International Women's Day falls on March 8 and the theme for 2019 is #BalanceforBetter – aptly so indeed – considering that women have to juggle multiple roles and responsibilities in this modern society. As we take this time to appreciate all the wonderful women in our lives, let’s also encourage and empower them with the know-how of financial planning!
Why is financial planning especially needful for women?
- Women typically live longer than men; this means that there are more years of retirement to consider when saving up.
- Due to social and economic factors that can result in income inequality, women usually have less money to invest and grow their passive income with.
- Many women choose to take time off in the course of their career; either to raise families or to become a caregiver for their elderly family members. This can lead to further loss of income.
By understanding these unique challenges, women can take steps to protect and enhance their wealth. Planning ahead is a great first step to become better prepared for the impacts of life’s uncertainties.
For example, purchasing term life insurance can help to protect you and your family from financial burdens in situations of death, critical illness and/or disability. For the mothers, education plans can pave the way for your children’s bright future. Retirement planning is a must-have for all women, and a vital aspect of financial planning that should be taken with great importance.
At Manulife Financial Advisers, we believe your financial plan should be as unique as you are. With our customer-centric approach, we create a plan that allows you to pursue your dreams with absolute confidence.