Here’s How Financial Planning Supports a Happier, More Confident Life

Article Summary

• Money can’t buy happiness, but some research has indicated a link between financial planning and higher reported financial well-being. 
• According to a survey, the number-one stressor in women’s lives is personal finance.
• Some women find that having a financial plan helps them feel more organized and prepared. Feeling more prepared could potentially reduce stress.

Just about everyone is familiar with the old saying that warns, “money can’t buy happiness.” Dreamy promises have followed that phrase, the likes of which include “but it can buy you ice cream” or “but it can buy you a boat.”

Even though happiness is not for sale, there is some connection between an individual’s overall wellbeing and their financial wellness. Research backs it up, particularly for women. 

A recent survey of women across the U.S. found that personal finance was the number-one stressor in their lives over the past year. That stress included anxiety about managing finances and discussing it with family and friends. Even more specifically, many women surveyed felt they were behind or not staying on track with saving for retirement, paying down credit card debt, or increasing their salaries. 

There is an abundance of research that underscores the positive impacts on overall health that come when anxiety and stress are minimized. Financial wellness is no exception.

The only question is, why wait?

Financial Confidence For Women

Financial wellness may create greater clarity around personal finances and could help some women feel more prepared for day-to-day decisions as well as long-term priorities. When personal finances are anchored with a plan, the meaningful goals that are set may help some women move forward with organizing goals, priorities, and next steps. 

Some women report they feel more confident planning for unexpected expenses or retirement contingency planning when they work with a financial expert whose background, services, and communication style align with their preferences. That confidence, for many women, comes from gaining a more thorough understanding of their financial landscape. 

There is also something to be said for the tendency women have to often put themselves and their needs on the back burner, as they care for family members, tend to parenting duties, and keep pace with the demands of their careers. For many women, financial planning reminds them that they are worth the investment of time that it takes to plan, especially when working with a female-vetted financial expert who understands the precise challenges women face. It is during those planning meetings with a financial advisor that women can take the time they need to focus on their own goals, whether that includes travel, philanthropy, family experiences, or any number of other options. 

With plans in place and greater visibility into personal finances, some women feel better informed about their options. In fact, a recent survey found that respondents who had a financial plan also reported higher confidence and improved perceptions of their financial well-being. An overwhelming majority of respondents to that survey said that guidance from a financial expert made a difference. 

If you are looking for the expertise of a financial advisor who specializes in working with women, Svvy®  will match you with an expert to meet your specific needs. The free Svvy®  match quiz, available on our website, is the first step in the process. 

If you would like to be connected with a female-vetted expert, learn more about Svvy’s matching process, or learn how you can take the next step toward a clearer financial picture, get matched with a Svvy®  expert today. 

Disclosure: This content is provided for general educational purposes only and does not constitute individualized investment, legal, or tax advice. Svvy®  acts solely as a solicitor and connects and matches individuals with independent third-party financial professionals through a quiz-based matching process on the Svvy®  Network. Matching is based on information provided through Svvy’s platform and does not constitute any advice. Any advice, recommendations, and services are provided only by the independent professional you choose to engage.