The current COVOID-19 lockdown provides the perfect time to consider and evaluate your personal finances.
The article below produced by Liberty Group provides a snapshot look at why financial planning is vital for women. Financial planning is generally not gender specific; however, this article addresses why women need to structure and consider their financial planning differently to men.
The gender pay gap, high divorce rate, life expectancy and the fact that over 45% of mothers in South Africa are single Mom’s, some of whom also support their own parents financially are all factors that contribute to the need for tailored financial advice, targeted specifically at woman. It is evident that woman live longer than men and during their working years earn less, so it is crucial that they have an adequate savings plan to assist them during times of crisis and for their retirement.
Unfortunately, financial education is not strong in South Africa amongst women and they are not empowered with the knowledge about why their planning needs to be structured differently or about the importance of saving. This article provides expert suggestions, tailored for women on the importance of taking control of their finances to ensure they have an emergency fund, retirement savings and family responsibility savings.
An important starting point is to select a suitable, empathetic, accredited and trustworthy financial advisor that understands the need to educate and guide women to achieve their short- and long-term financial goals.