business and the professions continue to change the face of
the North American economy. Women are starting more businesses
than men and are twice as likely to remain in business than
their male counterparts. Career women are thriving and are making
a positive impact on the economy. We now represent 55% of university
graduates, and 58% of new entrepreneurs, and yet the greatest
challenge women now face is having less financial security than
in the past. The biggest hurdle women have to climb is being
able to reach old aged without depleted resources or not having
enough money to live out their lives.
live longer than men, yet they continue to invest less and most
are not adequately prepared for retirement. At the same time,
women still on average work fewer years than men and make less
money than a man. Women need to plan for financial security
and prosperity. They must have a proactive plan to get there.
look at some of the gender specific statistics reflecting the
particular financial considerations and challenges facing women
women outlive most men by 7 years; however they will be in
the workforce on average 11 years less than their male counterparts
due to child bearing and rearing women will require 20% more
money than their male counterparts in order to compensate
for shorter work years and longer life span. (source: 1999
- 90% of
all women will be single for a great part of their adult life
due to divorce, widowhood or never marrying. Over one third
of marriages end in divorce, while second marriages have an
even worse rate of success. (Source: US Census 1999)
- The average
age of a widow is 58. 43% of women over 50 say they are putting
together a retirement financial strategy (source: Lovett-Reid
in their 50’s and 60’s are at the height of their earning
power. (source: Lovett-Reid Research)
- Two thirds
of people over the age of 75 will suffer an illness or disability;
most of these individuals will be women.
woman has less insurance coverage than the average man does,
although her economic requirements are on average greater than
those of men.
women business owners, unlike their male entrepreneurs, tend
not to have inherited or bought an existing business.
over 70 are twice as likely as men to live in poverty. (Source:
US Census 2000)
proactive financial planning for women must address women’s
gender specific realities and obstacles:
- The importance
of a retirement plan reflecting the gender specific hurdles
that must be overcome by women.
insurance planning and coverage is especially important for
women, who will by and large work fewer years, accumulate
less retirement/pension benefits and live longer than men.
must become financially aware and seek professional financial
planning advice. The North American publishing industry has
reacted to the quest for financial knowledge by releasing
more than 200 books about financial planning for women in
the past year.
will face greater financial challenges than their male counterparts.
The good news is that women's attitudes about money and investing
are starting to change to reflect these glaring economic realities.
The even better news is that Canadian women are beginning to
recognize that they must work with the financial planning issues
that confront them, in order to secure a happy and prosperous
future for themselves and their dependents.
the masters of their own financial destiny. We can no longer
depend on the government, our partner, child (children) to sail
our economic ship into a secure and prosperous sunset. Women
must achieve financial security and success by being aware of
where we are financially, where we want to go and how we can
financial test will provide greater clarity as to where your
financial feet are planted. Remember that there are no wrong
answers to this quiz, only proactive solutions to help you achieve
security and prosperity. I welcome you to send me your quiz
along with your questions and I will be pleased to meet with
you at no cost, no obligation to review where you are now, where
you want to be and how we can get you there.
TEST TO DETERIMINE IF YOU ARE ON THE RIGHT FINANCIAL TRACK:
- I do
not know my monthly expenses and net worth.
- I do
not have a proactive financial plan that addresses my goals
and objectives and is inclusive of an investment plan, an
insurance plan, a retirement plan and an estate plan.
- I have
not addressed the most tax effective way that I can save money.
- I do
not have a plan for putting money aside for investment each
- I do
not have a will.
- I do
not understand what taxes will be payable upon my death or
understand what probate fees are.
- I do
not know if I have the appropriate insurance coverage (life,
disability, med/dental, business, long term care, critical
illness) nor do I know if I am getting the best insurance
- I do
not have insurance to cover medical and service costs in my
golden years (critical illness and or long term care).
- I do
not know what my retirement plan will be worth when I retire
or how much money I will need post retirement to live the
lifestyle I desire.
- I do
not know what my legal rights/obligations are in terms of
my business associates or my life partner.
0 True –
Congratulations. You have a proactive financial plan for prosperity.
1-2 True – Pay attention to the red flags you have circled.
Your personal financial plan needs to be revisited.
3-5 True – You do not have a financial plan in place and if
you continue on this path expect to go down the road to financial
6+ True – You are in imminent danger of financial problems.
Get help now! Fail to plan = plan to fail