How women can even out the playing field

Throughout history women have generally received the short end of the stick when it comes to finances. Unfortunately this has carried over into modern times where investments held by women aged 21-53, are half of what men that age have. *

Reasons for this could include
•    Many women are dependent on their spouses/partners for retirement.
•    Women tend to be less aggressive in their approach to risk, which means possible lower returns.
•    Many women tend not to invest but keep their money in savings accounts.
•    Women often have gaps in their pension savings due to time off from work to raise children or care for sick family members.
•    And of course the gender pay gap which leaves women with smaller pension contributions.

Regardless of these factors, it is possible to take control of investment planning. 

How can women today even out the playing field and become financially independent?

Go private – a private pension plan will not be affected by gaps in employment or job changes. Contributions can be made regardless of employment status. This will allow for a reliable, full term retirement plan.

Change mindset – Regardless of marital or relationship status, approach retirement and investment planning as if you were single. This way, you will be self-sufficient at retirement. This financial boost can make for a financially secure, worry-free retirement for you and your spouse/partner.

Risk is not bad – Statistically speaking, women tend to be more risk averse and prefer conservative investing which might deliver lower returns than if they were more aggressive. Risk is not a bad thing if it is based on a well informed and educated decision. It’s all about balancing your portfolio and choosing the right mix of diversified investments to spread risk. Your wealth consultant has the expertise to invest your money over the long term to receive good returns and grow your wealth.

Educate – Women are less likely to invest and tend to keep money in savings. Get a financial advisor that can educate you on investments and advise on sound investing habits. You will see that informed investing decisions are based on the performance history of funds over time and current market conditions.

It is true that women face some pre-determined challenges when it comes to investing, but there is no reason it has to remain that way. An advisor will help you on the right path to financial freedom and security, whether it is for retirement, investments, or wealth building. 

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Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere advisor for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.