Why Every Woman Needs a Tailored Financial Plan

Anyone can benefit from having a financial plan that is tailored to them and their needs. However, according to statistics gathered earlier this year, women comprise 46.2% of all employees in Australia’s workplace*. Statistics like these tell financial advisors and planners alike that a financial plan specifically tailored to women is more of a necessity than anything.

Here are the four reasons every woman needs their very own financial plan.

  1. Women are unique. 

This isn’t necessarily meant to say that women have “special needs,” however, what this really means is that at present, women have many different roles in today’s society. Women are natural-born caregivers and are often faced with unprecedented opportunities in today’s society, causing them to make decisions that involve some kind of trade off, especially in the case of mothers.

In order for a woman to have the freedom to make the best decisions for her family, she should have a clear and solid financial plan. It’s already been proven time and time again that a woman can manage both being a mother and having a career, but if a woman has her finances in order, it can help alleviate a lot of her stress

  1. Women live longer on less.

Statistics actually tell us that women typically live longer than men, which means that women need to have more capital saved and investments that could provide some type of income to help manage daily expenses. A number of contributing factors exist when it comes to women saving less. Some of them could include lower salaries and having to take time off to raise their family.

Statistically, women in general also spend more and anything a women needs is typically more expensive. Women everywhere face challenges like these, and possibly others, which is why women need to make sure they have a robust financial plan to help them manage these situations better.

  1. Women need to protect their value.

Having the right insurance in place is absolutely essential. There are many different types of cover, but the greatest insurance products now available on the market are critical illness cover and income protection cover. Not everyone knows about this type of cover and how it works, but a serious illness or job loss could have devastating effects on family’s financial situation.

  1. Single-parent home.

 For one reason or another, many women end up raising their family on their own. It can be burdensome and stressful, especially if a women relied on her husband for her financial support. It’s important for women in these types of situation to have some type of financial plan or a good understanding of the family finances in general in order to avoid any added stress in a situation that could suddenly cause a woman to raise her children alone.

If you’re a woman living on the Sunshine Coast and are looking for the help of a financial advisor or planner to help you plan for a brighter financial future, contact one of Ethica’s advisors to see if they can help you get started on your plan today. Visit this page for more information.

*Read more about gender workplace statistics for 2016 here.