Women should take financial planning more seriously than men.
Here’s why (according to Galileo Capital personal finance expert Warren Ingram):
Women typically live longer and are usually paid less than men for the same job.
Increased longevity places real pressure on a woman’s financial position.
Combine this with the gender pay gap and it means women are under enormous pressure to plan their finances far better than men
Divorce rates are high.
Divorced women carry a greater financial burden when children are involved.
Ensure that your marriage contract allocates a greater portion of assets to women upon divorce when there are children.
Working women find that their earning power is compromised after they have children.
It is therefore important to ensure that their savings, investments and life assurance planning are sufficient before they have children.
Increasing numbers of women have children without getting married.
Ensure that there is proper planning with the father of the child where possible.
Points to consider:
Will (including who will look after the children should the primary caregiver pass away)
Cost of child carers
Women in a committed relationship should be equally involved in all the financial planning decisions.
There is no scope for stereotypical gender roles in financial planning.
It is likely that a partnership will perform better when both parties are involved.
Should the relationship not work out; the woman is likely to suffer greater financial harm without sufficient planning.
For more detail on why women should take financial planning more seriously than men, listen to the interview in the audio below.
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:
Recommendedby NEWSROOM AI
Warren Ingram explains why it is that women clearly outperform men.
She returns to The Money Show one year (and A LOT of water under the bridge!) later to report back.
The Money Show’s Bruce Whitfield interviews Galileo Capital Financial Advisor Warren Ingram (a man, if you wondered).
I earn peanuts, yet I’m slowly (but surely!) on my way towards never having to work for money ever again in my life.
A supersaver explains how she managed to invest R2.6 million and turn it into a whopping R3.7 million.
We review J. Gerzema and M. D’Antonio’s "The Athena Doctrine: How Women (and the Men Who Think Like Them) Will Rule the Future".
Lecturer at TUT's Dept of Tourism, Unathi Henama says that the tourism sector is at the center of the economic policies in SA.
Is biology putting the brakes on your sexuality? Callers share their experiences of sex and growing older.
DStv has lost about 140 000 Premium subscribers to Netflix over the past two years, tech expert Arthur Goldstuck.
Spokesperson for Education department says the fact that this learner is still in Grade 10 at 17 may indicate there is a problem.
What are your sexual fantasies? Disclosure can bring sexual freedom, but it can also have downsides. A study lists the top trends.
Tiamat Medusa has undergone extreme body modification and claims to be the most modified trans person in the world.
Founder of the on demand home cleaning service, explains how the company pays its workers following a social media frenzy