decision making and understand your financial assets.
Scripture taken from The Holy Bible, NEW INTERNATIONAL VERSION®, NIV® Copyright © 1973, 1978, 1984, 2011 by Biblica, Inc.® Used by permission. All rights reserved worldwide.