This Mother’s Day, one of the best ways to honour our wonderful mums is to appreciate their selflessness in making great sacrifices for the family. At the same time, as loving children, we must equip them with the planning solutions to ensure their own financial future blooms bright and beautiful.
Grow Old, Stay Golden
As women leave the workforce temporarily to take on child rearing responsibilities, it has also led to more than one in five working-age women contributing less to their retirement than their spouses, according to a study1. With rising costs of healthcare and longer life expectancy to contend with, retirement planning can no longer be relegated to the last minute.
What you can do:
Have a heart-to-heart talk with Mum and let her know you care about her retirement dreams. Make a detailed financial plan together and ensure she has sufficient knowledge to handle her personal matters.
For The Critical Moments
In a 2017 study carried out by the Life Insurance Association Singapore (LIA), it was revealed that the average Singaporean faces an 80% Critical Illness (CI) Protection Gap2. The study3 also found that the average economically active Singaporean has S$569,110 worth of mortality protection, but needs S$738,783. While these findings do not indicate gender demographics, it would be safe to suffice that women make up a good proportion of the majority.
What you can do:
Connect with a professional financial services consultant who can better advise Mum on her protection needs and coverage gaps. He/she will be able to offer insightful solutions to tide over the most unexpected.
Wishing all amazing mothers a glorious day of celebration!
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