It may no longer be a surprise to learn that women live longer than men.
While longevity needs to be a factor in everyone’s financial planning, but far more so for women, who, on average, live five years longer than men.
Yet, women are accumulating less wealth to fund their longer lives.
At the same time, studies have shown that women are more likely to be alone and financially self-reliant in their later years.
Why so?
Out of the many factors that may contribute to the above, some of the more significant reasons include:
Gender pay gap, which only compounds over a lifetime
Higher health costs, especially in retirement
Plus, did you know these stats about women’s health in Singapore?
👉🏼 In 2019, more Singaporean women aged 39 and above were diagnosed with late-stage cervical cancer. (Source: MOH)
👉🏼 Uterine fibroids are one of the common gynaecological health issues present in about 20-30% of women. (Source: NUH)
👉🏼 Pelvic Congestion Syndrome is likely to develop in women between the ages of 20-50 who have previously given birth or have a family history of this condition. (Source: The Vascular & Interventional Centre)
Women’s superior longevity, multidimensional life journeys and higher lifetime health and healthcare costs only compound over time.
As women, we need to know how to take care of ourselves, too.
While women have come a long way professionally and financially, when it comes to finances, there’s still considerable work to be done to level the playing field.
So how can we, as women, then prepare ourselves for the future?
Here are some things to consider:
Ways women can be more active in their own financial journeys
Break the taboo around money talk
Encourage conversations between friends, family, and financial professionals, and in schools. Seek mentors and learn more about money and finances.
Turn longevity into an asset
Women in Singapore live longer. Start a retirement plan early. Take advantage of any insurance or investment options that give you long-term gain.
Be aware of women-centric challenges
Acknowledge financial challenges that impact women. Longevity, maternity, critical illnesses, career interruptions - take all these into consideration.
Plan early and review often
Life priorities and goals can change. Create a plan that matches your circumstances and revisit it with a trusted financial advisor to review and adjust it along the way.
Aligning your needs with your goals
Building wealth is about funding one’s present and future self and having financial security throughout it all.
According to a report by Merrill Lynch, when it comes to investing, about two-thirds (65%) of women say they want to invest in causes that matter to them. However, 45% of women say they do not have a financial role model (Source: Merrill Lynch).
Discussing money with my women clients always makes me feel recharged and alive. Our conversations are never just about the returns. They care equally about the impact they are creating.
Based on my observations, I noted that most women care for what’s beyond the bottom line. Many see money as a way to finance the life they want to live—to meet their commitments to themselves and to the people and issues they care about.
In fact, with my clients, it seems like more women investors are interested in or currently engaged in impact investing, generating financial returns along with social returns as compared to men.
They want their relationship with money to be linked to their values, goals and priorities.
I understand this, and I want to know that this is what I want for you, too.
Join me in being part of the solution to address women’s active role in financing.
Let’s have a chat on how we can help you achieve financial wellness.
ℹ️ If you need any help or advice on your finances, feel free to email me.