This survey shows it is a myth that women don’t care about financial matters. Studies show women are actually more worried about financial security in retirement than men, yet they are more disengaged from the process of investing. Whether you are married, divorced, single, young or old, as a modern woman, there are compelling reasons why you should take your financial future seriously and if you haven't already done so, perhaps it is time to think about it now. Women face unique issues when it comes to preparing for our financial future.
Why do women need financial planning advice?
Statistically women are more financially vulnerable when a marriage ends, a spouse dies, or they become the sole source of financial support for children or an aging relative
Women generally live longer than men and for this reason we will be spending more years in retirement.
Time outs such as childbirth and child care, can cause a woman to put her career on hold and this time away from the job may have a significant impact on a woman’s ability to re-enter the workforce and maintain a growing income stream.
Women are less likely to be part of a company pension plan, because many of them work in a small office environment where there are no company paid benefits or they’ve chosen to work for themselves.
The proportion of employed women contributing to an employer sponsored pension plan has declined in the past decade and currently is at 39%.
Women are less likely to contribute to RRSPs than men and in 2002 only 24% of female tax filers did so. Of the women that did contribute to RRSPs the average contribution was $3,500 about $1,400 less than the average for men.
According to Statistics Canada, employed women ages 55 to 64 had incomes that were half of what men in the same age category made.
Another reason to get financial planning advice is we may find ourselves sandwiched between looking after our children and aging parents and their financial decisions.
Women are relationship oriented. We are very attentive to our relationships with our partners, parents, children, friends and co-workers. If our relationships are not working, we tend to feel responsible, and experience guilt and anxiety. When it comes to financial planning some women take the opposite approach in our relationship with money; we ignore it. We are no longer able to ignore it, because at some point in their lives, women may be the sole financial decision-maker for their households. It is clear, according to the most recent studies that women are interested in their financial futures and are concerned about retirement, so why don’t many women get financial planning advice?
Women are in a time crunch. In 2004 there were 7.5 M women employed outside the home. . In 52% of families in which both partners had full-time paid employment, the female partner was responsible for all the daily housework. Clearly a woman’s plate is full with family and job concerns.
Many women are made to feel inadequate when it comes to financial issues. As a result, some members of society still believe in the old adage, man kill food, and woman keep cave pretty!
Investing and taxes are becoming more complex everyday, and not just for women. In the past, boys took math; girls took Home Economics in high school. That is changing and today girls are encouraged to take math and science, and as a matter of fact doing very well in those areas
Throughout the years, women have rarely been encouraged to interest themselves in financial matters. Money was something that was often taken care of by their fathers and husbands. The vast majority of married couples still divide the family's financial duties along traditional lines, with women handling everyday spending and budgeting decisions while men look after investments and retirement planning.
In many instances, death, divorce, job loss, illness or some other unforeseen event can change a woman's situation overnight. Unfortunately, a lack of comfort in investment and money-related decisions can cause shock and panic for many women should one of these events happen. In short, a lot of women are ill prepared and at risk without even knowing it.
In some instances our past conditioning often leaves us feeling unsure about what steps to take. Have you ever heard it said “we don’t know what we don’t know?”
Given our demonstrated ability to foster healthy relationships in most other areas of our lives, it should be possible, with some help, to develop healthier relationships with money as well. Your financial security is dependent on your attitudes and beliefs about money and your willingness to take your financial future into your own hands. But most importantly remember that financial planning is a journey, so choose a good guide to show you the way or if you want to venture alone be well prepared, as mistakes can be very costly.
For many people, money is an emotionally charged issue. It may represent power or control, especially in relationships. Our beliefs about money, established from messages received from the world around us, and our emotional attachments to it strongly influence the way we spend and handle money.
Knowledge is power when it comes to financial decisions.
Women and Men are Different: Financially Speaking - To learn more about this author, visit Sharon Alderson's Website.
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