Financial planning for women

It has never been more important for women to obtain personalised financial advice. Consider the following:

* the number of women in the workforce has increased by almost 25% in the last 25 years
* around one third of small business operators in Australia are women
* at least 80% of women will spend at least a decade on their own
* most Australian women will not have enough money to cover living expenses in their retirement
* on average, women live six years longer than men
* the average length of widowhood is 15 years
* nearly 40% of Australian marriages end in divorce, with women often financially worse off
* most single parents in Australia are women

(Sources: Australian Bureau of Statistics, www.dfat.gov.au – Women towards equality)

While many conclusions can be drawn from these statistics it highlights why women in particular need take charge of their financial futures.

Considering that in many cases women are still not paid as highly as men, the following life circumstances can have a more dramatic effect on a woman:

* When you outlive your partner whether you are young or old
* Divorce
* Serious illness for you or your partner
* A very sick child who requires ongoing medical attention.

These are just a few of the complexities life can throw at you and I’m sure there are many more the statistic makers haven’t thought of. It highlights the need for women to consider their financial position for the future and plan for “unexpected” events. With a financial plan in place and a professional guiding hand, if disaster strikes at least you will know you have prepared – and that you won’t be alone.

Start planning now

When you consider the trends, there are a vast number of women who may not have accrued enough superannuation and will find that their retirement nest egg just won’t last the distance.

That’s why it’s important to plan for your retirement now. If you are a woman, either working for your family or for an employer, please take the time to sit down and do some homework. Work out when you would like to retire and do some quick sums on how much money you’d like to retire with. If the two scenarios don’t match, give us a call to make an appointment. We’ll be happy to guide you in the right direction and help you plan a future that suits your personal needs.

KK’s gut instinct

“Retail is hurting big time, Australia Post had their first loss ever in their postage division, more countries are going broke.  Something big and ugly is coming.  Not sure when or what, so be conservative.”  Call me with your thoughts on this or post a comment below!

Sporting tip of the month

“Nadal will win the Australian Men’s Open and Justine Henin will win the Women’s.”