More and more women are taking steps towards achieving financial independence and security. It’s about being in control and having the freedom to choose how to live your life. According to recent surveys, when it comes to personal finances, men and women truly are from different planets.
Survey results reveal that men and women have similar life priorities and financial goals – but the means by which they achieve these goals differ greatly. Asked about achieving financial goals, men and women show a significant divergence in their money styles. More women describe themselves as “bargain hunters”, while more men describe themselves as “risk-takers”. These results suggest that women set out to reach financial goals through practical methodologies.
Financial concerns also vary between the sexes. Women face unique challenges that translate into different financial needs:
- Women retire earlier but live longer, and so they face the risk of outliving their retirement savings.
- Around 50% of women aged 65 and above will require some form of long-term care, so it’s important to be prepared.
- On average, women earn 25% less than men do.
- Since women take about 11 years away from work (more than men do) to care for children or elderly parents, they end up saving less.
- Approximately 90% of women will be solely responsible for financial decision-making at some point in their lives.
- Women prefer to build a long-term relationship with an adviser whom they can trust and with whom they feel secure.
Fortunately, there are ways women can become financially successful, and at the same time be happier and less stressed. Start by getting professional advice to help you build a personalized financial plan. A financial plan provides a strategic road map that helps you to pinpoint and achieve short-term and long-term financial goals and priorities.
It does not matter what state your finances are in today, or how old you are. If you start planning now by setting some goals and working towards them, you can begin to make a significant difference in your lifestyle – and the better off you will be.
In order to offer guidance and assist women in better understanding the world of finance, we arrange regular seminars and networking events.
Contact Stefanie Richert and Tatiana Valenzuela to discuss your finances today 03 5724 5100
