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There are many reasons why financial planning for women is important; the number of women in the workforce has increased by almost 25% in the last 25 years. At least 80% of women will spend at least a decade on their own.

Other staggering facts are:

  • 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.

While many conclusions can be drawn from statistics, it highlights why women need to take greater control of their financial futures.

How many of you are prepared financially if:

  • You outlive your partner whether you are young or old.
  • You become divorced or are currently going through one.
  • You or your partner suffer a serious illness.

These are a few of the complexities life can throw at us and there are many more statistics I haven’t mentioned. It highlights the need for women to consider their future financial position and put a plan in place that leaves no stone unturned.

If you are a woman, either working for your family or for an employer, take the time to plan for the lifestyle you deserve. Ask yourself:

Not sure about how to lay down these plans. Give us a call and we’ll be more than happy to help.

Source: Australian Bureau of Statistics

IMPORTANT INFORMATION: The information and opinions contained in this article are of a general nature only and does not take into account the investment objectives; financial situation or particular needs of any individual or entity and does not constitute specific or personal advice. The information and opinions herein do not constitute any recommendation. No financial product or financial service should be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances.  Information, forecasts and opinions contained in this article can change without notice. Although care has been exercised in compiling the information contained within, Modoras Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. This article has been prepared by Modoras Pty. Ltd. ABN 86 068 034 908,  AFSL 233209.
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  • Some great points to consider here, thanks.

    Reply

  • this is an important article and one to take seriously. i am thinking about how i will take care of myself when i am older

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  • I know my finances are a mess. This is definitely something I want to work on

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  • This article is full of great ideas. Most women don’t look out for themselves, they’re too busy with hubby and the kids

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  • Good to know! Thanks for sharing this!

    Reply

  • I agree it’s really important to be financially prepared these days!

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  • Great article particularly for women!!

    Reply

  • This was an interesting read, Thanks.

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  • great ideas for all those single mums

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  • this was a very daunting article with out as much advice as i was expecting

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  • This is such a good thing to think about. Even though people don’t like thinking about it, it needs to be considered. We have just done the whole breakdown of what we can afford in our budget. Luckily we can save a lot of money per week, as a incase something happens. But, once we have covered our “rainy day budget”, we will be investing. Our biggest concern is making sure our kids are left with a debt and we can still live happily without having to burden our kids later in life.

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  • Interesing article. A lot of factors to consider and think about.

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  • Thanks for the interesting article. We have a financial planner and he keeps on top of the game.

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  • So hard to plan for anything when you are a stay at home mum

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  • What a depressing set of statistics. Definitely motivating.

    Reply

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