Particularly interesting are the differences in how women and men view their financial situations. In Prudential’s summary of the study (“Women Are Taking on Greater Financial Challenges”), they report that 22% percent of women and 45% of men feel “well prepared” to make decisions about their finances. The data itself shows 37% of men, still a significant difference but perhaps more telling about the state of our economy.

Much of the gap in confidence between men and women can easily be explained by history. Men have more personal experience as the primary earners as well as more role models of other men in the same position. Many women today were raised by women who did not work outside the home, much less as the family’s primary source of income. And of course, even today, women still earn less than men for the same jobs. If this isn’t an obvious reason to have less confidence about making financial decisions, I don’t know what is!

Prudential of course recommends that women seek expert guidance in managing their finances. But just because they benefit from this advice doesn’t make it any less sound. I would take it a step further and suggest that women seek financial advisors with experience and perspectives that are aligned with women’s concerns and priorities. The chart I link to above shows that women and men tend to list the same top 3 priorities. But women list them in this order:

1. Not become a financial burden to loved ones
2. Maintain lifestyle in retirement
3. Make sure not to outlive savings

And men list lifestyle first, followed by not outliving savings, and ending with not becoming a financial burden to loved ones. The chart also shows that women’s financial worries rest primarily on the household, meeting expenses and avoiding or overcoming debt.

Whether women seek financial advice from a person, a website, or another source, the advice will suit them best if they look for an emphasis on ensuring their needs are met, both current and future. However, I also recommend that women take a good hard look at their beliefs surrounding money, for these differing priorities and concerns also reflect an ingrained tendency in many women to see themselves as greedy if they focus on their wants and not just their needs.

I go into this in more depth in “How Being Successful Can Save the Planet” and “Talking Ourselves Out of Success,” among other posts. Here, I just want to emphasize that we do not need to choose between fulfilling our needs and our wants, or between doing well and doing good. These are not either/or concepts. They are both/and.

In making financial decisions and in seeking financial advice, consider first those decisions that will meet both needs and wants. This could be simultaneously or it could be in an overlapping way, such as decisions that focus first on immediate needs but ensure that wants can be met as well in the near future, increasingly as needs are increasingly met.

Even more important, consider those decisions that will not only help you do good for your loved ones, your community, your world, but that will simultaneously help you to do well financially. The more successful you are, the more resources you have to help others. In fact, if you can intertwine your success with helping others, you can not only feel confident about the financial future for yourself and your family, you can join the visionaries who are creating a rock solid future for the world.

Karen Sands, MCC, BCC

Phone: 203.266.1100
Email: karen@karensands.com
Website: www.karensands.com
Address: PO Box 43 Roxbury, CT 06783-0043

Image credit: Dollar Photo Club

First, the fundamentals. Tinder, for anyone unfamiliar with the name, is known as a popular dating app that you can download to your phone or other technological device (like an ipad or ipod touch) and search through photos and brief descriptions of people in your local area who you might want to meet. You can swipe each photo either left or right, depending on whether or not you find the person attractive. If a person also shows interest in your Tinder information, messaging is enabled and you can begin chatting and take it from there.

A newly created paid version of the previously free app, called Tinder Plus, has now been launched. In this new premium addition, users can undo an accidental swipe, which in the past would have meant that information was lost. Additionally, there is a Tinder Passport function, which apparently will let users change their location to navigate between not only those who are local, but others in destinations around the world, as well.

What’s causing a stir is that this new premium edition comes at a literally higher cost for people over a certain age.

Tinder is one of over 150 brands (along with OKCupid.com, Chemistry.com, Ask.com) owned by IAC, a media conglomerate chaired by Barry Diller (IAC.com). According to a March 2, 2015 All Tech Considered blog by Sam Sanders on NPR.com (“Tinder’s Premium Dating App Will Cost You More If You’re Older”), “Tinder told NPR that U.S. users will pay $9.99 for Tinder Plus if they’re under 30, and $19.99 per month if they’re 30 or older. U.K. users between the ages of 18 and 27 will be charged 3.99 pounds per month, and users 28 and older will be charged 14.99 pounds per month.”

This isn’t the first occasion in which Tinder has been accused of some type of discrimination. In her July 3, 2014 thinkprogress.org post, “The Tinder Lawsuit: What We Don’t Talk About When We Talk About Women in Tech,” Jessica Goldstein writes “Tinder co-founder and former marketing executive Whitney Wolfe is suing the dating app she helped start. She’s accusing co-founder Justin Mateen and Chief Executive Officer and co-founder Sean Rad of harassment, discrimination, verbal abuse, and erasing her title and contributions to the company because, in their words, she was a ‘girl’.” That suit, one among several regarding sexism in Silicon Valley, was apparently settled.

Despite this information, Tinder is not the only site charging regular monthly fees for anyone seeking companionship. Websites such as topconsumerreviews.com have reviews about various online dating sites, which include information about pricing structures. While the bulk of sites appear “free to join,” depending on which membership level and services you want, most will then have monthly membership fees ranging from approximately $10 to $60.

But back to Tinder and its particular under 30/over 30 divide… Tinder’s website includes a line saying “Any swipe can change your life.” What do you think? Will you download, swipe and support this service? Or are you more in favor of taking a swipe at the company’s distinctly ageist approach and finding other forums for your dating desires?

(Image Credit: flames by Crystl, Flickr.com)