Planning towards the future should be a top priority for all individuals, however, some
individuals may not be financially able to allocate any money into a retirement account, while
others may elect not to place money into an account. Both of these examples would result in
an individual having to work much longer than they may anticipate in order to meet their
financial obligations. By having a solid retirement plan, an individual may be able to save
money for their future. The Bible teaches us in Proverbs 11:14, “Where no counsel is, the
people fall: but in the multitude of counsellors there is safety” (King James Version). All
individuals should seek the help of a professional financial planner to prepare themselves for
their future.
The article” Assessing College Students Needs for Comprehensive Financial
Counseling” talks about the financial burden that students encounter due to multiple different
factors including student loans and other debts that they have accrued. In order to see how
different individuals were affected, a study was conducted. For most individuals, “college is
the first time they are responsible for budgeting their spending and many have difficulty
making ends meet” (Choi, et al, 2016). When these students are given money at the beginning
of the semester, that money must last the entire semester, making it essential that they create
a budget to let them know how much money they can spend on certain items. Unfortunately,
for most they do not budget and result to using credit cards to float them, which creates even
more debt that must be repaid after graduation.
The article “Women’s Financial Planning for Retirement” explains how financial
planning involving women has changed over the years, as this was once the role of men to
ensure that they had a solid financial plan for retirement. This was partly due to men being
the sole provider for the family while the women stayed at home to care for the children.
Over the years more women have began stepping out of their homemaker role, seeking a spot
in the workforce and this has contributed to the increase in women planning for their future.
Most women have a longer life span than men, work less due to their caretaking roles, hold
part time positions that do not offer retirement plans, and receive less pay due to being a
female are all reasons that women should begin planning for their future retirement (Kumar,
et al, 2019). Although having a well-planned retirement plan is important for all individuals,
women specifically should ensure their retirement plan will be enough to last.
References
Choi, S., Gudmunson, C. G., Griesdorn, T. S., & Hong, G. (2016). Assessing college
student needs for comprehensive financial counseling. Financial Counseling and
Planning, 27(2), 158-171. https://doi.org/10.1891/1052-3073.27.2.158
Kumar, S., Tomar, S., & Verma, D. (2019). Women’s financial planning for
retirement. International Journal of Bank Marketing, 37(1), 120-141.
https://doi.org/10.1108/IJBM-08-2017-0165
The Holy Bible. King James Version. Bible Gateway. Web. 13 April 2021.
http://www.biblegateway.com
