While we may be stating the obvious by saying there are distinct differences between men and women, when it comes to money, there definitely are!

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

  • 84% of single parents are women;
  • 52.1% of professionals in Australia are women;
  • More than one-third of business operators are women;
  • At least 80% of women will spend at least a decade on their own;
  • Women are nearly four times more likely to reach age 100 than men;
  • Women make up 54% of all people aged 65 years and over, and 66% of those 85 years and over;
  • Nearly 43% of Australian marriages end in divorce, with women often financially worse off.

While many conclusions can be drawn from these statistics it highlights why women are taking greater control of their financial future.

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:

  • Outliving a partner, whether young or old;
  • Divorce;
  • Serious illness of either partner;
  • A very sick child who requires ongoing medical attention.

Start planning now

When you consider the trends, there is a vast number of women who may not have accrued the necessary 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, yourself 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 help you plan a future that suits your own needs.

 

This information provided is of a general nature only and should not be taken as constituting professional advice from Profusion Planning.