Financial Planning for Women returns
Financial Planning for Women, a monthly program designed to empower and encourage women to plan for long-term financing, is being reinstated Wednesday after a one-year break.
“I want women to say, ‘Yes! I can really do this,'” said Jean Lown, a finance professor in Utah State University’s family, consumer and human development department.
Lown started FPW more than seven years ago to help women become knowledgeable and confident in dealing with money matters.
“A lot of women, particularly in Utah, have no concept of how long they are going to live,” Lown said.
Married women often rely on their husbands to plan their long-term finances, she said, yet all women will one day be in a situation where they need to know how to manage their retirement plans and long-term investing.
“Also, husbands have a habit of dying early,” Lown said. “Divorce, desertion, disability and all of these factors come into play.”
Another major reason why Lown feels it is important to teach women financial responsibility is because of the problem created by the impact of the baby boomers, or Americans aged 45-60.
Because there will soon be a large number of Social Security recipients supported by a much smaller work force, Social Security tax may increase dramatically, and retirement planning will become more important, she said.
A retired nurse and current Loagn resident, Sue Grant said she has attended numerous sessions of FPW over a period of several years, paying special attention to those topics that pertain to her retirement situation.
“Jean and her speakers have offered a great deal of information regarding retirement, long term care insurance, wills, etc., that have been of the utmost help to me,” Grant said. “One of most amazing things is the programs are free.”
Although the program was designed for women, Lown said men are never turned away. She said the programs are targeted toward women because, when it comes to talking about financial matters with couples, women tend to be more passive and just “sit in the background.”
Lown also believes there are many woman who could have had a much easier life if they had started financial planning at a younger age.
Bonnie Ogden, a graduate student at USU who was introduced to FPW by a friend, said she plans to attend all the workshops she can this year.
“[FPW] helps to associate with other women and learn how to improve our independence and situations,” she said.
FPW programs will be held from 12:30-1:30 p.m. on the second Wednesday of every month except December, in Family Life room 318, and from 7-8:30 p.m. in the Family Life Center 493 N. 700 East at the bottom of Old Main Hill.
Wednesday’s program is entitled, “Estimates and Tradeoffs: How to Plan for Retirement.” The program requires no registration and is open to any women interested, despite age or marital status.
October and November programs will focus on paying for long-term care, insurance and caring for your parents.
Lown will be surveying participants in Wednesday’s programs to see what women want to learn about in upcoming meetings.
“Bring your friends,” Lown said. “It is always easier when you find someone else that is committed.”
Those interested can e-mail Lown at lown@cc.usu.edu to receive a monthly reminder, finance information and a list of suggested readings and ideas to help understand financial planning.
More information of FPW and general financial advice can be found by visiting www.usu.edu/fpw or the Family Life Center.
-amking@cc.usu.edu