Why women need to understand their family’s finances

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(GTU) – Women aren’t often the finance guru of the family, but one financial expert says women need to step up to the plate.

Morgan Irvin is the Co-Founder and Managing Director of Park City Family Office, in Park City Utah joined Good Things Utah to talk about the importance of women understanding their family’s finance. She says that women need to be at least involved with the financial decisions of their families and have a basic understanding of how things work. A majority of women commonly defer to their spouses for major financial decisions, because they are not encouraged to, or because their spouse “knows more” about the topic. 

No woman wants to be left in a dire financial circumstance following a divorce or the death of a spouse.

Morgan Irvin

The subject of family finances is not an easy one to tackle. Most men see managing the family finances as a pillar of their ‘manly’ duties. Morgan, who has featured in Yahoo Finance, Los Angeles Tribune, and ABC News says it can be scary to be a woman and not know what you or your family have financially.

Women and money have come a long way but stopping now isn’t an option. Caring financially for your household is step number one and should be a priority for everyone. Women need to learn to budget, prioritize, save for retirement, protect themselves and their families and get financial educations.

Helping women understand family finances

Women can start by taking a more active role in their family’s finances. It can help women gain clarity, confidence, and control in their own lives and ultimately improve the long-term health of their family. To do so, women need to learn as much as possible about money and finance. Financial professionals can help women gain confidence in their finances.

Equipped with the right attitude and education, women can feel empowered and confident about their financial future. Morgan Irvin from Park City Family Office believes that women should be part of getting family finances in order. – Successful families lead with people, not process – she employs this framework as she advises families about their businesses, philanthropic legacies, and family constitution.

Learn more about Park City Family Office, where wealth management and family governance converge.

Learn more by visiting their website or call 518-637-5982.

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