More women are controlling the household checkbook and many of them are ensuring that their families will be secure in the event of an emergency or tragedy.
"Being the CFO (Chief Financial Officer of a family) is more than just paying the bills as they come in," Lynn Lawrance, a certified financial planner for the Financial Network Investment Corporation, told the Belleville News Democrat.
Lawrance added that it is important for people to find out if they have the appropriate insurance in place as well as proper estate documents. An attorney can organize or prepare these documents if necessary. A financial planner can help review current documents and make sure they are drawn up correctly and effectively.
Women outlive men by an average of six years, so insurance and financial planning are necessities among many matriarchs.
Life insurance pays off mortgages, funds college educations if the income earner can't be there, and guarantees that the spouse won't have to sell the home or otherwise suffer a severe drop in standard of living, according to Msmoney.com..