In celebration of International Women’s Day, we’re shining a light on a crucial yet often overlooked aspect of women’s lives—financial empowerment. At Evalesco, we’re passionate about empowering people to lead healthy, wealthy, and happy lives. One of the most powerful ways to achieve this is by taking control of your finances.
While women today have more opportunities than ever before, there are still some significant financial challenges we face. From longer life expectancies to wage gaps and career breaks for caregiving, women’s financial journeys can look very different from men’s. That’s why financial advice tailored to women is more important than ever.
Why financial advice for women is crucial
Women often experience financial challenges that men do not. Here are some of the key factors that make financial advice particularly important for women:
- Longer life expectancy – On average, women live longer than men. This means women need to plan for a longer retirement period, often with fewer years of income generation. According to the Australian Bureau of Statistics, women can expect to live up to 4-5 years longer than men. A longer retirement means more savings are required.
- The pay gap and career breaks – While the gender pay gap is narrowing, women on average still earn less than men, which means they may have less to contribute to retirement funds or savings. Additionally, many women take career breaks to care for children or aging parents, which can impact their long-term financial security.
- Superannuation disparity – Research shows that women are more likely to have lower superannuation balances compared to men. This disparity often results from lower lifetime earnings and the aforementioned career breaks. In fact, some estimates suggest that women retire with up to 40% less super than men. Our advice helps ensure that your super is working as hard as it can for you, allowing you to make the most of your retirement savings.
- Financial independence and security – Financial independence is an important goal for every woman. Whether you’re single, married, or divorced, having control over your own finances ensures that you can make decisions that align with your values, without being reliant on anyone else.
How women can take control of their finances
Taking control of your finances isn’t just about having more money; it’s about making smart choices that set you up for long-term success. Here are some steps women can take to take charge of their financial future:
- Understand your current financial situation – The first step in gaining control over your finances is to understand where you currently stand. Start by tracking your income, expenses, debts, and savings. Once you have a clear picture of your financial situation, you can begin to make informed decisions about how to move forward.
- Set clear financial goals – What do you want your financial future to look like? Whether you want to buy a home, travel the world, or retire comfortably, setting clear financial goals is essential. We can help you set realistic goals based on your current situation and help you develop a plan to achieve them. Whether short-term or long-term, having a clear goal gives you something to work toward and a sense of purpose.
- Invest in your superannuation – One of the most important steps to secure your financial future is making sure your superannuation is in good shape. This is especially important for women, who, as mentioned, tend to have lower super balances. Consider making additional contributions, ensuring your super is invested appropriately, and reviewing it regularly to make sure it’s working for you. We can help guide you through these decisions, maximising your super for the long term.
- Build an investment portfolio – Investing is one of the most powerful tools for wealth creation, and it’s never too early (or too late) to start. Many women hesitate to invest due to a lack of knowledge or fear of making mistakes, but with the right advice, you can learn how to invest in a way that suits your risk profile and financial goals. Whether you choose stocks, bonds, or property, building an investment portfolio is essential for growing your wealth over time.
- Manage debt effectively – High-interest debt, such as credit card debt, can derail your financial progress if not managed properly. Developing a plan to pay off high-interest debt quickly can free up money that could be better invested elsewhere. We can assist you in creating a debt-reduction strategy if needed, helping you pay down your debts while still saving and investing for the future.
The bottom line
Financial advice is a powerful tool for women to take control of their financial futures and create a life that reflects their values and dreams. Whether you’re navigating career breaks, managing debt, or planning for retirement, the right advice can help you break through the barriers to financial success.
As we celebrate International Women’s Day, let’s take a moment to reflect on the importance of financial empowerment for women. It’s time to take control of your finances, build the wealth you deserve, and create a secure, happy future for yourself. At Evalesco, we’re here to help you on your journey to financial confidence and freedom.
