pts20220323032 Commerce / Services Company / Economy
Financial planning is planning for life (Photo: iStock)
Frankfurt am Main (pts032 / 03/23/2022 / 15:00) –
Lisa Hassenzal, CFP®, Member of the Board of Directors of FPSB Germany and Member of the FPSB Germany Initiative Women * Director of Financial Planning and Managing Director of “Her Family Office” in Darmstadt. In the subsequent press release “Female Finance – Why We Don’t Need ‘Pink Finance’!” I thought about what actually differentiates men and women when it comes to investing. Fortunately, the topic of ‘Women and Finance’ is gaining prominence in the media, especially on social media. Social, and in public discussions, and, above all, for banks.
Women as a new target group – after all, just over 50% of the population – are attracted by targeted offers, commercials, and women-specific themes. On social media, influencers provide everything women need to know to take care of their finances themselves. “Women’s Finance” is the new favorite topic in many podcasts and press articles.
But what exactly is ‘female finance’, do we need it and is ‘pink finance’ the actual solution to getting women interested in their finances?
The umbrella term “Female Finance” covers many different topics, from career advice for women to novice investors. However, the main focus is “Financial Knowledge and Investments for Women”.
It can be said that this development is very positive. Every newspaper article, blog post or social media post helps reach more women and raise awareness of the importance of taking charge of finances.
Because even if it seems from inside the “information bubble” that you can no longer evade the topic, conversations with your circle of acquaintances or studies show that many women still do not know anything about performances especially for women.
Should a woman be advised by a woman?
No, of course not. It’s not just about a woman who needs investment advice or advice from a woman. In fact, there are also women who do not desire any special advice for a woman and therefore would like to be counseled by a man. That’s fine, as long as they take care of their money.
Rather, it’s about creating a display that women can use if they so desire – not just in commercials or on posters, but in actual practice.
Because now we get to the heart of the matter: What we definitely don’t need is “pink funding”. This includes, for example, product solutions for women or simplified offers to the point of technical skepticism, as well as a lot of pink and pink, because they do not get to the heart of the problem:
What really separates women and men when it comes to finance is the basic approach.
Women often have a greater need for information, want to better understand relationships, and above all have a desire to be the focus of counseling regarding their initial situation, goals and challenges. In short: women are primarily concerned with their financial planning and only then are concerned with specific investment products, which in many studies results are often misinterpreted as “women do not care about their finances”. Getting started with financial planning is a sensible approach that studies show will also make women more successful in the long run when it comes to investing.
In short: Yes, we do need women’s funding because we still have a long way to go. However, the wrong turn is when women are lured into pink product traps under the guise of “women’s empowerment” or when oversimplification in blog posts or social media posts leads to women getting on the topic, but making decisions based on the wrong ones to satisfy the information.
About the FPSB Women’s Initiative Germany * Financial Planning
FPSB Germany as a federation of financial and property planners would like to focus more on financial planning for women. The Women’s Financial Planning Initiative* has been launched for this purpose. The initiative wants to help women through highly qualified financial planners (certified financial planning specialists) to become financially fit in order to shape their lives financially independently and self-determining – because financial planning is life planning.
Comprehensively supporting women when making important decisions in their lives is a calling for many financial planners licensed by FPSB Germany. Another goal of the Women’s Financial Planning Initiative* is to attract more women into a career as a certified financial planner.
Financial Planning Standards Board Limited. – FPSB is a global network that currently includes 27 member countries and more than 200,000 CFP certificate holders. The Financial Planning Standards Board Germany eV (FPSB Germany) based in Frankfurt am Main has been a full member of this organization since 1997. The goal is to disseminate the global professional standard for financial planning and to enhance public confidence in financial planners. For more information visit: https://www.fpsb.de
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