As we celebrate International Women’s’ Day in March, it is also an opportune time to think about the financial planning challenges that many women face, and the ways to overcome them.
“I’ll just leave it to my partner/spouse.”
A UBS Global Wealth Management report showed that nearly half (48%) of women surveyed would prefer to let their spouses make long-term financial decisions because they believe that their spouses know more about it.1
The clearer you are about where your money comes from and where it goes to, the easier it is to adjust your financial habits so that you can grow your savings, allocate your budget better or make your money work harder for you.
“It can wait – I have more important responsibilities now.”
There has been plenty of research to indicate that women tend to have a longer life expectancy than men. According to Singapore’s Department of Statistics, women have an average lifespan of about 86 years old, which is about four to five years more than that of men.2
With more time spent in retirement, your money needs to last longer to cover living and healthcare expenditures. Ensure your planning strategy takes into account the expenses that will arise, and has the appropriate avenues to create this source of funds.
“It is too confusing and I don’t know where to start.”
When it comes to financial planning, there is no a one-size-fits-all formula. The path to a successful journey starts by aligning your financial plan with your life goals.
Take some time to regularly review your finances with your trusted consultant, who can help you make adjustments to stay attuned to your life and financial priorities.
Speak with us today and find out how you can take charge by taking control of your personal finances!
Sources:
1 www.ubs.com/global/en/media/display-page-ndp/en-20210506-own-your-worth.html
2 www.singstat.gov.sg/-/media/files/publications/population/lifetable19-20.pdf
