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:
- How much superannuation is enough? Read our article on SMSF: Can you get further, faster, if you’re in the driver’s seat?
- How can I make sure I have enough money for an unexpected event?
- Is my financial safety net enough and keeping up with inflation?
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