Tomorrow is International Women’s Day. Celebrated since 1911, the day is a world-wide celebration of the economic, political and social achievements of women. Because it falls on a Saturday this year, it felt like International Women’s week with a breakfast on Tuesday morning hosted by our CEO and the Women’s Advisory Board (which I am a part of) and another breakfast on Thursday morning hosted by the Ember Business Exchange featuring an interactive panel including 3 of Canada’s top entrepreneurs, which I had the privilege of moderating.
In celebration of this day, I’d like to highlight why financial planning for women is especially important. “Financial challenges that are unique to women” isn’t something that we’re just making up. For biological and social reasons, women really do face unique financial challenges.
Consider the following:
Stat: Women live longer on average
Impact: Women will need to fund longer retirements. Living longer also means needing to protect money from inflation and saving for higher health care cost.
Stat: Women are more likely to become widowed (Average seven to 10 years)
Impact: Being single means higher living expenses and managing your family’s wealth
Stat: Women tend to leave the work force for periods of time, earn less and have lower pensions
Impact: Women will have to rely more on self funding and government programs may be more important. Referring back to the first stat, we have to fund a longer life with less money.
Stat: Women tend to fall into the “Sandwich” generation more often than men
Impact: Greater need for a financial plan to address the financial cost of caring for your parents, planning for your children’s financial future, and simultaneously ensuring your own financial success.
Acknowledging these stats and making your finances a priority today through education and planning is the best defense you can give yourself – and working with an accredited financial professional like yours truly is a great first step to putting a plan together.
Enjoy the weekend.
D.
Dian Chaaban
Investment & Wealth Advisor
Chaaban Wealth Management Group
416.842.4234