The Unique Financial Concerns of Women
Do you find yourself wondering if you have the right financial pieces in place to meet your family's future goals? The financial industry is not serving women the way they deserve to be treated. We specialize in financial planning that considers the unique, planned and unplanned circumstances that occur in a woman’s lifetime. Giving you a plan for the future by eliminating the fears and thoughts around “what if” scenarios.
Join us in-person for chocolate and wine pairing (limited spots), or online, on November 17 as we explore the Unique Financial Concerns of Women
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The Financial Services Industry Fails Women
The financial services industry has failed women for too long. We want to be a part of the change and help make recommendations while considering these factors:
On average women live as much as 7 -10 years longer than men. A modest income of $45,000 a year is needed to cover these 7-10 more years; that is an additional $300,000 - $450,000 in assets required.
According to data, women’s wealth drops by 50% after they experience a divorce or the loss of their partner. Consequently their standard of living drops 45% as a result. We work with you to adapt by helping you understand your balance sheet (assets and liabilities), examining what downsizing could look like, and re-evaluating your financial goals.
Unfortunately the motherhood penalty still exists. Many women who have had children have felt career consequences, and often women with the highest skill and experience levels suffer the greatest financial penalties.
As parents age, women often become the informal caregiver at home. This impacts lifestyle as well as psychological distress. It can also affect a woman’s capability to have a full-time job, and often leaves them adjusting their lifestyle to accommodate a period of caregiving.
This is no secret. Women have been earning less than their male counterparts for decades due to a series of reasons; inherent bias and inequality, child-rearing, occupational segregation, bias against working mothers, direct pay discrimination and access to education.
For some women, this may be less of a priority. However, there are aspects we can consider such as; employer retirement savings, understanding government benefits, investing within your comfort level, and creating a Financial Road Map.
While this is an unfortunate reality, it is also something to consider when planning for the future. Statistically, disability is more prevalent among women than men by up to 20%. When planning for this risk, we consider this possibility for both genders. Often your employer will have a disability insurance section, but often it isn’t enough. Also if you’re self-employed this type of insurance becomes more essential.