The answer to this question will vary among all women. Some are very involved and financially independent when it comes to making the right financial choices; yet among others, their finances may inspire feelings of anxiety or apathy.
Whatever you may feel, putting yourself in charge of your money can give you more choice about how you live your life. The cliché is true – it’s the small steps that can make a difference, not only to your financial situation, but to your overall wellbeing.
Generally, there are differences in the financial health between men and women in Australia, largely due to the greater likelihood for a woman to have an interrupted working life through the caring responsibilities of family. Some women may not work at all, or they may work part time. Both working situations have the ability to diminish one’s earning capacity and the capacity to save, which can sometimes result in a lack of financial control. Another difference is that traditionally, women have also been employed in occupations which are relatively lower paid, such as hospitality, retail, education and nursing, with fewer ancillary financial benefits than industries dominated by men.
However, trends in society are changing and more women are engaging in financial decisions either for themselves or their households.
An increasing number of women are joining the workforce. New societal trends show that the women today tend to get married and have children later, choosing to focus instead on developing their careers. This also means there is more time for women to start building financial wealth in their 20s and 30s.
It is never too late to start growing your wealth using effective strategies and seeking professional advice about your superannuation, insurance and investments. For example, we give advice in areas such as:
– Planning for children: moving to a single income family, and planning for the initial and ongoing expenses of having children
– Protecting your earning capacity with Income Protection insurance, but also protecting yourself and your family whilst your home duties mean you’re not earning an income
– Saving for the long term via an investment portfolio, without taking unnecessary risks – and taking into account your ethical concerns
– Understanding the Superannuation system and making it work for you to pay less tax and unnecessary fees
– Controlling your Budgeting and Cashflow, and understanding the difference between ‘good’ and ‘bad’ debt
Contact us today to learn more 08 9267 3488 (Perth) or 08 9756 7605 (Dunsborough), or email clientsupport@justinvest.net.au
Also check out: https://www.moneysmart.gov.au/life-events-and-you/women
