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 -
- 81% of single parents are women;
- 52.1% of professionals in Australia are women;
- over 65% of business operators or independent contractors are women;
- at least 80% of women will spend at least a decade on their own;
- 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;
- 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 personal needs.
Sources: Australian Bureau of Statistics, Labour Force, Australia, "One Parent Families" Jun 2012, Australian Bureau of Statistics, “Australian Households – the Future”; Australian Social Trends – Family & Community (December 2012); Australian Social Trends – Health (September 2012) www.eowa.gov.au; Women in the workforce – by occupation (February 2013)Australian Small Business Key Statistics & Analysis (December 2012); Australian Bureau of Statistics – 100 Years of Australian Lives – Population (June 2012); www.dfat.gov.au – Women, towards equality (May 2008), www.eowa.gov.au Women in the workforce; http://www.aipc.net.au Australian Institute of Professional Counsellors – Trends and Statistics of the Contemporary Family