Women & Money

For Today's Families... Advice Matters

Financial advice can help your clients plan their family’s future 

Many women take an active or leading role in directing their family’s finances, yet give themselves poor marks in their own knowledge about saving and investing.

Whether they are completely in charge of their family’s finances or share the responsibility, financial advice can help your clients become more knowledgeable and confident investors. In fact, women are less likely than men (56 percent vs. 63 percent) to say they feel confident that they have saved enough for retirement, according to the 2014 TIAA-CREF Advice Matters survey.

But women who have received financial advice are more likely to close that gap: 63 percent of women who have received financial advice say that they feel confident, compared to 45 percent of women who haven’t. It can be difficult to make time for your finances as you’re juggling a busy schedule: Nearly four in ten women (39 percent) say they lack the time to find financial advice.

However, increasing your clients' own financial knowledge can benefit not only them, but their whole family. They will be better able to plan for financial goals as well as any family goals such as saving for college. Additionally, if they have children at home, they are likely absorbing money lessons every day. Think of financial advice like the oxygen mask on an airplane: Taking care of yourself first can help you help others.

What can financial advice do for consumers?

Financial advice can help make smart money moves. After receiving advice:

  • Nearly two-thirds (64 percent) of women surveyed made a change in their spending habits
  • 57 percent increased how much they save every month
  • 53 percent set up a plan for managing debt
  • 51 percent created an emergency fund
  • 44 percent increased the amount they are saving for retirement
  • 39 percent changed the asset allocation in their retirement plan

Financial advice doesn’t have to be costly or time-consuming, and can help address specific challenges, whether you’re in your 30s and juggling multiple demands on your money or in your 60s and wondering if you have enough saved to retire in a few years. In addition to helping improve savings and spending habits, financial advice can help your clients develop a holistic picture of their family’s financial needs, which can include college savings, helping older parents and teaching children about money.

Seeking the financial advice that works

Consumers may need advice that fits their schedule or addresses a specific need, and they can find it in a way that works for them. TIAA-CREF’s Woman2Woman website offers women the chance to share financial insights and learn from financial experts, with articles, Q&As, and other resources to help navigate financial challenges. Many financial providers also have educational material on their websites, including articles, webinars and videos targeted to women’s specific needs.

Keep in mind that the retirement plan offered through your workplace may offer free advice sessions to plan participants, either through the firm that provides the plan or a third-party provider. Such advice can help you ensure you are saving enough for retirement and have your money allocated to the right investments.

 Online financial tools and calculators can help your clients calculate everything from which mortgage to choose to whether they are saving enough for retirement. The important thing to remember is that the right financial advice is out there. Finding it can help your clients feel more confident in navigating their financial future.


The material is for informational purposes only and should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. Certain products and services may not be available to all entities or persons. Past performance does not guarantee future results. TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. © 2014 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017