Men have always taken the lead in financial planning and women have mostly followed leads, but time is ripe for Women to start taking their finances in their own hands. It has shown through various studies that Women retire on average with less than half the amount of superannuation than men, prompting industry figures to urge women to take action now and safeguard their future well being. Longer life expectancies also mean women’s savings must stretch further. This can lead to a situation where women will be left short later in life, and this has to be corrected. In a dangerous trend, it has also been notices that women over 55 are the fastest growing group of homeless people in Australia.
Here are a few basic tips for women to act, in order to make sure that they are in charge of their finances and are not at the mercy of their partners:
1. Get sound financial advice: When you start looking at financial products, you will realize that many organizations offer financial advice, sometimes free or at a very low cost. Take it. If you have or a trusted acquaintance who has specialized in Financial Planning, take them into confidence and look out for good investment options.
2. Find the right investment option: Once you have a trusted adviser, it is easy to make financial investment choices. Align your investments with specific goals, like Home, Business ventures, retirement etc, which will help you to set a time bound financial target.
3. Draw a plan with legal clauses: It is alright to trust your partner to provide for you, but it is also important that you are in the right track if unfortunately; your partner decides to act funny with your hard earned money. Such clauses will ensure that, in the event of a divorce or death of partner, you get what is rightfully your entitlement and are not at the mercy of somebody else.
4. Stay updated: Always be updated as to what is happening in your account, especially withdrawals, deposits or even nominations. This will help you to understand if in case you do encounter any fishy transactions.
All of us encounter financial issues in our life at one time or another, but it is critical that we know where or whom to turn to in case of any such eventuality. It is this knowledge that will keep you hydrated financially in case of exigencies.